The purpose of this competency is to achieve the goals of the initiation process, i.e. to:
- decide what type of portfolio is required;
- design the portfolio infrastructure;
- obtain senior level approval and commitment;
- implement the portfolio.
You must be able to:
- match the type of portfolio to the host organisation’s needs
- provide business justification for the implementation of a portfolio
- submit the case for a portfolio to strategic management
- set up and mobilise the portfolio management infrastructure
- assure the quality of the process
Initiating a portfolio is not something that is done on a regular basis. In terms of longer term professional development it is not necessary to have a competency in a process that is only executed once.
However, this competency is useful as a basis for defining an appropriate role and helping to identify the best person to execute the process.
Knowledge and understanding
You need to know and understand:
- the goals of the process
- the typical activities that make up the process
- the context of the work and its impact on the process
- the difference between a standard and a structured portfolio
- the ways in which a portfolio may be governed
- how a portfolio should function alongside business-as-usual
- the resources needed to support discipline and profession of P3 management
- how to develop a business justification for investment in portfolio management
- how assurance applies to the process