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 select and balance a portfolio. It covers the screening of projects and programs, undertaking investment appraisal, selection and gaining approval for a portfolio.
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. Undertake screening |
1.1 Review business case for each project/program to capture interfaces, emergent risks, resource requirements, business benefits and their timings 1.2 Determine business benefits to be achieved by mapping dependencies between projects and programs 1.3 Identify and add mandatory projects and programs to the project portfolio, where appropriate |
2. Complete investment appraisal |
2.1 Identify desirability of project and programs based on their risk, projected benefits and business impacts assessment 2.2 Examine and adjust projects and programs that deliver similar business benefits and outcomes to remove duplication and take advantage of synergies 2.3 Commission feasibility studies in instances where additional analysis is required to determine investment merit 2.4 Undertake a comparative analysis to determine the most appropriate projects and programs to receive organisational investment 2.5 Determine the budget or financial profile for each project or program 2.6 Group related projects for management as a program to ensure relevant efficiencies are captured |
3. Select projects and programs for the portfolio |
3.1 Use a project selection model to select projects and programs that comprise the portfolio 3.2 Review the organisations ideal project and program mix regularly to calibrate the project selection model 3.3 Select projects and programs for inclusion in the portfolio based on the organisation's project selection model 3.4 Solicit project selection decision-making and support from executive management by preparing and presenting information |
4. Monitor and apply approval status |
4.1 Review and update the project and program approval process on a regular basis 4.2 Make recommendations to executive management as to the projects to be included in the portfolio 4.3 Facilitate the approval of projects/programs to be included in the portfolio by executive management 4.4 Allocate projects and programs a selection status 4.5 Provide identified funding and resources to approved projects and programs 4.6 Identify rejected, cancelled or on-hold projects and programs with reasons for rejection 4.7 Cancel or put on hold those projects and programs currently underway that have been rejected from the portfolio 4.8 Communicate a list of approved and rejected projects and programs to stakeholders |
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 |
1.1, 1.2, 1.3, 2.2, 2.4, 2.5, 2.6, 3.1, 3.2, 4.4, 4.6, 4.7 |
|
Writing |
1.2, 1.3, 2.2, 2.3, 2.4, 2.6, 3.2, 3.4, 4.2, 4.4, 4.6, 4.7, 4.8 |
|
Oral Communication |
2.3, 3.4, 4.2 |
|
Numeracy |
1.1, 2.4, 2.5 |
|
Navigate the world of work |
3.2, 3.3 |
|
Interact with others |
2.3, 3.4, 4.2, 4.8 |
|
Get the work done |
1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 2.6, 3.1, 3.3, 3.4, 4.1, 4.3, 4.4, 4.5, 4.6, 4.7 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBPMG802 Select and balance 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