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succeed but aims to use fewer resources while maintaining or exceeding the
quality level defined in the PWS.
Financial Management is the [planning, directing, monitoring, organizing,
and controlling of the monetary resources of an organization. The Office of
Federal Financial Management (OFFM) was created within the Office of
Management and Budget (OMB) by the Chief Financial Officers (CFO) Act of
1990. OFFM, led by the OMB Controller under the direction of the Deputy
Director for Management, is responsible for the financial management policy
of the Federal Government. OFFM responsibilities include implementing the
financial management improvement priorities of the President, establishing
government-wide financial management policies of executive agencies, and
carrying out the financial management functions of the CFO Act.
The Strategic Prioritization and Planning (SP2) process is an evolution of
Quality Engineering Methods, including Quality Function Deployment and
Design for Six Sigma, and incorporates various dynamic aspects to form a
portable and powerful decision making environment. The process can be
tailored to any desired level of detail to enhance the decision making process
for investment strategies as more information becomes available. The end
product allows for “what if” games to be played through a dynamic and
interactive environment and the results of the process can be the foundation
for detailed strategic road mapping and quantitative technology assessments
and tracking. SP2 is a living process that should guide strategic planning and
be continuously updated as a program evolves.
Portfolio Analysis is a method to improve Government business practices
by analyzing a portfolio of systems as a whole, rather than analyzing
individual acquisition programs. Portfolio analysis is the art and science of
allocating scarce resources to satisfy strategic objectives. In literature, this
form of analysis is described as a dynamic decision process, a resource
allocation process, or a manifestation of a business strategy. In government,
as well as in the private sector, portfolio analysis helps senior management
determine where and how to invest for the future. In short, it is a technique to
determine how to best spend limited dollars. Portfolio analysis steps include
gathering life cycle cost data for the various systems that will be analyzed,
establishing a scoring system using subject matter experts to determine how
effectively current and future systems match capabilities to requirements,
and developing a means to display results by which decision makers can
examine risk-reward analysis and conduct trade-offs.
Business Case Analysis is a method companies use for project selection. It
analyzes how fulfilling the business case for the project will implement the
corporate strategy and sustain the competitive advantage of the company.
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