A Portfolio is a collection of assets. The assets can be physical or financial such as shares, Bonds, obligations, preferred shares, etc. The individual investor or fund manager would not want to put all his money into a companys shares which would pose a great risk Therefore, it would follow the ancient maxim that all eggs should not be placed in a basket. In this way, it is possible to achieve the objective of maximizing portfolio performance and, at the same time, minimizing portfolio risk through diversification. Portfolio management is the management of various financial assets that makeup the portfolio. The study investigates the nature and relationship of project portfolio control techniques and portfolio management performance, and how this relationship is moderated by situational idiosyncratic of internal and external dynamics, industries, governance types, and geographic location. A worldwide questionnaire with 242 responses was used, of which 136 high- performing responses were filtered out for quantitative analysis of best practices. Three portfolio control factors were identified: portfolio selection, portfolio reporting, and decision making style. Two measures for portfolio management performance were identified: achievement of desired portfolio results and achievement of project and program purpose. The results indicate that different portfolio control mechanisms are associated with different performance measures.