Portfolio Management A practical guide

Portfolio Management A practical guide

For Project, Programme and Portfolio Managers

Portfolio Management

A practical guide

Association for Project Management

Association for Project Management Ibis House, Regent Park

Summerleys Road, Princes Risborough Buckinghamshire HP27 9LE

? Association for Project Management 2019

First edition 2019

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should be sent to the Rights Department, Association for Project Management at the address above.

British Library Cataloguing in Publication Data is available. Paperback ISBN: 978-1-903494-86-8 eISBN: 978-1-903494-87-5

Cover design by Fountainhead Creative Consultants Typeset by RefineCatch Limited, Bungay, Suffolk in 10/14pt Foundry Sans

Contents

List of figures and tables

vii

Preface

viii

About this guide

x

The authors

xii

Acknowledgements

xiii

Executive summary

xiv

1 Introduction to portfolio management

1

1.1 Fundamentals of portfolio management

1

1.2 How portfolio management contributes to organisations

2

1.3 Signs your organisation might benefit from portfolio

management

3

1.4 Where does portfolio management fit within the organisation? 4

2 Adopting portfolio management and the organisational

context

7

2.1 The strategic plan

7

2.2 Portfolio governance

10

2.3 Sponsorship and stakeholder engagement

13

2.4 Portfolio management and management of risk

14

2.5 Portfolio management ROI and benefits management

18

2.6 Portfolio management of projects with different delivery

methodologies

19

3 Portfolio management core processes

22

3.1 Construct and prioritise the portfolio

22

3.2 Develop, monitor and control the portfolio

28

3.3 Manage and deliver programmes and projects

31

3.4 Review the portfolio

31

v

Contents

3.5 Reporting on the portfolio

33

3.6 Assessing the performance of the portfolio

36

4 Implementing portfolio management

40

4.1 Business drivers for portfolio management ? understanding

the business imperative

40

4.2 Introducing portfolio management

42

4.3 Establishing portfolio management

46

4.4 Governance roles and relationship to organisational

governance

48

4.5 How to measure early success

53

4.6 Challenges for portfolio management

53

5 Recommended focus areas

58

Appendix Summary roles and responsibilities

60

Glossary

63

vi

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