The aim of the article is to present a method of evaluation of project portfolio effectiveness. At the beginning, the importance of the project portfolio in shaping an organization's strategy is discussed. Then, the process of building the project portfolio is presented. Due to the fact that the number of potential project portfolios in the organization can be very large, it is necessary to algorithmize this process. The article assumes that the assessment of generated portfolios is adequately based on profit and risk aggregation procedures. The article also assumes that in the risk measurement it is possible to use the PERT method guidelines and beta distribution properties. The theoretical solutions are illustrated with a description of a case, which presents the potential of the proposed methodological solutions.