Step 3 Evaluate Options
The purpose of the Identification Step 2 is to establish the context for decisions on alignment, and to uncover all of the potential work that should be considered for the portfolio in the coming year and beyond. You have also surfaced all of the potential non-labor items that will be needed next year. This step has been designed to cast as wide a net as possible to account for all of the work that could possibly be in the portfolio.
Let's assume now that all of the potential work for the coming year has been identified. In many cases, the work put forward so far has been the result of a brainstorming process to try to determine all the possible work. You already know that some, perhaps much, of the proposed work will not be authorized. Now you need to start the process of scaling back the work so that you can bring forward only those components that are of the most importance and value to the department, especially for consideration for the coming year.
In later steps, you will be prioritizing work from most important to least important. At this point, however, you may have nothing more than a name and brief description and you may or may not have some cost information based on historical numbers.
Example: Project work may not yet have any cost estimate. Support work may have an estimate based on current year and prior year funding.
So, you are not about to prioritize work – you are about to cut work.
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330.1 Validate Importance and Alignment (Internal Cut #1)
330.2 Create Value Propositions (Internal Cut #2)
330.9 Techniquesportfolio management, project management, project office, PMO, project portfolio, project lifecycle management, project consulting, methodology development, quality management, project management training, portfolio training