What are the 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