Application
This unit describes the skills and knowledge required to effectively manage and review a portfolio. It covers project and program oversight, continuous improvement across the portfolio and benefits realisation.
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. Program and project delivery oversight | 1.1 Align the portfolio review cycle with appropriate project/program review points 1.2 Review project and program performance against respective plans and measure performance against continuously captured qualitative and quantitative data 1.3 Monitor the portfolio to ensure that projects/programs are meeting their identified key objectives and benefits 1.4 Flag projects and programs not achieving planned performance for review and further investigation 1.5 Make recommendations to change projects/programs included in the portfolio |
2. Portfolio continuous improvement | 2.1 Continuously review and improve project identification and approval 2.2 Assess portfolio value and contribution to strategic priorities regularly through the monitoring and review of key performance indicator measures 2.3 Feed lessons learned into the project selection, prioritisation and portfolio balancing processes |
3. Benefits management and realisation | 3.1 Prepare and update portfolio delivery map showing the key timings and inter-dependencies between projects and programs and the associated benefits to be produced 3.2 Actively manage the portfolio to maximise achievement of organisational benefits |
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, 1.2, 1.3, 1.4, 2.1, 2.2 | Applies appropriate strategies to construct meaning from complex texts |
Writing | 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3, 3.1 | Documents results of reviews using appropriate organisational formats Prepares documents to support portfolio management using format and vocabulary suitable to audience |
Oral Communication | 1.5 | Provides information using language and features appropriate to audience |
Numeracy | 1.2, 2.2 | Interprets quantifiable data to effectively manage and review portfolios |
Navigate the world of work | 2.2 | Understands the relationship between immediate tasks and organisational strategic objectives, and uses this to inform assessments |
Interact with others | 1.5 | Selects and uses appropriate communication methods and practices to provide recommendations |
Get the work done | 1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 3.1, 3.2 | Develops flexible plans for complex, high impact activities with strategic implications, making changes when required Monitors and analyses performance against plans to identify and implement improvements Evaluates outcomes to identify process improvements |
Sectors
Management and Leadership – Project Management