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 management 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.
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 organisation’s strategic objectives.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
1. Program and project delivery oversight | 1.1 Align the portfolio review cycle with appropriate project or 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 against projects or programs 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 or programs included in the portfolio |
2. Portfolio continuous improvement | 2.1 Review and improve project identification and approval 2.2 Assess portfolio value and contribution to strategic priorities through the monitoring and review of key performance indicator measures 2.3 Apply 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 Manage the portfolio according to organisational objectives |
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 and review portfolio performance on at least one occasion.
In the course of the above, the candidate must:
identify how the portfolio can be continuously improved
apply types of qualitative and quantitative data and other metrics that can be used to determine project performance
determine and map cross project/program dependencies
respond to signs and symptoms of project/program failure and underperformance.
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:
portfolio review matrix, including the collection of qualitative and quantitative data and other metrics
cross project or program dependency map
use of the portfolio review document
project or program performance report or audit
use of the portfolio delivery map.
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 on how portfolio performance was reviewed.
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 | Documents results of reviews using appropriate organisational formats Prepares documents to support portfolio management using format and vocabulary suitable to audience |
Oral Communication | Provides information using language and features appropriate to audience |
Numeracy | Interprets quantifiable data to effectively manage and review portfolios |
Initiative and enterprise | Identifies the relationship between immediate tasks and organisational strategic objectives, and uses this to inform assessments |
Teamwork | Selects and uses appropriate communication methods and practices to provide recommendations |
Planning and organising | 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
Business Competence – Project Management