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Strategic Portfolio Planning in UK Government
- Portfolio planning in the UK Government faces challenges due to shifting political priorities, finite public resources, and complex delivery landscapes.
- Agility is crucial in government portfolio planning to respond coherently and quickly to changes in political leadership and budget constraints.
- Frequent ministerial changes and annual budget limitations hinder long-term planning and adaptive decision-making in government portfolios.
- Agility allows for adjustments in direction while maintaining coherence and continuity in government portfolios.
- Annual budget cycles in central government prioritize in-year spending over cross-year optimization, emphasizing hitting financial forecasts over delivering measurable outcomes.
- Agile portfolio management focuses on incremental value delivery rather than annual milestones, de-risking spending decisions by showcasing early impact.
- Hypothecated funding in government portfolios limits flexibility, hindering reallocation of funds to maximize public value across different programs.
- Agile portfolio planning calls for more flexibility in financial architecture, with pre-approved reallocation mechanisms and broader delegation for responsible governance.
- Embedding agile mindsets in government portfolio planning requires decision-makers to value iteration, responsiveness, and learning.
- Strategic reviews, empowered portfolio boards, integrated portfolio offices, and value-led metrics support agility in government portfolios.
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