Operational portfolio management translates strategic objectives into real projects by initiating or collecting of new project ideas. The ideas are evaluated according to various criteria and - if they have a certain value - stored in a repository. Other terms for this are project candidate list or project pipeline.
This pipeline of projects is continuously prioritized according to value contribution, importance, dependence but also according to feasibility (resource management).
Projects with top priority are further elaborated, planned (Project Charter) and approved (or not) by an operational management body.
In the Deming Circle this step is called "Plan", because here the operational blueprints are drawn up and assignments are placed, which are basically nothing else than approved Project Charters.
The approved projects are executed in the next step of the cycle.