Elements and Performance Criteria
- Apply standards, models and approach
- Incorporate legislative, regulatory or business requirements and changes into portfolio management decisions and controls
- Apply disciplined governance arrangements, supported by appropriate methods and controls, to projects and programs within the portfolio
- Implement a supportive and coherent relationship between business strategy and project portfolio
- Ensure that all projects/programs within the portfolio have an approved plan containing authorisation points at which the business case is reviewed and approved on an ongoing basis to determine the continued validity of investment, organisational exposure and return
- Record and communicate decisions made at authorisation points
- Ensure members of delegated authorisation bodies have sufficient representation, competence, authority and resources to enable them to make appropriate decisions
- Support executive management to ensure appropriate independent assurance of projects/programs occurs
- Clearly define criteria for reporting project status and for the escalation of risks and issues to the levels required by the organisation
- Foster trust by engaging portfolio stakeholders at a level that is commensurate with their importance to the organisation
- Develop the portfolio charter