Portfolio Management is an organization’s process for capturing, vetting, budgeting and scheduling the execution of Work Requests from the users and other contributors within an organization.
A fundamental working assumption for any Portfolio Management process is that it has a high probability of changing on a regular basis to take advantage of new thinking, changing organization goals and objectives, and new capabilities within the implemented architecture.
As part of this expectation of continuous change, it is critical that a dedicated portion of this department be accountable for measuring the compliance, effectives, value of the results and also be looking for opportunities to improve the processes as a way to achieve the current goals of its organization.
The Portfolio Management function needs to include a tool for capturing the information about each Work Request and another set of tools for tracking the metrics of all the submitted history of Work Requests.
To get started an organization must ask itself some initial questions which will later evolve to much more insightful questions. To start, let’s discuss these questions:
- What information should we start to collect to describe and categorize each Work Request?
i. Submittor details
ii. Targeted Business Function
iii. etc. - How will these data be reported to the user audience (mail, text, mobile app, etc.)?
i. Visual Dashboard / Graphs
ii. Presentation Slides
iii. Detailed Reports - What information will be collected to describe the execution of each approved project?
i. Actual Costs
ii. … - What information will be collected to describe the quality of the results?
i. Match to Organization Goals
ii. Match to Project Requirements
iii. … - How do we intend to use these metrics to assess the effectiveness and value of the Portfolio Management processes and collected data to date?
The Path To Inkc 