The first step in initiating a new portfolio component is typically:

Analysis of component dependencies requires a defined component proposal before dependencies can be identified and analyzed, making it a subsequent rather than initial step.

A portfolio component proposal is the foundational initiating document that defines the prospective component's objectives, scope, expected benefits, and strategic alignment - all subsequent activities such as dependency analysis, risk evaluation, and resource assessment depend on this proposal existing as a defined baseline.

Evaluation of component risks requires a component proposal as input, since risks cannot be meaningfully assessed for a component that has not yet been formally defined.

Evaluation of cross-component resources is a portfolio optimization activity that occurs after components have been proposed and are under consideration, not at initiation.