Please answer the question and justify the answers too.

1. The three keys to effective portfolio management are having project leaders with full authority, having a competitive product advantage, and leveraging core competencies.

2. "Faster, better, cheaper" is the ONLY way to ensure your firm does not fall into a resource crunch.

3. In designing a single system that integrates many activities, is multifunctional, and fosters a cross-functional team approach, the first requirement is that it must be systematic - like a road map that divides organizational or functional boundaries and forces active participation from those various functions.