What is FAPs?

This new abbreviation was introduced for the first time during discussing the PortMON! framework, since the FAPs are a major componant in the framework. This acronym refer to three first letter of the measured three elements (Factors, Assets, and Practices). Every Organization should has a level of these FAPs in order to be able to establish the Portfolio Management Office and get its benefits. Please Feel Free to use it during your discusstions and working.

Enterprise Environmental Factors (EEFs)	Refer to any or all external environmental factors and internal organizational environmental factors that surround or influence a portfolio's success. They are characterized by being decided externally to the organization outside of its direct control, yet they impact the portfolio management decision processes. Enterprise environmental factors may constrain portfolio management options and may have a positive or negative influence on the outcome.
Organizational Process Assets	Organizational process assets (OPAs) include any or all processes related to the assets, from any or all of the organizations involved in the program that can influence the program’s success. These process assets include formal and informal plans, policies, procedures and guidelines. The process assets also include the organizations’ knowledge bases such as lessons learned and historical information, such as completed schedules, risk data, and earned value data. These assets may take many different forms depending on the type of industry, organization, and application area. Updating and adding to the organizational process assets is generally the responsibility of the program team members as necessary throughout the program life cycle.
Portfolio Best Practices	A Best Practice isan optimal way currentlyrecognized by industry to achieve a stated goal or objective. For organiza-tional project management, this includes the ability to deliver projects pre-dictably, consistently, and successfully to implement organizationalstrategies. Furthermore, Best Practices are dynamic because they evolveover time as new and betterapproaches are developed to achieve theirstated goal. Using Best Practices increases the probability that the statedgoal or objective will be achieved.

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