Do your executives (and you) have a clear understanding of what your portfolio is trying to achieve?
Portfolio management focusses on ensuring that the ‘right’ initiatives (programmes and projects) are undertaken in your organisation, with an aspiration of ‘doing things right’ at the collective level. The crux is that strategically we are doing the right initiatives, not just at a business unit or divisional level, but at an overall enterprise level.
Sometimes, in the ‘busyness’ of managing our portfolio, we can get consumed by the inner complexity of the very initiatives.
So… take a step back… do a quick sanity check of your portfolio: what is it really trying to achieve?
Portfolio Charter/Portfolio Strategy Checklist
Have you clearly articulated and agreed the following with your executives, often in the equivalent of a Portfolio Charter/Portfolio Strategy:
Such a document does not need to be lengthy or verbose; conversely it should succinct, describing clearly the ‘what’ and the ‘why’ of your portfolio.
In essence, a portfolio charter or strategy is a ‘must have’ in successful portfolio management, providing:
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