Initiate a portfolio

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.

Performance criteria

You must be able to:

  1. match the type of portfolio to the host organisation’s needs
  2. provide business justification for the implementation of a portfolio
  3. submit the case for a portfolio to strategic management
  4. set up and mobilise the portfolio management infrastructure
  5. 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:

  1. the goals of the process
  2. the typical activities that make up the process
  3. the context of the work and its impact on the process
  4. the difference between a standard and a structured portfolio
  5. the ways in which a portfolio may be governed
  6. how a portfolio should function alongside business-as-usual
  7. the resources needed to support  discipline and profession of P3 management
  8. how to develop a business justification for investment in portfolio management
  9. how assurance applies to the process


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