Innovation portfolio management is the process by which you regularly evaluate, prioritize, and select investments in projects and portfolios. How well you manage your innovation portfolio is a function of culture, leadership, systems, and selection criteria and practices.
Your organization has high-quality portfolio management capabilities if:
- You have a single system and common language for innovation decision-making.
- You have systems and tools to debias decisions.
- Innovation teams and decision-makers alike have visibility to projects’ risks and uncertainties—and therefore a common basis for judgment.
- It’s clear to all how projects and portfolios ladder up to the innovation strategy.