Move Slow to Move Fast

One of my former bosses used this phrase frequently.  It applies to many topics, but I'll focus on two in particular.  While they require you to 'slow down' with up front investments, they will streamline future efforts.

Portfolio Management:
Invest in tools, labor, and processes to create and maintain an IT portfolio (e.g., physical IT assets, facilities, software, skills, etc.). By leveraging you portfolio, you will:

• Estimate projects more quickly and accurately
• Identify efficiency opportunities 
• Clarify risks (especially cyber / security risks)
• Build stronger budget requests
• Enhance IT team credibility 

NOTE: Pace your investment wisely, starting with  assets closely linked to your underlying costs.  Typically, workstations and software will be your biggest items.

Project Profiles:
IT teams struggle between two extremes:  "Never be Slow" and "Never be Over Budget"

I recommend you have your best project managers collaborate to develop project profiles that enable all project managers to pick the right approach based on key factors such as cost, risk, interface complexity, and expected benefits.  Each profile should address key items including:

• What does the basic project plan look like (e.g., high level phases, tasks, etc.)?
• How much can they spend without higher level approvals?
• How many other teams need be involved (e.g., Do they need a full time security expert?)?
• What level of testing is required?
• Are there any special regulatory considerations (e.g., Sarbanes Oxley)?

What are your suggestions  for 'Moving Slow to Move Fast'?