Before one starts with a strategic project portfolio management process, one must understand the resources and skills that exist across one’s organization. Project management will occur within businesses without any explicit action from executives. It is core to getting things done. Therefore, assuming that one has a blank slate to start with is wrong. Project management, and indeed portfolio management, will occur with the organization, albeit in perhaps an informal, ad hoc, and inconsistent fashion. Understanding how this occurs is critical to building on the organization’s strengths and improving on its weaknesses. This chapter describes the important steps for conducting a successful strategic project portfolio management process: (1) Know what you have (2) Build momentum (3) Define business goals (4) Capture ideas (5) Be transparent (6) Prioritize (7) Use efficient decision making (8) Establish communication frameworks (9) Conduct post‐mortems and (10) Improve continually.