Changing gears

It happens all the time: The portfolio is in place, the projects are on track and then everything goes awry. Whether they must accommodate shifting resources, respond to economic opportunities or react to a competitor's latest move, portfolio managers often find themselves facing drastic changes that impact both workflow and resources. This article discusses how portfolio managers who are willing to embrace change and seize unexpected opportunities may outpace the competition. In doing so, it lists several key questions that managers should ask when a strategic objective has been changed. It then notes how portfolio managers should begin to outline tactical changes that will need to be made across the portfolio. The article explains the importance of having a formal change management plan and lists a few elements that can help portfolio managers handle any change that may come their way. It lists several important documents that portfolio managers should use: portfolio strategic plan, portfolio charter, strat
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