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Portfolio Management & Portfolio Management (PfMP) Certification
Presented by: Vish Tripathi, PfMP, PMI-ACP, PMP
Senior Consultant / Manager
Daugherty Business Solutions
President – Metro St. Louis PMI Chapter
February 17, 2016
Agenda
Project, Program and Portfolio Management (P3M) Basics
Overview of Portfolio Management
Portfolio Management Professional (PfMP) Certification
Eligibility Requirements
Fees
Examination
Study Material / Resources
A
Project, Program and Portfolio Management Basics
Project / Program / Portfolio Source: The Standard for Portfolio Management (Third Edition)
Project
• A temporary endeavor undertaken to create a unique product, service or result.
Program • A group of related
projects, subprograms and program activities that are managed in a way to obtain benefits not available from managing them individually.
Portfolio
• Projects, programs, sub-portfolios and operations managed as a group to achieve strategic objectives.
“How” Tactical
“What” Strategy
Doing things right Doing right things
A
Project Vs. Operations
Project
• Temporary
• Project Management
• Produces the Unique Product / Output
Operations
• On-Going
• Business Process / Operational Management
• Produces the Same Product Repetitively
A
Organizational Project Management
Strategy execution
framework utilizing P3M
as well as organizational-
enabling practices
To consistently & predictably deliver org.
strategy
Producing better
performance, better results,
and a competitive advantage.
Organizational Enablers
Structural Cultural Technological Human
Resources
How does Portfolio Management differ from Project Management
& Program Management?
Source: http://pmfiles.com/2011/570/
Breakdown of P3M
Contributions to Organizational Goals Develops and implements plans to achieve a specific scope. It is largely concerned with achieving specific deliverables that support specific organizational objectives.
Harmonizes its projects and programs, and managing their interdependencies. Its focuses on achieving the cost, schedule and performance objectives of the projects within the program or portfolio.
Aligns by selecting the right programs or projects, prioritizing the work, and providing the needed resources. It balances conflicting demands between programs and projects, allocates resources based on org. priorities and capacity, and manages so as to achieve the benefits identified.
Project Management
Program Management
Portfolio Management
All three are aligned and driven by organizational strategies. However, each one contributes differently to the
achievement of strategic goals.
A
Relationship Venn http://blogs.pmbestpractices.com/2009/11/the-p3mo-part-2/
Portfolio – to realize strategic goals / objectives
Program – to realize specific benefit
Project – to realize a specific objective or goal
Portfolio Management Overview
Portfolio Components
are collection of programs,
projects, or operations
managed as a group to achieve
strategic objectives.
may not necessarily be
interdependent or have related
objectives.
are quantifiable, that is, they can be measured, ranked, and prioritized.
Portfolio Management
A portfolio exists to
achieve one or more
organizational strategies and
objectives.
An org. may have more than one
portfolio, each addressing unique org.
strategies and objectives.
Proposed initiatives alias
“portfolio components” are identified,
evaluated, selected, and authorized.
Domains Source: The Standard for Portfolio Management (Third Edition)
Five Domains / Knowledge Areas
Strategic Alignment
Governance Portfolio
Performance Risk
Management Communications
Management
A
Process Groups Source: The Standard for Portfolio Management (Third Edition)
Three Process Groups
Defining Aligning Authorizing and
Controlling
A
Portfolio Management Processes (16) Source: The Standard for Portfolio Management (Third Edition)
KNOWLEDGE AREAS
PROCESS GROUPS
Defining Aligning Authorizing and
Controlling
Portfolio Strategic
Management
1. Develop P. Strategic Plan 2. Develop P. Charter 3. Define P. Roadmap
1. Manage Strategic Change
Portfolio Governance
Management
1. Develop P. Management Plan
2. Define Portfolio 1. Optimize Portfolio
1. Authorize Portfolio 2. Provide Portfolio
Oversight
Portfolio Performance Management
1. Develop P. Performance Management Plan
1. Manage Supply & Demand
2. Manage Portfolio Value
Portfolio Communication
Management
1. Develop P. Communication Management Plan
1. Manage Portfolio Information
Portfolio Risk Management
1. Develop P. Risk Management Plan
1. Manage Portfolio Risks
P. - Portfolio
Portfolio Management Professional (PfMP)
Certification
History of PfMP
Launched pilot in
4Q13 and the first
certifications were
awarded 2Q14.
As of 12/31/15, currently ~ 286 plus 1
PfMPs globally.
PfMP recognizes advanced experience, skills and
performance necessary to manage and align a
portfolio of projects and programs to realize
organizational strategy and objectives.
PgMP - to oversee multiple, related projects and their
resources to achieve strategy business objectives\
Credential Differentiation
PfMP - coordinate the management of one or more
portfolios to achieve organizational strategies and
objectives\
PMP - competence in leading and directing
project teams
Eligibility Requirements
Certification Process
Resources
• Handbook
http://www.pmi.org/~/media/PDF/Certifications/handbooks/portfolio-management-professional-handbook-pfmp.ashx
• Exam Content Outline http://www.pmi.org/~/media/PDF/Certifications/exam-outline/portfolio-management-exam-outline.ashx
• Exam Guidance http://www.pmi.org/certification/portfolio-management-professional-pfmp/pfmp-exam-guidance.aspx
• Reference List http://www.pmi.org/~/media/PDF/Certifications/PfMP_Reference_list_v2.ashx
• PfMP FAQs http://www.pmi.org/Certification/~/media/PDF/Certifications/PfMP_FAQs_v3.ashx
• The Standard for PfMP http://marketplace.pmi.org/Pages/ProductDetail.aspx?GMProduct=00101388901
Resources from PMI
• Author Prasad Kamath - Not available through Amazon. Contact him at [email protected]
• Author Te Wu - Sensible Guide to Passing the PfMP SM Exam: Including 400 Practice Exams Questions
• Author Ginger Levin - PfMP® Exam Practice Tests and Study Guide (Best Practices and Advances in Program Management)
Books
LinkedIn Groups
PfMP Credentialed Networking Group
PfMP Portfolio Management Professional
Aspiring to be A Portfolio Management Professional (PfMP) pmi.org - Networking Group
PfMP Practice Questions & Answers
PfMP Reference Materials
