A key function of IT Governance, IT portfolio management is the formal process for managing IT assets such as software, hardware, middleware, an IT project, internal staff, an application or external consulting.
It involves:
Establishing Decision Rights to determine which groups within the organization will choose which projects and acquisitions to fund
Building justifications for each candidate
Prioritizing candidates
Choosing which projects and acquisitions to fund
Overseeing acquisition efforts.
This process is generally a collaboration between IT Governance groups, Technology teams, a Project Management office, and possibly other groups within the organization.
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