PortfolioStep Overview

Portfolio management is a business process that requires a set of detailed processes to be conducted in an interrelated continuous sequence. It facilitates decision making, through evaluation, selection, prioritizing, balancing, execution of the work, harvesting of benefits and feedback of results for process improvement. PortfolioStep assumes that you, the reader, are in charge of a portfolio. Or, if your organization has more than one portfolio, then you are in charge of the Portfolio Management Team that is in charge of managing the whole of the organization's portfolio of work. It also presumes that your organization has a strategic plan, along with customary mission and vision statements, together with strategic goals and objectives.

In practice, no organization or department has the resources to meet all of its business needs. This is true in the best of times. It certainly is even truer when times are tough. Even if your organization is a rare one that has all the money it needs, you definitely do not have the people capacity to complete everything you would like. The typical response to managing scarce resources against an unlimited demand is to come up with some type of prioritization process to ensure that you approve and fund the work that will provide the most value. The next question, of course, is how do you know that you are applying resources towards the highest priority and highest value work.

This is a tougher question to answer and it certainly cannot be answered in isolation. What you really need to understand is your overall business strategy and where you are trying to move your organization or department. Then you have some context in which to make decisions about the work that is most important. In fact, you may turn down a project that has a huge return on investment because the project does not really help you execute your business strategy. You might also choose to turn down a project that another department might choose to pursue – again, because it does not fit within your overall strategy as it might for another department.

300.1 Introducing Business Portfolio Management

300.2 The Value of Portfolio Management

300.3 PortfolioStep Process Overview

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300.4 PortfolioStep Principles

300.5 Money and Assets

300.6 Caveats and Assumptions

300.9 Techniques

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Product info: portfolio management, project management, project office, PMO, project portfolio, project lifecycle management, project consulting, methodology development, quality management, project management training, portfolio training