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

All rights reserved. No part of this publication may be reproduced, stored in a

retrieval system, or transmitted, in any form or by any means, without the express

permission in writing of the Association for Project Management. Within the UK

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or private study, or criticism or review, as permitted under the Copyright, Designs

and Patents Act, 1988, or in the case of reprographic reproduction in accordance

with the terms of the licences issued by the Copyright Licensing Agency.

Enquiries concerning reproduction outside these terms and in other countries

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

2

3

Introduction to portfolio management

1.1 Fundamentals of portfolio management

1.2 How portfolio management contributes to organisations

1.3 Signs your organisation might benefit from portfolio

management

1.4 Where does portfolio management fit within the organisation?

Adopting portfolio management and the organisational

context

2.1 The strategic plan

2.2 Portfolio governance

2.3 Sponsorship and stakeholder engagement

2.4 Portfolio management and management of risk

2.5 Portfolio management ROI and benefits management

2.6 Portfolio management of projects with different delivery

methodologies

Portfolio management core processes

3.1 Construct and prioritise the portfolio

3.2 Develop, monitor and control the portfolio

3.3 Manage and deliver programmes and projects

3.4 Review the portfolio

v

1

1

2

3

4

7

7

10

13

14

18

19

22

22

28

31

31

Contents

3.5

3.6

4

5

Reporting on the portfolio

Assessing the performance of the portfolio

33

36

Implementing portfolio management

4.1 Business drivers for portfolio management ¨C understanding

the business imperative

4.2 Introducing portfolio management

4.3 Establishing portfolio management

4.4 Governance roles and relationship to organisational

governance

4.5 How to measure early success

4.6 Challenges for portfolio management

40

Recommended focus areas

58

40

42

46

48

53

53

Appendix Summary roles and responsibilities

60

Glossary

63

vi

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