Business portfolio management provides a framework and practical tool for managing multiple programmes, projects and other work in pursuit of defined strategic objectives. The organization will continue to realize a stream of benefits from its existing ‘business as usual’ operations; this will probably decline over time. The organization can comprise any number of business portfolios, each of which is governed by a business portfolio plan, the approval for which usually gives no authority for actual work to take place. A key factor in the success of organization is the speed and effectiveness with which one can stay ahead of, or respond to, changing circumstances. The business strategy and planning board is accountable to the chief executive for setting business strategy, directing corporate change and ensuring the business portfolios realize the benefits required. The business planning board is accountable for setting the strategy and direction for the whole organization and each business portfolio.