An interesting comparison between project management and portfolio management can be presented in the subject one liner.
A project manager has a time, cost and resource budget. The focus is to deliver the output in time and to the customers satisfaction. Project manager acts like a leader who's job is to motivate the team and avoid changes of plans and specifications from the customers when the project starts rolling. So with finite resources at hand, project manager has to do the best with what is available.
A portfolio manager on the other hand may have to oversee many projects at the time. The focus is not on the output, cost and resource utilisation of one project but the overall impact of all the projects and activities within that portfolio. He should have an eye on the external world to see how well the projects fare with the open market. A portfolio manager is responsible to ensure that to align the objectives and strategic goals of the company whatever is done is the best.
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