SEIZING & TRANSFORMING AND RECONFIGURING Once the need for a change to pursue an opportunity is sensed, the seizing

of such opportunity through various decision-making steps, initiatives, structures, procedures and designs is the primary focus of any organization. The nature and model of a business, governance rules and decision making protocols are considered as vital source of information. After this the management has to consider transforming and reconfiguring existing capabilities according to the planned change which is the third step of the framework. In this regard management must ensure cultural readiness to adapt the change. METHODOLOGY & UNIT OF ANALYSIS The research is a qualitative and descriptive study that has a pre-structured conceptual framework using grounded theories however depending on the early findings. The paper uses inductive approach focusing on processes in a limited number of well structured cases. The study analyzes process cycle that includes management and decision makers who sense, interpret and take different types of decisions and their inter-relations. CASE INVESTIGATION The research question, where there is limited knowledge about, low investigator control and focuses on contemporary phenomenon, criterion sampling was done and two firms, from different industries, meeting such criteria were accepted. Both firms are intensely following the criteria but not extremely and data from 45 interviews of people involved in management of four portfolios for the firms were considered. COMPAY SOFT AND COMPANY FIN One of the firms used in the research is a MNC referred as SOFT with 8-10 year experience of managing projects as programs and portfolios. The study incorporates two portfolios including portfolio 1 (SOFT1) which is composed of 15 projects and 50 sub-projects with a time span of 418 months. The portfolio 2 (SOFT2) is composed of project developing components and related platforms which help in production of deliverables and could be reused by other project development units. Company FIN is the second firm that is a Financial Service company with project management experience of more than 15 years. Similar to SOFT two portfolios are selected and termed as FIN1 and FIN2 .FIN 1, which includes four programs, consists of 150 projects over 5 year span while FIN 2 develops new procedures and tools to support upgrades to the accounting system of the firm. PRELIMINARY FINDINGS The elements covered in this article are (1) rates and types of changes and (2) sensing mechanisms.