With organizations achieving step improvements in project and programme management, time has come for organizations to commence adopting best practice approaches for managing a portfolio of change. Active management and integration of business as usual (BAU) and change initiatives (projects and programmes) is important to the organization’s survival and growth. Portfolio management supports achievement of strategic objectives by ensuring the right portfolio decisions are taken, that change initiatives are appropriately prioritised, effectively delivered and anticipated benefits are realized.
WHAT IS PORTFOLIO MANAGEMENT?
A Portfolio is the totality of an organization’s investments in the changes (projects and programmes) required to achieve its strategic objectives.
Portfolio management can then be described as the coordinated collection of strategic processes and decisions that together enable the most effective balance of organizational change and business as usual operations.
Portfolio management does not replace strategic planning but aims to ensure that the organization’s change initiatives represent and deliver maximum value in the context of the organization’s strategic targets.
WHAT IS MOP?
MoP – Management of Portfolios was developed as part of the Cabinet Office – United Kingdom best practice guidance.
MoP provides universally applicable portfolio management principles and practices. These principles and practices are appropriate for an organizational level or divisional portfolio and are practical for small or large organizations.
BENEFITS OF MOP PORTFOLIO MANAGEMENT
Ensuring the right projects and programmes are undertaken and deliver a measurable contribution to strategic objectives
More effective implementation of projects and programmes, through active management of the project ‘pipeline’, dependencies and resource constraints
More effective resource allocation by removal of projects not contributing to strategic objectives and eliminating scope duplications between projects and programmes
Greater benefits achievement through improved planning and management of the organization’s capacity and capability
Enhanced transparency, accountability and corporate governance
Improved engagement of stakeholders
Our portfolio management courses are accredited to the MoP – Management of Portfolios standard.