4 Portfolio Governance

Question 1

Def Portfolio Governance

Answer 1

A set of practises, functions and processes within a framework based on a set of principles that are fundamental norms, rules or values that guide the portfolio management activities to optimize investments and meet strategic and operational goals.

Question 2

which functions includes the term “governance framework”? (4)

Answer 2

oversight, decision making, control, and integration functions

Question 3

main principle related to Portfolio Governance

Answer 3

Enable transparency, responsibility, accountability, sustainability and fairness

Question 4

what is the difference between “governance” and “management”?

Answer 4

governance is assotiated with decision making, oversight, control and integration, whereas management is working within the limitations set by the government framework to achieve the organizational objectives

Question 5

Components of management activities (3)

Answer 5

• perform Reports
• change requests
• escalate issues/ risks

Question 6

factors to consider when designing portfolio governance practises (5)

Answer 6

• legislative environment
• regulatory environment
• decision- making hierarchy
• allignment with organizational governance
• allignment with organizational culture

Question 7

which portfolio governance roles may exist? (4)

Answer 7

• portfolio sponsor
• portfolio governance board
• portfolio audit organization
• supporting and representing roles

Question 8

typical responsibilities of the portfolio sponsor (6)

Answer 8

• ensure that portfolio goals and objectives are alligned with the strategic vision
• provide oversight and feedback
• remove barriers and obstacles to portfolio success
• ensure funding - related approvals
• provide resources
• manage interactions between senior management and the PFM team

Question 9

needed skillset for the portfolio Sponsor (6)

Answer 9

• organization-wide perspective
• ability to influence senior stakeholders
• ability to work across different stakeholder groups to find mutually beneficial solutions
• leadership skills
• decision-making authority
• effective communication skills

Question 10

typical governance responsibilities of the portfolio governance board (4)

Answer 10

• determining the governance framework (oversight, decision making, control,…)
• approving governance-related policies and processes
• establishing component selection, categorization,prioritization and authorization criteria
• reviewing and remediating escalated issues and risks relating to governance

Question 11

responsibility fields of the portfolio governance board (2)

Answer 11

• governance responsibilities
• management responsibilities

Question 12

typical management responsibilities of the governance board (4)

Answer 12

• ensuring that the portfolio strategic plan alligns with the organizational strategic and operational goals
• considering and balancing the degree of organizational change required to achieve portfolio value
• providing executive support in portfolio, program, and project process alignment and expectations
• providing leadership
  defining key performance targets and thresholds
  -…