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Thursday, January 26, 2012

Key Activities in Service Portfolio Management

Service Portfolio Management is about how decisions are made to include new services and the continual review of existing services in the Service Portfolio.

Do you remember the Plan-Do-Check-Act Cycle that is most commonly used in Project Management? The process of Service Portfolio Management is similar to that.

The process here is Define-Analyze-Approve-Charter.

Define: This is where you product an inventory of all services including those that are in conceptual phase, including the Business Case for each of those services

Analyze: Analyze these services against the long term goals of the Organization. Services need to achieve the organization goals.

Approve: Formally approve the service portfolio, authorizing new services and changes to existing ones. Resources required for the services are also committed at this stage

Charter: Communicate decisions to the organization, allocate resources, adjust budgets etc are done in this stage. Promote new services to Service Design and refresh Service Catalogue.

Renewing the Portfolio

As circumstances change (e.g. changes in the economic outlook, changes in raw material prices or labor costs, marketplace changes etc.) decisions made on the content of the Service Portfolio will need to be reassessed. Part of Service Portfolio Management must therefore involve monitoring the commercial, social, economic and political environment to identify events that should trigger a reassessment of the Service Portfolio. This is called Renewing the Portfolio

Prev: Components of a Service Portfolio

Next: Relationship with other Processes

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