Task: Monitor Changes in Conditions |
Monitor changes in conditions of the portfolio's environment against portfolio components or portfolio targets and objectives to track what could impact the execution of work.
Purpose
To ensure that portfolio executives are abreast of changes in internal and external influences that can potentially affect the portfolio outcomes and their decisions.
Relationships
Roles | Primary: Portfolio Analyst | Additional: | Assisting:
Inputs | Mandatory: Product Roadmap Strategic Business Plan | Optional: None | External: None
Outputs | Threats and Opportunities Analysis
Main Description
Develop and maintain a complete understanding of the portfolio's environment to identify changes in business, technical, and market conditions that could favorably or unfavorably affect the portfolio. The following are examples of environmental conditions to monitor: Homogeneous understanding and organizational acceptance of portfolio model and governance Organizational changes in responsibilities and accountabilities Customer needs and expectations Business strategy and organizational objectives Economic changes and trends (for example: labor market movements, political risk, and financial policies) Market and competitive forces (for example: new entrants, supplier risk, and substitution) Technological advances and setbacks (on product and infrastructure) Political, social, and economical drivers Legislative and regulatory policies By monitoring changes in conditions, portfolio executives can make decisions based on current and prescriptive data, thereby supporting a clear and complete understanding of portfolio external drivers and influences.
Steps
Develop list of environmental factors of interest
Develop an exhaustive list of environmental factors that affect the portfolio. Assess the range of impacts on the portfolio based on this list of factors. Prioritize and select the set of environmental factors to include as part of ongoing monitoring.
Develop or update techniques and measurements to track environmental factors
Define the required data elements, criteria, and early indicators, as well as their sources. Define variance thresholds that will trigger deeper reviews and analysis. Determine the frequency of updates and monitoring.
Monitor changes in external factors
Depending on the type and source of the required data, this step involves the following activities: Running data exports, extracts, and reports from various source systems Conducting interviews with specific internal and external stakeholders Attending business and industry briefings and conferences
Prepare executive presentations and reports on trends of interest
Compile a list of threats and opportunities that result from the monitoring activities, and then develop recommendations for corrective actions, as needed. Prepare an executive briefing of the environmental threats and opportunities, and communicate the results to all affected portfolio stakeholders for inclusion as part of the portfolio reviews.
Properties
Multiple Occurrences |
Event Driven |
Ongoing |
Optional |
Planned |
Repeatable |
Key Considerations
Inputs to consider are strategic plans, product roadmaps, industry reports and analysis, market and competitive trends, and analysts' reports.
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