The recent economic downturn has forced budget and workforce cuts in most industries, and few areas within companies have been spared. So how do you go about deciding what to cut without jeopardizing the fundamental business? In a tough economy, there is a greater demand for a rigorous methodology to rationally prioritize and select initiatives that will deliver the highest value to the enterprise given cost and resource utilization. Project portfolio management can positively influence the bottom line, but getting it right can be difficult. The challenge? Find a structured approach coupled with sophisticated software to reduce the cost of your project portfolios, or risk sub-optimal investments and political infighting. This article examines a best-in-class methodology endorsed by Global 1000 companies that created optimal project portfolios under various budget and resource constraints.