A portfolio manager on one of the major sub-portfolios in your portfolio has tendered his resignation and gave you a 2 months notice. This unexpected change will require you to take immediate action with the governance board. Which of the following processes will be handling this situation?

The resignation of a key sub-portfolio manager is a significant event impacting resource availability and leadership, which could jeopardize portfolio objectives. The "Provide Portfolio Oversight" process, executed by the governance body, is responsible for monitoring the portfolio environment and performance, ensuring resources are managed effectively, and making decisions to keep the portfolio on track. Engaging the governance board to address this leadership gap falls directly under their oversight responsibilities to ensure portfolio continuity and success.

A. Manage Portfolio Risk: While the resignation is a risk, the action of engaging the governance board for a leadership issue is a function of oversight, which is a broader governance activity.
C. Manage strategic change: This process deals with changes to the organization's strategy, not with operational resource issues like a manager's resignation.
D. Manage Supply & Demand: This process focuses on balancing resource capacity against component needs, but the immediate escalation to the governance board is an oversight function, not a tactical resource allocation task.

Project Management Institute. (2018). The Standard for Portfolio Management (4th ed.). Section 5.4, Provide Portfolio Oversight, p. 69. The text states that oversight activities include "Ensuring that resources are available and managed effectively."

Project Management Institute. (2018). The Standard for Portfolio Management (4th ed.). Figure 5-1, Portfolio Governance Management Overview, p. 62. This figure shows that oversight is a key process within the governance domain for monitoring and controlling the portfolio.