Portfolio Management is one of the four major business capabilities the College has invested in to better manage change. See this diagram to see how Portfolio Management fits into the other business capabilities.
Baylor has outlined its strategy for the next 5-7 years. Each year, Baylor creates annual goals that help the college incrementally move forward to achieve this long term strategy. These annual goals will be achieved through conducting projects to implement change at Baylor. However, these projects must compete for limited resources – funds, space, and time. Portfolio Management provides the ability to understand all of the efforts occurring across the College, systematically prioritize and assign resources, coordinate ongoing efforts, and finally measure actual results against intended benefits. In the end, Portfolio Management provides a better ROI on projects which ultimately helps Baylor achieve its strategy.
Portfolio Management’s Goals
• Collect a list of active projects across the organization
• Understand project resource needs and capacity of functions
• Allocates resources aligned with priorities
• Define projects consistently– Problem, goal, objectives, milestones, timeline, team, stakeholders
• Understand and coordinate support needed and dependencies across functions
• Report status and coordinate timeline/scope changes, as needed
• Provide Minimum Project Management and Change Management Standards
• Validate project objectives have been achieved
• Share lesson Learned
Portfolio Management Structure and Governance
Portfolio Management will only achieve these goals through strong governance. Refer to the portfolio management governance structure to see the groups involved and their roles.
- Portfolio Management Committee
- Information Exchange Committee Members (Serving as the Steering Group)
Not all of the projects at Baylor are governed by Portfolio Management - only projects that meet one of the criteria are included in this process and are called “Major College Projects.”
As part of the portfolio management process at Baylor, major college projects are managed through sub portfolios - either a mission area like education, research, or clinical missions support groups (MSGs) or a functional area like human resources, finance, or IT central support groups (CSGs). Each major college project is aligned with the BCM strategic Plan and MSG or CSG annual goals. See diagram for how Portfolio Management fits into the BCM Strategic Planning and Annual Goal setting..
The MSG/CSG sub portfolios are responsible for reporting status updates on the major college projects in their areas. See cadence for this reporting. Every month, these projects are discussed in the Portfolio Management Work Group and in the Information Exchange Committee (serving as the steering group). The projects are reviewed for changes in scope or timeline and their current status (red, yellow, green).
Annual goals linked to updated project status are also reported to the executive leadership team (quarterly) and the board (semi annually).
This governance structure described above helps coordinate cross mission/function dependencies, resolve conflicts, and provide accountability for progress and results on Baylor's annual goals and related major college projects.
Summarized annual goal and project results are also shared in other College venues such Academic Council, Administrator Council, Faculty Senate, and various town halls on a periodic basis.
Contact Us
Have a question or concern?
Contact: Selina Wilbur or
BaylorImprovementGroup@bcm.edu
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