With the recent downturn in today's economy it is important not to ignore the importance of project and portfolio management. It is understandable that tightening budgets have lead organizations to halt or end recent projects that which in turn cost your company much more down the road. This paper will discuss some examples of how increasing project and portfolio management could actually save you money down the road. It is important to have good management in place so that you know not only what to do, but how much it will cost or save. Knowing details such as this will ultimately benefit the company which his why it is important to have the proper resources to do so.