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With Definition complete, the Portfolio Delivery cycle covers 7 simultaneous practices:
Management control – this practice is about making sure that progress is on track against the portfolio strategy and delivery plan (typical contents for both are included in the MoP manual). Management control includes the creation of consistent business cases which can demonstrate the strategic contribution of change initiatives and the use of standard business change lifecycle processes incorporating stage/gate reviews.
Benefits management – is about identifying and managing the benefits being realized from the portfolio. This includes areas such as benefits categorization (common approaches are suggested), a portfolio level benefits realization plan and the arrangements for benefits tracking.
Financial management –This practice includes investment criteria and financial metrics, rules to standardize cost forecasting, efficiency savings and limits for reporting variances.
Risk management – provides a consistent approach to risk management across the portfolio including dependencies. MoP sets out some of the key challenges to dependency management and suggests sample solutions which can be used by the portfolio managers.
Stakeholder engagement – this practice provides a co-ordinated approach to stakeholder engagement and communication so that the needs of the portfolio’s customers are identified and managed and stakeholder support for the portfolio is gained by effective consultation and involvement in the definition and delivery of the portfolio. Modern approaches are encouraged – even Twitter gets a mention!
Organizational governance - this must include a vision about what the portfolio is designed to achieve, role profiles (in the MoP manual), stage gates and escalation paths with tolerance limits along with regular reviews of the business case and progress. The portfolio office has a key role to play here
Resource management – at some level the amount of resource available to deliver change is restricted. Most organizations have more ambitions than resources so supply and demand has to be balanced and gaps must be filled by recruitment, external resource or staff development.