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.
The unit 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 strategic objectives of the organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
1. Apply portfolio metrics, measurement and report | 1.1 Develop and review a portfolio communications strategy, for use by portfolio staff 1.2 Capture and manage information on projects and programs that comprise the portfolio and their status using a portfolio management information system 1.3 Verify 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 Develop and implement process for organisational strategic management planning team to interact with executive management 2.2 Consider internal and external stakeholder needs in portfolio mix 2.3 Verify 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 portfolio management reports containing strategic information of portfolio status and progress to key project stakeholders according to task requirements 3.3 Communicate projects selected for inclusion in and rejection from the portfolio along with the rationale for the decision |
Evidence of Performance
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
manage portfolio communications and change on at least one occasion.
In the course of the above, the candidate must:
undertake executive briefings and presentations on the portfolio management approach
prepare and deliver executive briefings on the portfolio status
prepare portfolio reports showing component project/program performance
document minutes of portfolio review meetings
provide advice explaining why projects have been included or excluded from the portfolio.
Evidence of Knowledge
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
examples of project, program and business level reporting
influence of organisational politics on portfolio performance
importance of negotiation and influencing skills
principles of change management as applied to a portfolio.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
workplace documentation and resources relevant to performance evidence
feedback from stakeholders, which reflects how communication and change was managed within a portfolio.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Reading | Applies appropriate strategies to construct meaning from complex texts |
Writing | 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 | Provides information using language and features appropriate to audience Uses active listening and questioning techniques to confirm understanding |
Self-management | Identifies contribution of own activities to the achievement of strategic objectives |
Teamwork | Selects and uses appropriate communication methods and practices to provide information to a range of stakeholders |
Planning and organising | 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
Business Competence – Project Management