In this section of the portfolio management cycle, previously approved projects are executed. In this phase, Portfolio Management performs a controlling function, such as
• Cost monitoring (realized costs versus planning)
• Status review for risks, quality, timing and resources
Project status is collected and aggregated at portfolio level, where possible, and presented to the management committee.
During the execution phase, a functioning change control is very important as project requirements can evolve. These changes must be centrally logged and approved as they can affect the entire portfolio (e.g. resources or money).
It is obvious that the execution phase of the portfolio cycle corresponds to the "Do" in the Deming circle, because here the plans are implemented into reality.
At the end of this phase, the project delivery items are handed over for use.