Have you ever struggled to understand what a portfolio manager really does? Like many positions in the IT world, the tasks may be many and the definitions broad. However, Jen L. Skrabak, senior-level project executive and committee chair for The Standard for Portfolio Management – Third Edition, breaks it down for us into the do’s and don’ts of portfolio management. Here are just some of the things she says portfolio management includes:
· Strategic alignment of the future intent of the organization.
· Monitoring the performance of the portfolio.
· Ensuring communications and stakeholder engagement, especially at an executive level.
· Analyzing risks and seeking opportunities.
· Managing change through the development of the business processes.
· Managing ongoing operations of the portfolio, because unlike projects or programs, portfolios do not have a beginning or end.
Portfolio managers are not project managers. Furthermore, they do not manage other project managers or the execution of programs. Instead, portfolio managers are focused on the big picture. They oversee the collection of projects, programs, and operational work.