Elements and Performance Criteria
- Undertake screening
- Review business case for each project/program to capture interfaces, emergent risks, resource requirements, business benefits and their timings
- Determine business benefits to be achieved by mapping dependencies between projects and programs
- Identify and add mandatory projects and programs to the project portfolio, where appropriate
- Complete investment appraisal
- Identify desirability of project and programs based on their risk, projected benefits and business impacts assessment
- Examine and adjust projects and programs that deliver similar business benefits and outcomes to remove duplication and take advantage of synergies
- Commission feasibility studies in instances where additional analysis is required to determine investment merit
- Undertake a comparative analysis to determine the most appropriate projects and programs to receive organisational investment
- Determine the budget or financial profile for each project or program
- Group related projects for management as a program to ensure relevant efficiencies are captured
- Select projects and programs for the portfolio
- Use a project selection model to select projects and programs that comprise the portfolio
- Review the organisations ideal project and program mix regularly to calibrate the project selection model
- 3.3 Select projects and programs for inclusion in the portfolio based on the organisation's project selection model
- Solicit project selection decision-making and support from executive management by preparing and presenting information
- Monitor and apply approval status
- Review and update the project and program approval process on a regular basis
- Make recommendations to executive management as to the projects to be included in the portfolio
- Facilitate the approval of projects/programs to be included in the portfolio by executive management
- Allocate projects and programs a selection status
- Provide identified funding and resources to approved projects and programs
- Identify rejected, cancelled or on-hold projects and programs with reasons for rejection
- Cancel or put on hold those projects and programs currently underway that have been rejected from the portfolio
- Communicate a list of approved and rejected projects and programs to stakeholders