Application
This unit describes the skills and knowledge required to prioritise projects and programs within a portfolio. It covers the identification, strategic alignment and setting of priorities at the portfolio level.
A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.
It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify projects and programs | 1.1 Undertake a regular census to identify and capture all ideas, proposed, planned, active or inactive projects and programs in the organisation, the project sponsor and their project approval status 1.2 Capture macro-level project and program information for every project and program within the project portfolio 1.3 Implement ongoing identification and capture of project and program information using formalised tools and processes that are agreed to with executive management |
2. Undertake strategic alignment | 2.1 Align and objectively score projects and programs against organisational strategic objectives 2.2 Identify and assess key drivers, internal and external sources of impact for projects and programs within the portfolio 2.3 Assess projects and programs to determine the degree of alignment with, and contribution to, one or more strategic objective 2.4 Highlight and flag projects and programs that do not align to one or more strategic objective for further analysis 2.5 Categorise projects and programs according to each strategic objective |
3. Apply prioritisation | 3.1 Identify, document and review organisational prioritisation methods to reflect changing organisational priorities 3.2 Agree on prioritisation criteria for project portfolio assessment with executive stakeholders 3.3 Prioritise projects and programs based on their alignment |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.3, 2.1, 2.2, 2.3, 2.4, 2.5, 3.1, 3.3 | Applies appropriate strategies to construct meaning from complex texts |
Writing | 1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 2.4, 2.5, 3.1, 3.2, 3.3 | Documents results of census using required organisational formats Develops and documents analysis of project prioritisation using appropriate organisational formats and project management vocabulary |
Oral Communication | 1.1, 1.3, 3.2 | Participates in discussions using language and features appropriate to the audience Uses active listening and questioning techniques to confirm understanding |
Navigate the world of work | 2.1, 2.2, 2.3, 2.4, 2.5, 3.1 | Understands how own role contributes to the broader goals of the organisation, and uses this to inform planning |
Interact with others | 1.1, 1.3, 3.2 | Plays a lead role in situations requiring effective collaboration and high-level negotiation skills |
Get the work done | 1.1, 1.2, 1.3, 2.1, 2.4, 2.5, 3.1, 3.3 | Sequences and schedules complex activities with an understanding of how they contribute to broader organisational goals Systematically gathers and analyses all relevant information and evaluates options to inform decisions about strategic alignment |
Sectors
Management and Leadership – Project Management