Google announced on Google+ that they have “revamped” the workflow for managing and setting up automated bidding within Google AdWords. Coming soon, you will be able to create or add items to portfolio bid strategies directly in your campaign settings without any separate trips to the Shared Library.

There is also a new workflow also provides clear definitions for each strategy to help you choose the right one, said Google.

Here is a picture:

Google added:

So keep in mind this is being changed in the next few weeks.

Forum discussion at Google+.