Step three is to make sure that only projects that are critical to the business take place and that the projects that do take place are measured on the actual benefits they deliver to the business at the end of the project. Most organizations are currently failing in both of these areas.
These decisions must be made at the highest level in the organisation and portfolio management provides the mechanism for this (although you don’t have to call it that). The most business-critical projects are always prioritized and anything else (including projects that are already under way) can be deferred or delayed. This way all projects are business critical and will get full top management support.