What is an SPM Plan?
A Strategic Portfolio Management (SPM) plan is a plan that outlines a business’s strategies, processes, and guidelines for effectively managing and optimizing their portfolio of projects, investments, and initiatives. It is used to ensure that the company’s portfolio is in line with its strategic goals and that resources are being allocated and used efficiently. It also helps prioritize projects based on value and risk, and to ensure consistent monitoring and evaluation for successful portfolio outcomes.
What's included in this SPM Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the SPM Plan template for?
The SPM Plan template is designed to help businesses create a comprehensive and effective plan to manage their portfolio of projects, investments, and initiatives. It is suitable for any organization that is looking to develop a robust SPM plan to clearly outline its strategies, processes, and guidelines for portfolio management.
1. Define clear examples of your focus areas
Focus areas are the broad topics or areas of focus that your SPM plan will cover. Examples of focus areas include optimizing portfolio management, improving project prioritization, and ensuring consistent monitoring. For each focus area, you should define objectives, set measurable targets (KPIs), and implement related projects to achieve the KPIs.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals or outcomes that you want to achieve for each focus area. Objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). Examples of objectives could include increasing portfolio ROI, achieving a balanced resource allocation, and prioritizing high-value projects.
3. Set measurable targets (KPIs) to tackle the objective
Key Performance Indicators (KPIs) are measurable targets that help organizations track the progress of their objectives. These should be set to reflect the objectives and focus areas of the SPM plan. Examples of KPIs could include increasing the accuracy of portfolio decisions, decreasing the time for resource request approval, and increasing the number of relevant criteria.
4. Implement related projects to achieve the KPIs
A project (or action) is an initiative or activity that is designed to help you achieve the goals outlined in your SPM plan. Examples of projects could include improving the decision-making process, streamlining the request approval process, and developing criteria for prioritization.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a powerful tool that helps organizations implement their strategic plans quickly and efficiently. It streamlines the process of setting objectives and KPIs, tracking progress, and evaluating success. With Cascade, you can ensure that your SPM plan is implemented effectively and that you are getting the most out of your portfolio.