Defining a business portfolio depends on having a thorough understanding our organization, its aims and how it works. Often the development of strategy is treated as external to, and hence an input to, portfolio management. A strategy is pointless unless communicated in a way that is understood and actionable. Strategic alignment, a key tenet of portfolio management, is impossible without a clearly defined and communicated strategy. Objectives need to reflect the business portfolio’s scope and boundaries; there is little point in giving a portfolio sponsor an objective that he or she has no influence over. A business portfolio which covers the entirety of an organization’s operations, including programmes, projects and business as usual. Organizations with poorly articulated missions and visions can succeed. Very rarely is a business portfolio defined from a totally new venture; there is usually a legacy of operational performance. Whilst objectives should not be too constrained, some attention should be paid to business realities.