Q1, Q2, Q3 – 450 wordsQ1. Reflect on Chapter 3: Project Selection and Portfolio Management Identify what you thought was the most important concept(s), method(s), the term(s), and/or any other thing that you felt was worthy of your understanding. Also, provide a graduate-level response to each of the following questionsQ2. What are the keys to successful project portfolio management?Q3. What are some of the key difficulties in successfully implementing portfolio management practices?Q4. Activity—- 2 pages(550 words) and Please answer in separate document Case Study 3.1 Keflavik Paper CompanyKeflavik Paper is an organization that has lately been facing serious problems with the results of its projects. Specifically, the company’s project development record has been spotty: While some projects have been delivered on time, others have been late. Budgets are routinely overrun, and product performance has been inconsistent, with the results of some projects yielding good returns and others losing money. They have hired a consultant to investigate some of the principal causes that are underlying these problems, and he believes that the primary problem is not how projects are run but how they are selected in the first place. Specifically, there is little attention paid to the need to consider strategic fit and portfolio management in selecting new projects. This case is intended to get students thinking of alternative screening measures that could potentially be used when deciding whether or not to invest in a new project. Questions Keflavik Paper presents a good example of the dangers of excessive reliance on one screening technique (in this case, discounted cash flow). How might excessive or exclusive reliance on other screening methods discussed in this chapter lead to similar problems? Assume that you are responsible for maintaining Keflavik’s project portfolio. Name some key criteria that should be used in evaluating all new projects before they are added to the current portfolio. What does this case demonstrate the effect of poor project screening methods on a firm’s ability to manage its projects effectively?