As part of the new strategic direction, the executive management has decided to create a portfolio for the development of a new product. You have been assigned as the portfolio manager. What should yo

The correct answer is D. Check existing portfolios, programs and projects. Before taking any action as a newly assigned portfolio manager, you must first understand the current state of the organization. Checking existing portfolios, programs, and projects (D) gives you a baseline - what components already exist, what strategic objectives they serve, an

Portfolio Strategic Management

Question

As part of the new strategic direction, the executive management has decided to create a portfolio for the development of a new product. You have been assigned as the portfolio manager. What should you do as a first step?

Options

AUpdate the Strategic Plan
BUpdate existing portfolio
CDevelop the Strategic Plan
DCheck existing portfolios, programs and projects

How the community answered

(66 responses)

A
11% (7)
B
6% (4)
C
3% (2)
D
80% (53)

Explanation

Before taking any action as a newly assigned portfolio manager, you must first understand the current state of the organization. Checking existing portfolios, programs, and projects (D) gives you a baseline - what components already exist, what strategic objectives they serve, and where gaps or overlaps lie. Only after this assessment can you make informed decisions about updating or creating portfolios. Jumping to update or develop a strategic plan (A, C) without this baseline risks duplicating efforts or misaligning with work already underway. 'Update existing portfolio' (B) assumes one already maps to the new direction, which you cannot know without first checking.

Topics

#Portfolio Establishment#Strategic Alignment#Organizational Context#Portfolio Manager Responsibilities

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