Portfolio Management Professional (PfMP)® Practice Exam

Portfolio Management Professional (PfMP)® Practice Exam

Who should pursue the PfMP® Certification?

• Senior Project Managers: Leading complex projects and contributing to strategic portfolio management decisions.
• Portfolio Managers: Overseeing the entire portfolio lifecycle, prioritizing initiatives, and ensuring alignment with organizational goals.
• Program Managers: Managing groups of related projects within a portfolio and ensuring program alignment with portfolio objectives.
• Directors and Executives: Providing strategic direction and leadership for portfolio management initiatives.
• Consultants: Advising organizations on effective portfolio management practices.

Exam Details

• Exam Name  Portfolio Management Professional
• Exam Duration 4 Hours
• Number of Scored Questions 150 Questions
• Exam Language English
  
• Validity 3 years

Course Outline

• Evaluate organizational strategic goals and objectives using document reviews, interviewing, and other information-gathering techniques in order to understand the strategic priorities.
• 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.
• Rank strategic priorities by 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.
• Identify existing and potential portfolio components by reviewing documentation such as business plans/proposals in order to create portfolio scenarios.
• 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.
• Recommend portfolio scenario(s) and related components, based on prioritization analysis/criteria, in order to provide governance with a rationale for decision-making.
• Determine the impact on portfolio and portfolio components due to changes in strategic goals and objectives, in order to sustain strategic alignment.
• Create a high-level portfolio roadmap working with key stakeholders using prioritization, interdependency analysis, and organizational constraints in order to confirm and communicate the portfolio component’s sequencing, dependencies, and strategic alignment.

• Define and establish a governance model including the structure (including but not limited to steering committees, and governance boards), policies, and decision-making roles, responsibilities, rights, and authorities in order to support effective decision-making and achieve strategic goals.
• Determine portfolio management standards, protocols, rules, and best practices, using organizational assets (such as information systems, and subject matter experts) and industry standards in order to establish consistent portfolio management practices.
• 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.
• 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.
• 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.

• Initiate the portfolio using the portfolio roadmap and supporting artifacts in order to authorize the portfolio structure and activate the components.
• Collect and consolidate key performance metric data, as defined by portfolio governance, and use various techniques, in order to measure the health of the portfolio.
• 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.
• Manage and escalate issues by communicating recommended actions to appropriate decision-makers for timely approval and implementation of the proposed solution(s).
• Manage portfolio changes using change management techniques, in order to improve portfolio performance and maintain strategic alignment.
• Balance portfolio and prioritize portfolio components, using established criteria and methods in order to optimize resource utilization and achieve strategic portfolio objectives.
• 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.
• Update and refine existing portfolio road maps, using change analysis in order to facilitate the reallocation of organizational resources to the portfolio.
• 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.
• 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.

• Determine the acceptable level of risk for the portfolio, based on organizational and stakeholder risk tolerances, in order to provide input to governance.
• 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.
• Perform dependency analysis to identify and monitor risks related to the interdependencies and interdependencies within or across portfolios in order to support decision-making.
• 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.
• Promote common understanding and stakeholder ownership of portfolio risks, through communications with stakeholders, in order to facilitate risk response.
• 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.

• Analyze internal and external stakeholders using techniques such as meetings, interviews, and surveys/questionnaires, in order to identify stakeholder expectations, interests, and influence on the success of the portfolio.
• Create the aggregate communication strategy and plan, including methods, recipients, vehicles, timelines, and frequencies in order to enable effective communication with stakeholders.
• 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.
• Maintain the communication strategy and plan by evaluating current communications capabilities, identifying gaps, and documenting the communications plan to meet stakeholder requirements.
• Prepare and/or facilitate stakeholder understanding of portfolio management-related 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.
• Verify the accuracy, consistency, and completeness of portfolio communication, utilizing governance guidelines, to maintain credibility and satisfaction with all stakeholders.