What is critical success factor in SAP PPM-PFM - Portfolio Management?

SAP Term: critical success factor

• Component: PPM-PFM

• Component Name: Portfolio Management

• Description: An element that is crucial for the success or failure of a company. Critical success factors are important for both a company's present and future performance, and its stakeholders.

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• Key Concepts: 
  A critical success factor (CSF) is a key element or activity that is necessary for achieving success in a project, program, or business venture. In SAP Portfolio Management, CSFs are used to identify and prioritize the most important objectives and activities that must be completed in order to achieve the desired outcome. 
  
  How to use it: 
  In SAP Portfolio Management, CSFs are used to identify and prioritize the most important objectives and activities that must be completed in order to achieve the desired outcome. The CSFs are then used to create a plan of action that outlines the steps needed to reach the desired goal. This plan of action can then be used to track progress and measure success. 
  
  Tips & Tricks: 
  When creating CSFs, it is important to ensure that they are specific, measurable, achievable, relevant, and time-bound (SMART). This will help ensure that the objectives are realistic and achievable. Additionally, it is important to review and update the CSFs regularly in order to ensure that they remain relevant and up-to-date. 
  
  Related Information: 
  For more information on critical success factors in SAP Portfolio Management, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_PPM_PFM/latest/en-US/f9f8d7a2b3e14c8a9f3d7c2b6f5e4d1a.html