Portfolio Management

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The Initiating step involves the processes, activities, and skills needed to effectively define the beginning of a project. Some examples of work to be completed include:

• Setting the vision of what is to be accomplished
• Formal project authorization by the sponsor
• Initial scope definition
• Stakeholder identification completed
• The Project Manager is identified and appointed

The Planning step sets forth the processes needed to define the scope of the project, set strategic plans in place to maximize workflow, and begin to assemble priority lists and plan team needs.  Some examples of work to be completed include: 

• Establishing and baselining the total scope of the project
• Engaging stakeholders in initial scoping sessions
• Setup organizational governments structure
• Implementing progressive elaboration of project documents
• Adherence to PMI planning processes best methodology

The Executing step involves managing teams effectively while orchestrating timeline expectations and reaching benchmark goals.  Some examples of work to be completed include: 

• Project management secures resources to support Project Plan
• Project management manages communications and stakeholder engagement to ensure project delivery and quality
• Management of stakeholder change requests with a change control board established for review and approval or rejection of changes

Processing change orders, addressing on-going budget considerations, and mitigating unforeseen circumstances that may affect a team's ability to meet initial project expectations are all part of the core skills and competencies involved in the Monitoring step.  Some examples of work to be completed include:  

• Identify any areas in which changes to the plan are required
• Initiate the corresponding changes
• Ensuring alignment and getting back on track (plan to actual) by measuring variance and taking corrective action

The biggest challenge of the Closing step is to bring the project to a successful close which means completing it on time and within the budget allotted.  Some examples of work to be completed include: 

• Formal closure of the project with sign-off and acceptance from the customer
• The project manager formally closes the project by archiving records, holding a lesson learned session, making final payments, closing contracts, celebrating and releasing the team
• Lessons learned along with other historical information are centrally archived to be used as input to future projects to prevent reinventing the wheel and repeating known mistakes

Lesson learned are the last outcome of a project. In this step, “what was done right” and “what was done wrong” are key learnings that are documented and act as the guide of best practices to be applied to future project deployments.  Before embarking on a new project, these lessons learned will be pulled from the SLH process assets library for any useful hints that can help navigate any known pitfalls or missteps.