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Question:

While heating coffee in the office kitchenette, you run into the director of marketing of a midsize company. You ask him, 'What are you up to?' He explains that he is involved in evaluating project proposals to determine which ones best support the department's and company's annual goals. What activity is he engaged in?

A Portfolio management.
explanation

The centralized management of one or more portfolios to achieve strategic objectives is portfolio management. It guides the organization's investment decisions to meet the strategic goals.

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