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:
Along with the new workflow, we’re renaming some of our bid strategy types to make them more intuitive. “Flexible bid strategies” will now be known as “portfolio bid strategies” to better describe their ability to group together multiple campaigns, ad groups, and keywords into a single strategy. We are also renaming “Conversion Optimizer” to “Target CPA” [https://goo.gl/gv1My9] for newly created bid strategies since they offer the same bidding functionality to help you optimize for conversions. You can continue to apply Target CPA to a single campaign as a “standard” bid strategy or across several campaigns, ad groups and keywords as a “portfolio” strategy.
Last but not least, we’re enhancing the portfolio version of Target CPA bidding to allow you to set different CPA goals for individual ad groups. For example, if you’re a clothing retailer with multiple “Accessories” ad groups in a bidding portfolio, you may want to set a lower CPA target for “Socks” compared to other product categories with higher average order value.
So keep in mind this is being changed in the next few weeks.
Forum discussion at Google+.