Each portfolio should perform a formal review of the portfolio on a quarterly basis, with the involvement of all stakeholders and customers. This should review the performance of the portfolio, the current objectives and roadmap, budget and headcount, measures of success, and portfolios of sub-portfolios/services, innovation, change and run, and make changes as and where appropriate.
Example decisions might be agreeing to in year changes to strategy, or significant pivots or diversions in the roadmaps, alongside possible changes to objectives, strategic veer-and-haul priorities, and a review of potentially new significant demands in the portfolio pipeline.
This process should also provide strategic intent and prioritisation into Quarterly Planning, along with updates on any changes to capacity, and responses to any risks or issues that have been escalated.
It is not expected that every quarterly review is done to the same level of depth or detail. For example, it may make sense to do full reviews every six months to support the Annual Reporting and BoI processes and as an interim review mid-year, and that other reviews are reduced and focused on prioritisation to support Quarterly Planning.
Note that this should not be the only place that these are reviewed and adjusted, adjustments could and should be made at any point if necessary and required. However, this is an opportunity to take a holistic view and make strategic changes, and to synchronise changes up and down the stack (for example if changes need to be made outside of agreed guardrails).