Application
This unit describes the skills and knowledge required to lead the portfolio. It covers provision of effective leadership and management within the portfolio, and ensuring a vision is developed and communicated.
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. Lead the portfolio team | 1.1 Champion portfolio management within the organisation 1.2 Justify portfolio management resourcing at prescribed intervals according to task requirements 1.3 Quantify and communicate the associated value provided to the business 1.4 Brief and support project and program sponsors throughout the project/program lifecycles according to task requirements 1.5 Assess performance of portfolio management staff and provide feedback according to task requirements 1.6 Communicate and negotiate with internal and external stakeholders according to task requirements |
2. Make strategic decisions | 2.1 Establish a portfolio vision 2.2 Communicate the portfolio vision to stakeholders according to organisational requirements |
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:
lead at least one portfolio of work.
In the course of the above, the candidate must:
provide management support and direction to the portfolio team
act as a role model and portfolio champion within the organisation.
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:
the application of team management techniques and strategies
performance management within a team
how a portfolio manager can champion the vision within an organisation
content and development of a portfolio vision including:
strategic plan
vision statement
charter
business plan
motivation and leadership theories.
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 the portfolio was led.
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 | Prepares documents to support portfolio management resourcing using organisational formats and project specific vocabulary Documents results of performance reviews using appropriate organisational formats |
Oral Communication | Participates in a range of verbal exchanges using language and features appropriate to audience Uses active listening and questioning techniques to confirm understanding |
Numeracy | Identifies quantifiable data to effectively justify financial benefits to business |
Self-management | Identifies and adheres to organisational requirements and contributes to the broader goals of the organisation |
Teamwork | Selects and uses communication methods and practices appropriate to audience and context Builds and maintains effective relationships within immediate work context |
Planning and organising | Devises and implements plans to champion portfolio management Reviews implementation activities at regular intervals to decide on further actions |
Sectors
Business Competence – Project Management