Portfolio management is an integral part of the organisation's overall strategic plan. While project and program management continues to focus on "doing the work right," portfolio management maintains a concern with "doing the right work." The Standard for Portfolio Management - Third Edition, offers the most up to date information regarding accepted practices in portfolio management and includes new material: (1) Three Knowledge Areas were added to address Portfolio Strategic Management, Portfolio Performance Management, and Portfolio Communication Management; (2) The Defining Process Group was added to address defining processes; (3) The Authorising and Controlling Process Group replaced the Monitoring and Controlling Process Group. This standard provides a foundational reference for anyone interested in managing a portfolio of projects and programs.