Portfolio management principles - Portfolio management principle 1: senior management commitment
3 important questions on Portfolio management principles - Portfolio management principle 1: senior management commitment
Required commitment of senior management
Proactive and visible senior management commitment is identified again and again in academic and industry research as being absolutely essential to effective portfolio management.
Senior-level engagement is crucial in 3 ways
- Providing a mechanism to prioritize the programme and project portfolio in line with business objectives
- Creating a clear decision-making structure with agreed lines of accountability so that decisions are made swiftly and in line with business strategy.
- Demonstrating that senior management is committed to the change.
Who does senior manager support portfolio management?
- Publicly championing and positively communicating the value of portfolio management within their areas of command.
- Participating in decision-making about the composition of the portfolio in a personal, active and positive way.
- Contributing their expertise to the development of portfolio management across the organization.
- Taking effective steps to ensure compliance with portfolio management across the organization
- Explaining the rationale for decisions to their staff
- Personally demonstrating the behaviors essential to the success of portfolio.
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