Identify New Opportunities

After prioritizing existing projects, portfolio management examines new opportunities that the existing portfolio might not be addressing, or might not be addressing effectively. As noted previously, this is usually the place where many organizations start; however, without the baseline established through an examination of existing initiatives, this step can lead to significant conflicts between existing projects and new ones. In fact, without a recognition of the importance of existing initiatives, this step can introduce organizational in-fighting and reduced morale.

In this phase, you identify opportunities for new initiatives that are aligned with the vision, goals, and objectives of your organization. Two approaches that you can use are to conduct a value chain and stakeholder analysis. An Organization value chain is shown in Figure 6-10.

Typically, opportunities for IT projects are found when looking for friction points or unad-dressed frustrations that exist in the value chain of an organization. As discussed previously, the value chain is the process by which raw materials are converted into products and services that the user or customer values enough to purchase. After you have identified stakeholder frustrations or friction points, you can look for Internet-enabled solutions to these problems.

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