This paper presents a comparison between portfolio planning and portfolio implementation in Tanzania power sector and suggests a Multi-Criteria Decision Making (MCDM) method which can be considered as a balanced approach in minimizing discrepancy between portfolio planning and implementation. The research is chiefly developed based on Analytic Hierarchy Process (AHP) approach and the subsequent data collection and data analysis were tailored to suit this approach. An extensive literature review ranging from various scholar papers to corporate research reports is undertaken to establish the most relevant project appraisal criteria in Tanzania power industry. Total of 15 experts took part in the survey in which the survey findings were integrated into the literature review toward structuring the proposed MCDM framework. The analysis of findings suggest the following insights; (1) inadequate cross-stakeholders engagement at portfolio planning stage observed in Tanzania power sector which is largely due to the confined and quantitative portfolio planning method; (2) MCDM should be used as a complementary method toward integrating non-tangible/qualitative variables into other quantitative criteria at portfolio planning stage, which can mitigate the extent of deviation between portfolio planning and implementation; (3) It is crucial to employ MCMD as a decision support tool toward prioritizing major infrastructure projects at portfolio planning stage to ensure the consistency between portfolio planning and implementation.