An outcome of an initiative that is perceived as beneficial.
A critical document that’s developed in the early stages of a project that outlines the reasons for the project’s undertaking based on several key factors such as estimated costs, potential risks and expected benefits.
Benefits Realization Management:
The process of proper management so that change initiatives and projects can achieve desired benefits.
All the resources that an organization makes available for portfolio management; this includes human resources, financial and physical assets.
A descriptor used to group potential and validated portfolio components for assisting with further decision-making; components are usually linked with a common set of strategic goals.
Any work that the organization has determined it will include in the portfolio process.
A process for decision-making based on scoring components using key indicators and their related weighted criteria.
Key Performance Indicators:
A set of parameters that permits measurement and reporting on the portfolio or one of its components’ performance.
A collection of programs, projects and other work which are aligned with strategic goals and objectives.
Once the components have been prioritized, they can be arranged into a component mix that will support strategic goals.
Portfolio Management Lifecycle:
The process of collecting, identifying, categorizing, evaluating, selecting, prioritizing, balancing, authorizing and reviewing components within the portfolio to measure how they are performing compared to the key indicators and the strategic plan.
Once the components are selected, they are prioritized based on their scores and other considerations by senior management.
The tasks, techniques, tools applied from project execution to delivery.
Project Portfolio Management:
The management of one or more portfolios of projects. This includes identifying projects, prioritizing projects, authorising, managing and controlling projects to achieve specific goals.
Work that is not considered as part of a project or program but which is included in the PPM process because it requires the effort of the same resources.
The process of choosing the components that will be included in the portfolio, based on their evaluation scores.
A way of measuring and scoring components based on weighted criteria and key indicators.
A group of stakeholders responsible for providing strategic guidance for the portfolio and subsequent monitoring of the portfolio throughout the year.
A one page document justifying a potential project by detailing its benefits; also considered a simplified Business case which is often used at the very early screening stage of a project.