Portfolio Management Professional (PfMP) Practice Exam

Portfolio Management Professional (PfMP) Practice Exam

PMP certification is to signify that the candidate understands the global language of project management and connects to a community of professionals, organizations, and experts worldwide. e PfMP certification recognizes advanced experience, skill and performance necessary to manage and align a portfolio of projects and programs to realize organizational strategy and objectives. PfMP certification holders oversee the success of one or more portfolios, balance conflicting demands between programs and projects, and allocate resources based on organizational priorities and capacity.

What are the prerequisites to take PfMP Exam?

• All applicants must possess a minimum of eight years of professional business experience AND Secondary degree (high school diploma, associate’s degree or the global equivalent) with 10,500 hours of portfolio management experience

OR

• Four-year degree (bachelor’s degree or the global equivalent) and 6,000 hours of portfolio management experience

Who Should Apply for Portfolio Management Professional (PfMP) Exam?

Candidates who are executive or senior-level practitioner managing a portfolio of projects and programs aligned with organizational strategy and focused on doing the right work, then the PfMP is the right choice for you.

PfMP Certifying Process 

Candidates are required to pass a sequence of evaluations to obtain the PfMP certification. This process takes approximately four weeks to complete.

• Evaluation 1—Panel Review: The initial evaluation occurs through an extensive application review during which a panel of portfolio managers will assess your professional experience based on your responses to the Portfolio Management Experience Summaries provided on the application.
• Evaluation 2—Multiple-Choice Examination: The next step occurs with the multiple-choice examination in which you will be called upon to demonstrate your competence in both situational and scenario-based questions.

Course Outline

The Portfolio Management Professional (PfMP) Exam covers the following topics - 

Domain I - 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 II - 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 III - 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 IV - 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 recommendation and obtain approval for a portfolio management reserve, based on aggregate portfolio risk exposure, in order to optimize portfolio strategic goals and objectives.

Domain V - 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.

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• Practice exam questions have been created on the basis of content outlined in the official documentation.
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• Practice exams help to self-evaluate against the exam content and work towards building strength to clear the exam.
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