Method Engineering (ME) for Information Systems (IS) is a response to the necessity to better fit methods with development activities requirements. Situational method engineering allows defining new methods constructed on the fly following the situation at hand. However, in the reviewed literature, the situation is not always described and there is no proposed approach to handle the specific context of method components. This paper provides a detailed vision of context and a process for contextualizing methods in the IS domain. Our proposal is illustrated with a case study of project portfolio management in the domain of IT governance.