Itrm Standard Cpm 516-02 Publication - Virginia Information Technologies Agency Page 28
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38Information Technology Investment Management Standard
ITRM Standard CPM 516-02
January 31, 2017
7. PORTFOLIO MANAGEMENT PROCESS FOR ITIM
7.1 Purpose
The previous section detailed the activities required in each phase of the ITIM
lifecycle. This section establishes a portfolio management approach and process for
conducting the ITIM lifecycle activities. Within the portfolio management process two
cycles of activities are delineated. Commonwealth Project Portfolio Management
(PPM) is a cycle of activities used for governing and executing commonwealth IT
projects and procurements planned or underway. Commonwealth Asset Portfolio
Management (APM) is a cycle of activities used for evaluating the performance of
existing IT assets (Infrastructure, Applications, and Services).
7.2 Definition of portfolio management and relation to the ITIM activities
Section 4.3 introduced the concept of a technology portfolio and identified the
Commonwealth Technology Portfolio (CTP) as the executive branch repository for
commonwealth investments of $250,000 or more and the Agency Technology
Portfolio (ATP) as a repository for all the IT investment information the agency needs
to manage their technology investments regardless of the cost. A technology
portfolio is a necessary concept and management tool to enable effective oversight
of the complex arrangement of business needs, potential and current IT investments,
and related projects, procurements, and services that fall within the scope of the
ITIM methodology.
As illustrated in figure 6, the commonwealth uses portfolio management to manage
IT investments across the ITIM lifecycle. The portfolio management approach
provides a process for executing the ITIM activities in a cycle that aligns with other
commonwealth planning and management processes. Use of a portfolio management
process reinforces objectives and strategies of commonwealth and agency IT
strategic plans, promotes balancing risk and investment goals, ensures delivery of
anticipated business value, and enables consistent application of analytics and
evaluation of IT investments.
Page 23
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