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WHAT IS IT?
Portfolio Management is a structured framework approach and process for defining the annual business planning process where companies determine what work is going to be authorised for the following year(s). It is an on-going enterprise activity that ensures that projects across the portfolio are aligned with the overall organisational strategy and ROI expectations.
WHY IS IT IMPORTANT?
Top 5 Reasons for Implementing
Better Decision Making
It enables better decision making by providing a well defined framework make good decisions by providing good, consistent data, visibility and transparency, quantifiable metrics of success that align to corporate strategy.
Proves an accountability framework across the entire organisation to reduce risk by identifying the risks, assessing potential outcomes and enabling well informed decision making.
Ensuring your employees are working on initiatives that deliver greatest benefits and that are aligned to corporate strategy.
Prove value to stakeholders
By measuring all initiatives with quantifiable metrics that are validated and checked regularly
Ensure repeatable success
By taking learnings across all initiatives, good and bad implementing enterprise wide
10 Steps to Follow
Step 01: Portfolio Set Up and Categorisation
1. Revenue Driving - New customers
2. Revenue Retention - Existing Customers
3. Cost Reduction/Scalability
4. Risk, Compliance, Legals, Regulatory
Each portfolio categorisation should have key measures of success, i.e. $40M Revenue in 2017.
Step 02: Identify Needs and Opportunities
The following deliverables will identify needs and opportunities:
1. Current State Assessment
2. Future State Vision
3. Gap Analysis
4. SWOT Analysis
Step 03: Evaluate Options
Categorise the initiatives using the portfolio groupings.
Define Standardised Criteria for measuring initiatives
Step 04. Select Work
Step 05: Prioritise Work
Step 06: Balance and Optimise the Portfolio
Step 07: Authorise the work
Step 08: Plan and Execute the work(Activation of Projects, Programmes, Other Work)
Step 09: Portfolio Status Reporting
Step 10: Improve the portfolio(Launch products, harvest benefits, feedback, change strategy)
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