Application
This unit describes the skills and knowledge required to manage communications and change within a portfolio. It covers portfolio metrics, data collection and measurement, stakeholder involvement and communication.
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. Apply portfolio metrics, measurement and report | 1.1 Develop and regularly review a portfolio communications strategy, for use by portfolio staff 1.2 Use a portfolio management information system to dynamically capture and manage information on projects and programs that comprise the portfolio and their status 1.3 Ensure progress reports to executive management show achievement or non-achievement toward strategic objectives 1.4 Communicate project selection criteria and project selection model throughout the organisation 1.5 Integrate portfolio data collection processes and systems into organisational processes and systems |
2. Undertake stakeholder engagement and management | 2.1 Ensure the organisational strategic management planning team interacts with executive management 2.2 Ensure the ideal portfolio mix considers internal and external stakeholders needs 2.3 Ensure the organisation fosters a culture of continuous improvement and of open internal disclosure of appropriate portfolio information |
3. Communicate portfolio review outcomes | 3.1 Identify and communicate criteria to evaluate portfolio management success 3.2 Forward regular portfolio management reports containing strategic information of portfolio status and progress to key project stakeholders 3.3 Communicate projects selected for inclusion in and rejection from the portfolio along with the rationale for the decision |
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 | Applies appropriate strategies to construct meaning from complex texts |
Writing | 1.1, 1.3, 1.4, 3.1, 3.3 | Develops strategies and supporting documentation using appropriate organisational formats and vocabulary Drafts and develops written communications to stakeholders using structure and vocabulary appropriate to the audience |
Oral Communication | 1.4, 3.1, 3.3 | Provides information using language and features appropriate to audience Uses active listening and questioning techniques to confirm understanding |
Navigate the world of work | 1.3 | Recognises contribution of own activities to the achievement of strategic objectives |
Interact with others | 1.3, 1.4, 2.1, 3.1, 3.3 | Selects and uses appropriate communication methods and practices to provide information to a range of stakeholders |
Get the work done | 1.1, 1.2, 1.5, 2.2, 2.3, 3.1, 3.2 | Plans and implements complex tasks to achieve strategic objectives Analyses available information to decide on actions needed to facilitate stakeholder engagement Uses digital tools to access, organise and analyse information for strategic purposes |
Sectors
Management and Leadership – Project Management