Portfolio Management Knowledge Areas

Portfolio Management Knowledge Areas

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7.1 Develop Portfolio Communication Management Plan

Figure provides an overview of communication management including stakeholder and communication requirements analysis, the focus of consultation and participation of stakeholders for identifying risks, and the flow and input of communication management to portfolio information and reporting.


 

Portfolio communication facilitates a two-way effective dialogue between affected internal and external stakeholders, individuals, or groups, including:

·         Executive managers,

·         Operations managers,

·         Governing bodies,

·         Sponsors,

·         Project/program/portfolio managers,

·         Suppliers and external resource providers,

·         Regulatory bodies, and

·         Others.

In order to develop the portfolio communication management plan, stakeholder identification and analysis is necessary in addition to the determination ot communication requirements.

In planning portfolio communication, the portfolio management plan may identity some of the primary stakeholders, such as executive managers and sponsors, who are accountable for the success of the portfolio. Planning may uncover additional stakeholders that require or benefit from the knowledge of portfolio progress, performance, and changes. These additional discoveries are reflected as updates to the portfolio management plan. As a comprehensive list of stakeholders is compiled, it important to determine their information needs and the preferred mode of communication. Developing a strong communication management plan requires inputs from a variety of other portfolio management processes, such as performance and risk management.

Portfolio communication recognizes the broad and varied stakeholders from executive management through individuals performing the basic tasks to third parties. The information needs of portfolio stakeholders are much more varied than with project-level communication primarily because of the breadth and variety of stakeholders. Transparency in planning portfolio management reporting is important for discovering early if elements are missing and to manage risk due to insufficient or inconsistent communication. Transparent communication is also valuable when planning tor optimal utilization of resources.

Inputs

.1 Portfolio

.2 Portfolio roadmap

.3 Portfolio management plan

.4 Portfolio reports

.5 Portfolio process assets

 

Tools & Techniques

 

.1 Stakeholder analysis

.2 Elicitation techniques

.3 Communication requirements analysis

 

Outputs

.1 Portfolio management plan updates

.2 Portfolio process assets updates