<b>Application Portfolio Management</b> (APM) AF groups functions responsible for overseeing an organization's software and application assets to optimize their performance and strategic alignment. Its principal responsibilities include:<br/>1. Inventory Management: Maintain a comprehensive inventory of all applications and software within the organization.<br/>2. Strategic Alignment: Ensure that applications align with the organization's goals and objectives.<br/>3. Performance Assessment: Evaluate application performance, efficiency, and effectiveness.<br/>4. Rationalization: Identify redundant or outdated applications and recommend consolidation or retirement.<br/>5. Prioritization: Rank applications based on their strategic importance and business impact.<br/>6. Risk Management: Assess and mitigate risks associated with the application portfolio.<br/>7. Cost Control: Monitor and control application-related costs, aiming for efficiency.<br/>8. Road mapping: Develop a strategic roadmap for the application portfolio, including upgrades and replacements.<br/>9. Vendor Management: Oversee relationships with third-party vendors and software providers.<br/>10. Reporting and Communication: Provide regular reports and communicate the status and value of the application portfolio to stakeholders.<br/>
