a new approach – portfolio of initiatives
TRANSCRIPT
A New Approach – Portfolio of Initiatives Improving student success requires cohesive and well-aligned approach that is goal oriented and result driven. Isolated efforts, however well intentioned, do not result in making significant improvements in retention and graduation rates.
Identified as superior to a typical strategic plan for PSU’s purposes, the Portfolio-of-Initiatives framework was chosen to develop strategy,implement ideas and improve execution. This framework was developed by McKinsey director Lowell Bryan, as a way to develop strategy in a dynamic and unpredictable environment, and incorporates Hugh Courtney’s ideas for developing strategy under uncertainty. In ourimplementation of portfolio of initiatives we not only used the suggested notions of familiarity (or the ability to act) and time horizon toprioritize projects, we also introduced the presence of “champions” (motivation and imag ination) in establishing risk or choosing a project.
Using a Portfolio-of-Initiatives approach requires:
A disciplined search for a variety of initiatives with the highest possibility of success.
Rigorous monitoring of projects and sub-projects, with a focus on action.
Supporting the champions.
Scaling up successful projects, winding down unsuccessful projects and changing course when needed.
In general the Portfolio-of-Initiatives Approach increases the likelihood of accomplishing stated goals by first exploring possible outcomesthrough diagnosis and design, testing proposals with experimentation and finally implementing proposals “just -in-time” to achievemaximum potential success through understanding associated risks and rewards. An important element in this process is the organization’sability to abandon potentially risky proposals or shift focus as revelations come to light. Continuous monitoring and transparency are alsoessential. Although this sort of approach is intended to be long-term in nature, smaller, more familiar initiatives can be implemented assoon as the first two stages are complete.
Additional Readings The portfolio of initiatives. (2009). McKinsey Quarterly , (3), 144.
A fresh look at strategy under uncertainty: An interview. (2009). McKinsey Quarterly , (1), 43-46
Courtney, H. (2001). Making the most of uncertainty. Mckinsey Quarterly , (4), 38-47.
Courtney, H., Kirkland, J., & Viguerie, P. (1997). Strategy Under Uncertainty. Harvard Business Review , 75 (6), 67-79.
PSU Student Success Portfolio of Initiatives, Project Impact.
P R O J E C T R I S K
Familiar 1 2 3
Unfamiliar4 5 6
Uncertain 7 8 9
Projects in Experimental Phase Projects in Exploratory PhaseProjects in Exploratory Phase –
Longer TermPROJECT TIMING
EarlyIdentification
System
MathPlacement
Last Mile
WritingAssessment
ApplicationDeadline
AcademicPoliciesReview
DegreeMaps withMilestones
StudentSuccessCenter
Communicationwith Students
(CRM)
AdmissionMatrix
Redesign
Student Success
Data
Student Prep
TimelyProgress toGraduation
¡Éxito!
FRINQ + FYECollaboration
High RiskCourse
Redesign
FallRegistration
Project
UnifiedAdvisingRecords
FreshmenCommunication
Plan
AmeriCorpsMentor
Retention
FreshmanRetention
Project
Students’
FinancialConcerns
Transitionto College