The aim of this area is to translate your corporate strategy into criteria you will use to assess new project proposals and determine the priority of approved project proposals. Depending on the company, you adjust your rating system every 6 to 12 months in so-called strategy workshops.
Participants: Strategy Manager, Portfolio Coordinator
More about project evaluation can be found here.
In this area, new project proposals are collected and prepared for the decision-makers. The goal is to collect and examine the information needed to evaluate the proposals using your rating system. Typically, new proposals are discussed once a week in proposal coaching sessions.
Participants: Initiators, Portfolio Coordinator
There are three actions that take place in the Decide area:
1) In the monthly Pipeline Review Committee meeting, proposals go through another Q&A session and are finalized. This is the last step before the proposals are presented to the decision makers in Step 2.
Participants: Members of the Pipeline Review Committee, Portfolio Coordinator and, as required, Initiators and Experts from the company.
2) In the Portfolio Board Meeting, the final evaluation of proposals will occur and, if accepted, their priority in the portfolio will be decided.
3) Finally, the Portfolio Board Meeting will also review information from the Execute area to address events from day-to-day business, including resolving unexpected issues that arise. Depending on the company, the Portfolio Board Meeting takes place once a month or quarterly.
Participants: Portfolio Board Members, Portfolio Coordinator and, as required, Project Manager
This area deals with the actual implementation and adaptation of projects and day-to-day business. This is also where the interface to project management lies. It is important to assess to what extent any problems (or unexpected rapid progress) have an impact on the portfolio. In addition, simpler operational issues will be discussed in the Resource Conflict Resolution meeting and Steering Committees. Only problems that affect the portfolio and cannot be resolved at a lower level are escalated to the Portfolio Board.
Participants: Project Teams, Resource Managers, and Team Leaders