Reference no: EM133161405
PPMP20012 Program and Portfolio Management Information Systems
Task Description
Propose a portfolio management framework that would realise a company's strategic objective. A portfolio management plan helps an organisation manage multiple projects under a portfolio and boosts collaboration and effective risk management to meet organisational objectives.
Purpose
The primary purpose of this assessment item is to help you to be able to apply systems thinking in coming up with a comprehensive solution to a complex problem. This assessment aims at providing you with the ability to apply portfolio management principles, practice, tools, and information systems to prioritise and select portfolio components and plan to manage a portfolio. This assignment also aims to allow you to enhance your teamwork, analysis, critical thinking, and written communication skills, particularly in the areas of argument development and academic writing.
Task
- This is a group assessment (4 to 5 students). The tutor will make a final decision in the group setting.
- Select a specific strategic objective related to the STUDENT pillar in "CQUniversity's 2019-2023 Strategic Plan; Our Future Is You".
- Using systems thinking tools and techniques that might aid project managers to design a portfolio and its components (i.e. related projects and programs) that will potentially realise a strategic objective.
- Propose a Portfolio Management Plan to manage the portfolio implementation.
Expected Deliverable
The deliverable would be a Portfolio Management Plan.
In this assignment, your team would provide the portfolio management plan of the portfolio implementation, which helps you obtain the selected goal in CQU (the goal which your team has chosen).
Portfolio Management Plan establishes how a portfolio is defined, organised, optimised, and controlled. It is a collection of plans. Portfolio management development is an interactive process and includes integrating subsidiary plans such as value, communication, and risk management plans.
The objectives of the portfolio management plan are to:
- Provide a longer-term overview.
- Provide clarity to stakeholders.
- Motivate people to commit to the delivery of the shared goals.
- Convert the balanced Portfolio into a plan.
- Provide a baseline against which progress can be monitored, reviewed, and managed.
Excluding the following required components, your team can extend with additional sections and information which is relevant to the context that your Portfolio is implemented. The order of the sections is based on your team's logic, and it is part of the presentation marking criteria.
1. Document purpose
It could be written as an executive summary. In this section, you need to provide the purpose of your portfolio management plan.
2. Portfolio strategy
The portfolio strategy is a document to communicate a brief description of the vision and objectives for the Portfolio and how these objectives will be achieved and must be endorsed by senior management. The portfolio strategic plan articulates the options, preferences, and factors that will be considered in a specific portfolio that will aid the decision-makers in aligning, authorising, and controlling the Portfolio and its components with the organisational strategy, future benefit, and stakeholder expectations.
It usually will have a time horizon of several years. The typical contents are:
- Vision and longer-term objectives for the Portfolio,which is based on the alignment with the organisation's goals and objectives,
- Overview of the strategic priorities: Investment criteria, categorisation, and classification,
- High-level to be realised benefits information and how they link to the strategic objectives,
- Portfolio description.
3. Portfolio Scope Management
The scope of a project includes all requirements in the smallest foreseeable detail. However, in portfolio management, the scope is defined strictly top-down, stemming from the overarching goals as a source of inspiration into the types of projects that are aligned with them and are likely to be initiated.
The scope of a portfolio usually informs the type of projects that make up the activity of an organisation.
Hence, your team should provide details:
- Initiatives can be appraised and prioritised
- Strategic objectives can be optimised with available resources and risks
- Portfolio structure including a listing of the various portfolio components and other work (aligned to the investment criteria and categorisation in The portfolio strategy section)
- Constraints and assumptions
4. The Portfolio Delivery Schedule& Milestones
Portfolio delivery scheduleshows when which project or programme will run and key milestones. This provides a baseline against which to assess the progress of the project output delivery.
Key dependencies show the logical dependencies between projects within the Portfolio.