Like many areas of business, portfolio management is both an art and a science. It is much more than the selection of securities from a catalog by a financial consultant or the application of a formula to a set of financial data input supplied by a security analyst. It is a dynamic decision-making process, one that is continuous any systematic but also one that requires large amounts of astute managerial judgment about the securities markets and the individual for whom portfolio is managed. The author in this article documents the processes involved in portfolio management and the considerations which are of paramount importance in constructing an individual's portfolio.