Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to provide governance over a portfolio. It covers applying standards, governance models and the portfolio charter.
A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.
It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Project Management
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Apply standards, models and approach |
1.1 Incorporate legislative, regulatory or business requirements and changes into portfolio management decisions and controls 1.2 Apply disciplined governance arrangements, supported by appropriate methods and controls, to projects and programs within the portfolio 1.3 Implement a supportive and coherent relationship between business strategy and project portfolio 1.4 Ensure that all projects/programs within the portfolio have an approved plan containing authorisation points at which the business case is reviewed and approved on an ongoing basis to determine the continued validity of investment, organisational exposure and return 1.5 Record and communicate decisions made at authorisation points 1.6 Ensure members of delegated authorisation bodies have sufficient representation, competence, authority and resources to enable them to make appropriate decisions 1.7 Support executive management to ensure appropriate independent assurance of projects/programs occurs 1.8 Clearly define criteria for reporting project status and for the escalation of risks and issues to the levels required by the organisation 1.9 Foster trust by engaging portfolio stakeholders at a level that is commensurate with their importance to the organisation |
2. Develop the portfolio charter |
2.1 Prepare and regularly review a portfolio charter, which clearly establishes portfolio governance and management roles, authorities, approval limits, responsibilities and the scope of portfolio control |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.3, 1.4, 2.1 |
|
Writing |
1.5, 1.8, 2.1 |
|
Oral Communication |
1.5 |
|
Navigate the world of work |
1.1, 1.2, 1.3, 1.8 |
|
Interact with others |
1.5, 1.7, 1.9 |
|
Get the work done |
1.1, 1.2, 1.3, 1.4, 1.6, 1.8, 2.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBPMG804 Govern the portfolio |
Not applicable |
New unit |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10