By Jen Skrabak, PMP, PfMP
In the first part of this series, I introduced PMI’s new governance practice guide and reviewed basic differences between organizational (corporate) governance, portfolio management governance and portfolio governance.
With that foundation, I’ll now discuss the four basic governance functions, which together can ensure alignment to strategy. Since portfolios include programs and projects by definition, those are not called out separately.
In addition, there are four basic governance domains:
For some portfolio managers, there may be confusion over governance activities versus portfolio management activities. Portfolio managers may play a governance role on certain programs and projects and provide oversight and decision-making. However, day-to-day portfolio management is distinct from governance, as shown in the diagram below:
Look for part three of this series—which will be focused on key success factors—in the coming weeks! And comment below to share your reactions.