Portfolio Management & Portfolio Management (PfMP ...pmimsl.org/images/meeting/021716/2016_portfolio_management_and... · Portfolio Management & Portfolio Management (PfMP) Certification

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 prasadvkamath1@yahoo.com

• 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

Questions?

Email: vish_tripathi@hotmail.com

LinkedIn: https://www.linkedin.com/in/vishwakant