Study Guide for Portfolio Management Professional (PfMP) Certification
PMI Portfolio Management Professional certification questions and exam summary helps you to get focused on the exam. This guide also helps you to be on PfMP exam track to get certified with good score in the final exam.
The Portfolio Management Professional (PfMP) implies your advanced competency in the organized management of one or more portfolios to accomplish strategic objectives. Portfolio managers align projects, programs, and operations with strategic goals, investing resources in the right work to fulfill the expected value.
PMI Portfolio Management Professional (PfMP) Certification Summary
Exam Name: Portfolio Management Professional
Exam Code: PfMP
Exam Fee Member: USD $800
Exam Fee Non-member: USD $1,000
Exam Duration: 240 Minutes
Number of Questions: 170
Passing Score: Above Target / Target / Below Target / Needs Improvement
Format: Multiple Choice Questions
Books / Trainings: Handbook
Schedule Exam: Apply Now
Sample Questions: PMI PfMP Exam Sample Questions and Answers
Practice Exam: PMI Portfolio Management Professional (PfMP) Practice Test
PMI Portfolio Management Professional (PfMP) Certification Exam Syllabus
PMI Portfolio Management Syllabus Topics:
Domain 1: Strategic Alignment (25%)
Task 1: Evaluate organizational strategic goals and objectives using document reviews, interviewing, and other information gathering techniques in order to understand the strategic priorities.
Task 2: Identify prioritization criteria (e.g., legislative, dependencies, ROI, stakeholder expectations, strategic fit) using information gathering and analysis techniques in order to create a basis for decision making.
Task 3: Rank strategic priorities working with key stakeholders and using qualitative and quantitative analyses in order to provide a guiding framework to operationalize the organizational strategic goals and objectives.
Task 4: Identify existing and potential portfolio components by reviewing documentation such as business plans/proposals in order to create portfolio scenarios.
Task 5: Create portfolio scenarios (what-if analysis) by reviewing components against prioritization criteria and using analysis techniques (e.g., options analysis, risk analysis, SWOT analysis, financial analysis) in order to evaluate and select viable options.
Task 6: Recommend portfolio scenario(s) and related components, based on prioritization analysis/criteria, in order to provide governance with a rationale for decision making.
Task 7: Determine the impact to portfolio and portfolio components due to changes in strategic goals and objectives, in order to sustain strategic alignment.
Task 8: Create high level portfolio roadmap working with key stakeholders using prioritization, interdependency analysis, and organizational constraints in order to confirm and communicate the portfolio components sequencing, dependencies, and strategic alignment.
Domain 2: Governance (20%)
Task 1: Define and establish a governance model including the structure (including but not limited to steering committees, governance boards), policies, and decision-making roles, responsibilities, rights and authorities in order to support effective decision-making and achieve strategic goals.
Task 2: Determine portfolio management standards, protocols, rules, and best practices, using organizational assets (such as information systems, subjectmatter experts) and industry standards in order to establish consistent portfolio management practices.
Task 3: Define and/or modify portfolio processes and procedures including but not limited to benefits realization planning, information management, performance, communication, risk management, stakeholder engagement, resource management, and change management in order to manage the portfolio efficiently and effectively.
Task 4: Create the portfolio management plan including, but not limited to, roles and responsibilities, governance model, escalation procedures, risk tolerances, and governance thresholds, change control and management, key performance indicators, prioritization model, and communication procedures using standards, models, and other organizational assets in order to ensure effective and efficient portfolio management.
Task 5: Make recommendations and obtain approval regarding portfolio decisions (e.g, components, plans, budget, roadmap) through communication with key decision makers as defined by the governance model, in order to authorize the execution of the portfolio.
Domain 3: Portfolio Performance (25%)
Task 1: Initiate the portfolio using the portfolio roadmap and supporting artifacts in order to authorize the portfolio structure and activate the components.
Task 2: Collect and consolidate key performance metric data, as defined by portfolio governance and using various techniques, in order to measure the health of the portfolio.
Task 3: Monitor the portfolio performance on an ongoing basis, using reports, conversations, dashboards, and auditing techniques in order to ensure portfolio effectiveness and efficiency and maintain strategic alignment.
Task 4: Manage and escalate issues by communicating recommended actions to appropriate decision makers for timely approval and implementation of proposed solution(s).
Task 5: Manage portfolio changes using change management techniques, in order to improve portfolio performance and maintain strategic alignment.
Task 6: Balance portfolio and prioritize portfolio components, using established criteria and methods in order to optimize resource utilization and achieve strategic portfolio objectives.
Task 7: Analyze and optimize the consolidated allocation/reallocation of capacity (e.g., people, tools, materials, technology, facilities, financial) using supply/demand management and scenario analysis techniques to ensure portfolio efficiency and effectiveness.
Task 8: Update and refine existing portfolio road maps, using change analysis in order to facilitate re-allocation of organizational resources to the portfolio.
Task 9: Measure the aggregated portfolio performance results against the defined business or strategic goals and objectives in order to demonstrate progress toward the achievement of business or strategic goals.
Task 10: Maintain records by capturing portfolio artifacts, such as approvals, prioritizations, and other decisions, in order to ensure compliance with organizational policies, regulatory requirements, and portfolio management standards.
Domain 4: Portfolio Risk Management (15%)
Task 1: Determine acceptable level of risk for the portfolio, based on organizational and stakeholder risk tolerances, in order to provide input to governance.
Task 2: Develop the portfolio risk management plan, using governance risk guidelines, processes, and procedures and other organizational assets in order to capitalize on opportunities, and respond to risks.
Task 3: Perform dependency analysis to identify and monitor risks related to the interdependencies and intradependencies within or across portfolios in order to support decision-making.
Task 4: Develop, monitor, and maintain portfolio-level risk register, including risks to strategic goals and objectives, to business value, and escalated from portfolio components, using risk management processes in order to support decision making.
Task 5: Promote common understanding and stakeholder ownership of portfolio risks, through communications with stakeholders, in order to facilitate risk response.
Task 6: Provide recommendations and obtain approval for a portfolio management reserve, based on aggregate portfolio risk exposure, in order to optimize portfolio strategic goals and objectives.
Domain 5: Communications Management (15%)
Task 1: Analyze internal and external stakeholders using techniques such as meetings, interviews, surveys/questionnaires, in order to identify stakeholder expectations, interests, and influence on the success of the portfolio.
Task 2: Create the aggregate communication strategy and plan, including methods, recipients, vehicles, timelines and frequencies in order to enable effective communication to stakeholders.
Task 3: Engage stakeholders, through oral and written communication, to ensure awareness, manage expectations, foster support, and build relationships and collaboration for the success of the portfolio roadmap.
Task 4: Maintain the communication strategy and plan by evaluating current communications capabilities, identifying gaps, and documenting communications plan to meet stakeholder requirements.
Task 5: Prepare and/or facilitate stakeholder understanding of portfolio managementrelated processes, procedures, and protocols using organizational assets (e.g., information systems, training delivery methods) in order to promote common understanding and application of the portfolio management process.
Task 6: Verify accuracy, consistency, and completeness of portfolio communication, utilizing governance guidelines, to maintain credibility and satisfaction with all stakeholders.
PMI Portfolio Management Professional (PfMP) Certification Questions
PMI Portfolio Management Sample Questions:
Que.01. Working to prepare the communications plan, a best practice to follow is to use the roadmap. By doing so, it:
a) Shows the overall portfolio timeline, useful for determining the frequency of reporting
b) Provides information about interdependencies that may affect objectives
c) Emphasizes milestones and the timing of key benefits
d) Shows applicable constraints
Que.02. The portfolio management process ensures the components are aligned to goals. However, it is driven by:
b) Value and benefits
c) Organizational strategy and objectives
d) Interdependencies and resource constraints
Que.03. An example of a simple prioritization model is one in which the criteria are:
a) Easily quantifiable
b) Both qualitative and quantitative
c) Focused on benefits realization and sustainment
d) Focused on both short- and long- term goals
Que.04. The roadmap forms the initial basis to establish dependencies, which are:
a) Part of each component
b) Especially important for standalone projects to show why they are being pursued
c) Within the portfolio and between organizational areas
d) The basis for prioritization mapping
Que.05. It is a best practice for the portfolio manager as he or she prepares the port-folio strategic plan to:
a) Involve stakeholders at all levels in the process
b) Communicate its importance throughout the organization
c) Integrate and respond to changes in the portfolio
d) Ensure funds are available to allocate to each category in the portfolio
Que.06. While there are a number of recommended contents of the portfolio strate-gic plan, a guiding principle is to:
a) Document assumptions and constraints
b) Recognize stakeholder risk tolerances
c) Recognize the portfolio will evolve through progressive elaboration
d) Define the portfolio vision and objectives to align with organizational strategy
Que.07. One key artifact to review as the portfolio communications management plan is prepared is the:
a) Portfolio management plan as it shows all elements in it have communi-cations requirements
b) Portfolio performance plan as it sets forth needed reports and their frequency
c) Portfolio strategic plan since it shows the need for strategic alignmen
d) Portfolio beneits realization plan to determine reports on progress in benefit realization, transition, and sustainment
Que.08. Capability and capacity analysis are two techniques that complement one another to help determine the portfolio structure as there may be limiting factors for the number of components an organization can execute. These limiting factors include:
a) Capability factors such as resource availability
b) Capability factors such as lack of key skill sets
c) Capacity factors such as financial and asset considerations
d) Capability factors such as financial and asset considerations
Que.09. A useful guideline to identify the portfolio and sub- portfolios is the:
a) Portfolio charter
b) Portfolio performance plan
c) Portfolio structure
Que.10. In identifying risks to then manage and control, as the portfolio manager you are consulting organizational process assets such as:
a) Commercial databases
b) Lessons learned
c) Knowledge bases
Question: 01 Answer: b
Question: 02 Answer: c
Question: 03 Answer: a
Question: 04 Answer: c
Question: 05 Answer: c
Question: 06 Answer: d
Question: 07 Answer: a
Question: 08 Answer: d
Question: 09 Answer: b
Question: 10 Answer: d
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