A new product portfolio management system is best described as a dynamic decision process. This system continually updates and balances a business's active new product projects, taking into account changing market conditions, resource availability, and strategic priorities. This approach ensures that the portfolio remains aligned with the company's objectives and can adapt to new opportunities or challenges as they arise.
References: Cooper, R. G., Edgett, S. J., & Kleinschmidt, E. J. (2001). Portfolio Management for New Products: Picking the Winners. Basic Books.