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.
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. Identify projects and programs | 1.1 Identify proposed, planned, active or inactive projects and programs in the organisation 1.2 Identify project sponsor and project approval status of all identified projects 1.3 Capture macro-level project and program information for every project and program within the project portfolio 1.4 Implement ongoing identification and capture of project and program information |
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 for alignment with strategic objectives 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 3.2 Agree on prioritisation criteria for project portfolio assessment with executive stakeholders 3.3 Prioritise projects and programs based on their alignment |
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:
for at least one portfolio of work, identify programs, undertake strategic alignment of projects to organisational objectives, and prioritise projects.
In the course of the above, the candidate must:
develop a program and project register
negotiate and document minutes of meetings demonstrating agreement to portfolio evaluation criteria
prepare a portfolio charter
apply the organisational prioritisation model for projects and programs
map and provide solutions for dependency between projects and programs.
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:
formalised tools and processes to capture and collate information
project and program priorities and categories
level of detail captured on each project and program and methods to record and manage
steps in an organisational prioritisation method
review and decision-making processes used to determine the alignment of projects and programs to various strategic themes
examples of how internal and external environmental factors are considered in projects and programs.
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 prioritisation was managed for 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 and documents analysis of project prioritisation using appropriate organisational formats and project management vocabulary |
Oral Communication | Participates in discussions using language and features appropriate to the audience Uses active listening and questioning techniques to confirm understanding |
Initiative and enterprise | Identifies how own role contributes to the broader goals of the organisation, and uses this to inform planning |
Teamwork | Plays a lead role in situations requiring effective collaboration and high-level negotiation skills |
Planning and organising | 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
Business Competence – Project Management