3 Portfolio Strategic Management Flashcards
Def Portfolio Strategic Management
Management of intended and emergent initiatives. Oversees the performance of portfolio components and provides Feedback to the stakeholders on the success of the organisation´s strategies.
requirements for strategic thinking (3)
- understanding of the associated environment
- alignment of all portfolio components with the vision and values of the organisation
- creativity in developing effective responses to forces and changes that affect the fulfillment of that purpose
Content of the portfolio strategic plan (5)
- Vision & Mission statement
- description of the organisation´s long term portfolio goals and objectives
- means to achieve these goals and objectives
- performance indicators and target metrics
- identification of external factors that may affect the achievement of long-term portfolio goals (risks)
timeline for strategic objectives, vision and goals
- strategic objectives 1 to 2 years
- goals 3 or more years
- vision 5 or more years
Def vision and mission statements
single thoughts that could be easily understood. Explains, where the business sees itself based on the chosen strategy and explains the overall approach for achieving this vision.
difference between vision and mission statements
a vision is what the company aspires to be, a mission is what the company is in business to do (for the next years).
def goals
general qualitative statements indicating what is to be achived, should be integrated with the vision
characteristics of strategic goals (4)
- understandable
-suitable (with mission &vision) - acceptable
- flexible
criteria to validate strategic objectives (4)
is the objective:
- feasible and achievable?
- measurable and verifiable?
- adaptable and flexible?
- consistent with the rest of the strategic plan?
Def Portfolio Charter
Document that formally authorizes the portfoliomanager to apply resources to the portfolio components. Provides the portfolio structure, forecasts, portfolio objectives, sponsors, roles, high level timeline, risks,…
triggers for evaluation of portfolio components (5)
- a strategical change becomes nessesary (because of internal or external factors)
- gap between expected results and actual results
- delay of a key component
- new portfolio component is validated
- new opportunity has emerged
factors to consider for selecting portfolio key components (5)
- Organisational strategy and objectives
- inventory of work
- Portfolio process assets (info on guidance, authorizing & controlling the portfolio)
- organisational process assets (all processes that could influence the portfolio´s success)
- enterprise environmental factors
Challenges related to portfolio optimization (6)
- Portfolio and ressources not alligned with objectives and strategies
- lack of transparency or access to good, accurate data
- ressources maxed out
- adjusting portfolios too slow in response to market changes
- assessing impact of change
- cyclic impact of repriorisation or optimisation
Considerations for optimizing a portfolio (5)
- Select and prioritze the right components
- forecast the cost of delivering the project into the portfolio
- provide real-time status reporting for executives
- initiate project governance for consistent processes
- achieve a complete view of all portfolio components
Techniques used to analyze stakeholder expectations and requirements (1+9)
- identifying stakeholders and determining
-expectations - requirements
- evolving conditions
- new pain points
- problems
- desires
- change impacts
- risk tolerance
- concerns
