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PfMP > Portfolio Governance Management > Flashcards

Portfolio Governance Management Flashcards

1
Q

Purpose of Develop Portfolio Management Plan?

A

Defining portfolio components, developing the portfolio management organization structure, and creating the portfolio management plan

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2
Q

Purpose of Define Portfolio?

A

Creating qualified portfolio components and organizing them for ongoing evaluation, selection, and prioritization

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3
Q

Purpose of Optimize Portfolio?

A

To create the optimal balance to achieve the organizational strategy and objectives by Reviewing, analyzing, and changing portfolio components

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4
Q

Purpose of Authorize Portfolio?

A
  • Allocating resources to develop component proposals
  • Authorizing components to expend resources and to communicate portfolio decisions
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5
Q

Purpose of Provide Portfolio Oversight?

A

Monitoring the portfolio to ensure alignment with the organizational strategy and objectives; making governance decisions in response to portfolio performance, portfolio component changes, and issues and risks to ensure the delivery of the portfolio is in line with the portfolio roadmap, current progress, and conditions (including resources)

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6
Q

Develop Portfolio Management Plan Inputs?

A

1 Portfolio strategic plan
2 Portfolio charter
3 Portfolio roadmap
4 Portfolio process assets
5 Organizational process assets
6 Enterprise environmental factors

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7
Q

Develop Portfolio Management Plan T&Ts?

A

1 Elicitation techniques
2 Portfolio organizational structure analysis
3 Integration of portfolio management plans

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8
Q

Develop Portfolio Management Plan Outputs?

A

1 Portfolio strategic plan updates
2 Portfolio management plan
3 Portfolio process assets updates

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9
Q

Define Portfolio Inputs?

A

1 Portfolio strategic plan
2 Portfolio charter
3 Portfolio
4 Portfolio roadmap
5 Portfolio management plan
6 Portfolio process assets

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10
Q

Define Portfolio T&Ts?

A

1 Portfolio component inventory
2 Portfolio component categorization techniques
3 Weighted ranking and scoring techniques

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11
Q

Define Portfolio Outputs?

A

1 Portfolio updates
2 Portfolio roadmap updates
3 Portfolio management plan updates

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12
Q

Optimize Portfolio Inputs?

A

1 Portfolio
2 Portfolio roadmap
3 Portfolio management plan
4 Portfolio reports
5 Portfolio process assets

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13
Q

Optimize Portfolio T&Ts?

A

1 Capability and capacity analysis
2 Weighted ranking and scoring techniques
3 Quantitative and qualitative analysis
4 Graphical analytical methods

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14
Q

Optimize Portfolio Outputs?

A

1 Portfolio updates
2 Portfolio roadmap updates
3 Portfolio management plan updates
4 Portfolio reports
5 Portfolio process assets updates

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15
Q

Authorize Portfolio Inputs?

A

1 Portfolio
2 Portfolio management plan
3 Portfolio reports

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16
Q

Authorize Portfolio T&Ts?

A

1 Portfolio authorization techniques
2 Portfolio management information system

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17
Q

Authorize Portfolio Outputs?

A

1 Portfolio updates
2 Portfolio management plan updates
3 Portfolio reports
4 Portfolio process assets updates

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18
Q

Provide Portfolio Oversight Inputs?

A

1 Portfolio
2 Portfolio roadmap
3 Portfolio management plan
4 Portfolio reports
5 Portfolio process assets

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19
Q

Provide Portfolio Oversight T&Ts?

A

1 Portfolio review meetings
2 Elicitation techniques

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20
Q

Provide Portfolio Oversight Outputs?

A

1 Portfolio updates
2 Portfolio management plan updates
3 Portfolio reports
4 Portfolio process assets updates

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21
Q

Why is Portfolio Strategic Plan an Input of Develop Portfolio Management Plan?

A

It provides the organizational risk tolerance, the organizational communication strategy, and the organizational performance strategy, the portfolio objectives, portfolio management organizational structure, benefits, prioritization model, and resource information to guide developing the portfolio management plan

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22
Q

Why is Portfolio Charter an Input of Develop Portfolio Management Plan?

A

It provides the portfolio structure, portfolio scope, resources, timeline, stakeholder communication requirements, performance expectations, and key risks, dependencies, and constraints

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23
Q

Why is Portfolio Roadmap an Input of Develop Portfolio Management Plan?

A

To define the low-level schedule and timelines for portfolio components
To ensure the dependencies between portfolio components as defined in the portfolio roadmap are met
To define methodologies or approaches which the organization applies to manage different classes or types of portfolio components

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24
Q

Why is Portfolio Process Assets an Input of Develop Portfolio Management Plan?

A

To establish portfolio management processes and define responsibilities with current information of
- Performance information from a portfolio’s past performance or history (for benchmarking purposes),
- Portfolio management decisions and open issues
- Information about ongoing and planned portfolio management tasks

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25
Q

Why is Organizational Process Assets an Input of Develop Portfolio Management Plan?

A

It provides organizational processes, procedures and knowledge base for reference & developing the portfolio management approach

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26
Q

Why is Enterprise Environmental Factors an Input of Develop Portfolio Management Plan?

A

That corporate, environmental, and governmental variables can contribute to the determination of how to manage certain aspects of a portfolio
To establish processes to monitor specific EEFs and their critical values which can switch on specific portfolio management processes (escalations, change requests, portfolio management process improvements, etc.)

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27
Q

How is the tool of Elicitation Techniques used in Develop Portfolio Management Plan?

A

To elicit requirements for the portfolio management plan and that is greatest in the portfolio development (discovery)
- Facilitation techniques (focus groups and brainstorming)
- Survey techniques (interview and observation survey techniques)
- Collaboration techniques (consensus or majority vote)

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28
Q

How is the tool of Portfolio Organizational Structure Analysis used in Develop Portfolio Management Plan?

A
  • To assign decisions making authority regarding portfolio components
  • To assign performance review and reporting roles and responsibilities across each program, project, or operational component
  • To identify components resource staffing & releasing mechanisms
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29
Q

How is the tool of Integration of Portfolio Management Plans used in Develop Portfolio Management Plan?

A
  • Analyzing and aligning subsidiary plans for consistency
  • Communicating changes to those responsible in order to resolve issues and reconcile changes
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30
Q

Why is the Portfolio Strategic Plan Updates an Output of Develop Portfolio Management Plan?

A

It might be unable to implement the portfolio
Other developments warrant updates to portfolio strategy

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31
Q

Why is the Portfolio Process Assets Updates an Output of Develop Portfolio Management Plan?

A

To manage the portfolio in alignment with the organizational strategy and the portfolio strategic plan, various portfolio policies, processes, and guidelines as well as portfolio management knowledge bases may need to be updated

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32
Q

Content of Portfolio Management Plan?

A

1, Governance Model
2, Portfolio Oversight
3, Managing Strategic Change
4, Change Control and Management
5, Balancing Portfolio and Managing Dependencies
6, Performance Management Planning
7, Communication Planning
8, Risk Management Planning
9, Procurement Planning
10, Managing Compliance
11, Portfolio Prioritization Model

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33
Q

What is defined by Governance Model in Portfolio Management Plan?

A

Decision-making rights and authorities, responsibilities, rules, and protocols needed to manage progress based on portfolio risk towards the achievement of their organizational strategy and objectives
Controls set up as gate reviews for each stage of a project
A set of interrelated organizational processes by which the organization selects and prioritizes components, and allocates limited internal resources to best accomplish organizational strategy and objectives

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34
Q

What is defined by Portfolio Oversight in Portfolio Management Plan?

A

A PMO’s structure, responsibilities, and implementation approach for
- Sharing and optimizing scarce or common resources
- Communicating governance decisions, changes in the portfolio, and stakeholder communication according to sponsor and stakeholder requirements

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35
Q

What is defined by Managing Strategic Change in Portfolio Management Plan?

A

Change control structure
Outline and Processes to manage the response to significant strategic change

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36
Q

What is defined by Change Control and Management in Portfolio Management Plan?

A

The process of managing changes to approved scope and requirements, schedules, and funding, including review and approval by stakeholders and governing bodies
A change structure facilitating impact analysis (often provided in component proposals), deliberate review and approval or disapproval, prioritization, and scheduling of proposed change activities

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37
Q

What is defined by Balancing Portfolio and Managing Dependencies in Portfolio Management Plan?

A

Process of optimizing the mix of portfolio components to further the strategic objectives of the organization
- To plan and allocate resources according to strategic direction
- To maximize portfolio return within the organization’s predefined desired risk profile

38
Q

What is defined by Procurement Planning in Portfolio Management Plan?

A

Portfolio level procurement directives or standards that will be leveraged and which should be considered when managing the portfolio

39
Q

What is defined by Managing Compliance in Portfolio Management Plan?

A

Way to address compliance requirements

40
Q

Why is Portfolio Strategic Plan an Input of Define Portfolio?

A

To align the portfolio with the organizational strategy and objectives
- To validate preexisting portfolios or inventory of work against strategy updates which could change the key descriptors, categorization, and organization of portfolio components
- To determine which portfolio component to include

41
Q

Why is Portfolio Charter an Input of Define Portfolio?

A

It identify the portfolio and sub-portfolios based on organizational areas in scope, hierarchies, and portfolio goals

42
Q

Why is Portfolio an Input of Define Portfolio?

A

Because the portfolio components are the basis for defining or redefining the portfolio

43
Q

Why is Portfolio Roadmap an Input of Define Portfolio?

A
  • Because it summarizes strategic objectives, evolving aspects of the strategy by organizational areas, portfolio milestones, dependencies, challenges, and risk
  • The detailed identification, categorization, and ranking and scoring criteria may be derived from the portfolio roadmap (As a minimum, the defining criteria and categories should be in alignment with the portfolio roadmap)
44
Q

Why is Portfolio Management Plan an Input of Define Portfolio?

A

It contains the guidance to evaluate portfolio components and make judgments to their alignment and priority (as the approach and intent of management in identifying,
approving, procuring, prioritizing, balancing, managing, and reporting a portfolio of portfolio components)

45
Q

Why is Portfolio Process Assets an Input of Define Portfolio?

A

Because it includes relevant templates, tools, data, and information regarding the portfolio and guidance for defining the portfolio components

46
Q

How is the T&T of Portfolio Component Inventory used in Define Portfolio?

A

To identify portfolio components that meet requirements for consideration by A preliminary comparison of all inventoried portfolio components against the portfolio component definition (a standard set of key descriptors)

47
Q

Example of Key descriptors?

A

Portfolio component number,
Portfolio component code,
Portfolio component description,
Type of portfolio component,
Strategic goals supported,
Quantitative benefits,
Qualitative benefits,
Portfolio component customer,
Portfolio component sponsor,
Key stakeholders
Resources required.

48
Q

How is the T&T of Portfolio Component Categorization Techniques used in Define Portfolio?

A

Each identified portfolio component is compared to the categorization criteria and is assigned to a given category for the purpose of scoring, ranking, evaluating, and selecting between similar portfolio components where address similar organizational needs and strategic concerns

49
Q

Example of of Portfolio component categories?

A

Increased profitability (revenue increase, generation, cost reduction and avoidance)
Market share increase
Risk reduction
Regulatory/compliance
Efficiency improvement
Process improvement
Continuous improvement
Foundational (e.g., investments that build the infrastructure to grow the business)
Business imperatives (e.g., internal toolkit, IT compatibility, or upgrades)

50
Q

How is the T&T of Weighted Ranking and Scoring Techniques used in Define Portfolio?

A

They are used for ranking and scoring portfolio components within each category based on values assigned

51
Q

How is Portfolio Updates as an Output of Define Portfolio?

A

The portfolio is updated with portfolio components that have been strategically aligned, evaluated, and prioritized for ongoing selection, authorization, and optimization

52
Q

Why is Portfolio Roadmap Updates an Output of Define Portfolio?

A

Because the result of the Define Portfolio process requires a change in the portfolio components included or excluded or in the dependencies in the roadmap

53
Q

Why is Portfolio Management Plan Updates an Output of Define Portfolio?

A

Because The result of the Define Portfolio process may indicate a change in the portfolio management approach is required
- a change in the prioritization criteria
- the categories or classification of portfolio components are revised
- the approach is changed on how a portfolio is optimized, authorized, and monitored

54
Q

Examples of evaluation criteria?

A

Organizational strategy alignment
Goals and objectives
Benefits, financial and nonfinancial
Market share, market growth, or new markets
Costs (lost opportunity costs)
Dependencies, internal and external
Risks, internal and external
Legal/regulatory compliance
Human resources capabilities and capacities
Technology capabilities and capacities
Urgency

55
Q

Why is a Portfolio an Input of Optimize Portfolio?

A

The portfolio’s currently active and inactive portfolio components are evaluated for optimization to ensure that resources are allocated to achieve organizational strategy and objectives that deliver the most value to the organization

56
Q

Why is a Portfolio Roadmap an Input of Optimize Portfolio?

A

Because it provides the organizational strategy “to-be” vision for the portfolio that will guide the portfolio optimization, including the dependencies, timing, and sequencing of portfolio components

57
Q

Why is a Portfolio Management Plan an Input of Optimize Portfolio?

A

Because it provides
- The approach for defining, optimizing, and authorizing portfolio components
- The intended approach to managing the portfolio, subportfolios, and portfolio components

58
Q

Why is a Portfolio Reports an Input of Optimize Portfolio?

A

Various portfolio reports are reviewed and analyzed to optimize the portfolio
- Portfolio risk reports help to understand major risks associated with existing portfolio components and any potential issues which may arise from implementing the portfolio
- Resource pool reports help to understand resource allocation, availability, and capability
- Portfolio capability and capacity reports provide the maximum capability of the organization to meet resource demand or requirements
- Additional portfolio reports that assist in portfolio optimization are performance, financial, and value or benefits

59
Q

Why is a Portfolio Process Assets an Input of Optimize Portfolio?

A

Because it provides relevant data, tools, templates, and information regarding the portfolio and guidance on optimizing the portfolio

60
Q

How is the T&T of Capability and Capacity Analysis used in Optimize Portfolio?

A

It enables the organization to achieve maximum portfolio benefits given current resource constraints
- Human resource capability and capacity analysis: limiting factors for the number of portfolio components the organization can execute
- Financial capability and capacity analysis: constraining factors for the number of portfolio components or the size of portfolio components the organization can execute
- Asset capacity and capability analysis: limiting factor for the number of portfolio components and the size of portfolio components the organization can execute

61
Q

How is the T&T of Weighted Ranking and Scoring Techniques used in Optimize Portfolio?

A

To weight and rank portfolio components within each category based on values assigned

62
Q

How is the T&T of Quantitative and Qualitative Analyses used in Optimize Portfolio?

A
  • Cost-Benefit Analysis: To determine the financial analytical value preferred by the organization
  • Quantitative Analysis: To examine factors of interest, such as resource loading requirements over time or cash flow
  • Scenario Analysis: To create a variety of portfolio scenarios and evaluate their possible outcomes based on various assumptions
  • Probability Analysis: To evaluate portfolio components using success and failure probabilities and ranges of impacts if they occur for the estimated cost, time, anticipated revenues, risk, and other criteria
  • SWOT Analysis: To determine the value of portfolio components in the marketplace and how portfolio components may affect (or be affected by) competitors
  • Market/Competitor Analysis: To determine the value of portfolio components in the marketplace and how portfolio components may affect or be affected by competitors
  • Business Value Analysis: To predetermine the values to improve the market value or organizational improvement and then apply those values to the portfolio components
63
Q

How is the T&T of Graphical Analytical Methods used in Optimize Portfolio?

A

To visualize the portfolio that helps compare, balance, and monitor portfolio components

64
Q

Why is Portfolio Updates an Output of Optimize Portfolio?

A

Because
- Portfolio component relationships, ranking criteria, priorities, dependencies, goals may change
- Portfolio component budget and resource approvals or exceptions should be updated on the portfolio list
- The rationale for the decision to remove a portfolio component from the portfolio or include a portfolio component in the portfolio need to be added to the portfolio component information

65
Q

Why is Portfolio Roadmap Updates an Output of Optimize Portfolio?

A

Because The organizational areas, portfolio components, and high-level timeline may be changed due to optimization

66
Q

Why is Portfolio Management Plan Updates an Output of Optimize Portfolio?

A

Because the optimizing approach, criteria, and other information about maintaining a balanced portfolio may need to be updated in the portfolio management plan

67
Q

Why is Portfolio Reports an Output of Optimize Portfolio?

A

Because various portfolio reports may be updated, such as
- resources
- risks/issues
- value/benefits
- performance
- financials

68
Q

Why is Portfolio Process Asset Updates an Output of Optimize Portfolio?

A

Because The optimize portfolio procedures and guidelines information may need to be updated and stored

69
Q

Why is Portfolio an Input of Authorize Portfolio?

A

Because
- The portfolio includes a list of portfolio components having been approved that need to be authorized with their respective funding and resource requirements
- The portfolio contains a list of portfolio components for deactivation with remaining funding and resources that need to be returned to the organization’s funding and resource pools

70
Q

Why is Portfolio Management Plan an Input of Authorize Portfolio?

A

Because it describes the process to authorize the portfolio components to allocate and reallocate resources and funding and to define the key communication needs associated with the portfolio management process

71
Q

Why is Portfolio Reports an Input of Authorize Portfolio?

A

Because various portfolio reports are reviewed and analyzed to authorize portfolio components: financials/funding, resources, and governance decisions (authorize components and provide detailed information on the authorization justification).

72
Q

How is the T&T of Portfolio Authorization Technique used in Authorize Portfolio?

A

To formally authorize a new portfolio or portfolio components
To effect funding allocations and transfers
To report and communicate the results

73
Q

How is the T&T of Portfolio Management Information System used in Authorize Portfolio?

A
  • To indicate which portfolio components have been assigned resources
  • All changes and updates made to the authorized portfolio components are communicated by means of the updated PMIS and other communication methods
74
Q

Why is Portfolio Updates an Output of Authorize Portfolio?

A

Because The portfolio is updated with the status of newly authorized portfolio components, their respective funding and allocated resources, and any other related information that is applicable

75
Q

Why is Portfolio Management Plan Updates an Output of Authorize Portfolio?

A

Because
- Updates for budget/funding or resource allocation
- Updates to the process for evaluating portfolio component authorization if the current established process does not meet the portfolio management requirements
- …

76
Q

Why is Portfolio Reports an Output of Authorize Portfolio?

A

Because various portfolio reports may be updated
- Governance decisions
- Resources, assets (financials and nonfinancial): the resources allocated to the authorized portfolio components; the resources reallocated from terminated or cancelled portfolio components
- Portfolio funding: the funding allocated to the authorized portfolio components, the funding, which is reallocated from terminated or canceled portfolio components and ready for use in funding new approved portfolio components, the funding that is transferred to the funding pool)

77
Q

Why is Portfolio Process Asset Updates an Output of Authorize Portfolio?

A

Because the Authorize Portfolio component procedures and guidelines information may need to be updated
- Human resource assignment procedures
- Transferring funding among components to and from the funding pool

78
Q

Why is Portfolio an Input of Provide Portfolio Oversight?

A

The portfolio provides critical information on portfolio components in order to consider portfolio component proposals and changes and funding allocations to make sure that the portfolio’s current portfolio components and planned or future initiatives will address organizational strategy and objectives

79
Q

Why is Portfolio Roadmap an Input of Provide Portfolio Oversight?

A

Because it provides an integrated view of the portfolio strategy and is a useful tool for portfolio communication (high-level strategic direction and dependencies within the portfolio)

80
Q

Why is Portfolio Management Plan an Input of Provide Portfolio Oversight?

A

It provides the portfolio management approach and establishes how a portfolio is defined, organized, optimized, and controlled

80
Q

Why is Portfolio Management Plan an Input of Provide Portfolio Oversight?

A

It provides the portfolio management approach and establishes how a portfolio is defined, organized, optimized, and controlled

81
Q

Why is Portfolio Reports an Input of Provide Portfolio Oversight?

A

Report on portfolio performance, resource capability and capacity, risks/issues, and financial information
- To evaluate the portfolio and its individual components to decide what actions should be taken in order to minimize risk and maximize the benefits that the portfolio delivers to the organization
- To determine whether the portfolio is performing as expected
- To evaluate whether the portfolio benefits align with organizational strategy

82
Q

Why is PPA an Input of Provide Portfolio Oversight?

A

Because it provides
- portfolio policies, processes and procedures
- portfolio knowledge bases, historical performance information
- governance decisions
- open issues

83
Q

How is the T&T of Portfolio Review Meetings used in Provide Portfolio Oversight?

A

To review the current status of the portfolio and to determine if any decisions need to be made regarding the portfolio and its portfolio components by
- Recurring scheduled around significant portfolio milestones
- Triggered by external events such as financial drivers, regulatory changes, and completion of significant portfolio components or deliverables

84
Q

How is the T&T of Elicitation Techniques used in Provide Portfolio Oversight?

A

To provide portfolio oversight and gather potential issues and risks

85
Q

What will be reviewed during Portfolio Review Meetings?

A

Portfolio performance
Portfolio component proposals and changes
Risks and issues
Availability of resource (human, technology, and other assets) capability and capacity
Funding allocations and future investment requirements
Organizational standards compliance

86
Q

Why is Portfolio Updates an Output of Provide Portfolio Oversight?

A

Because it results from governance decisions: a portfolio component needs to be added, terminated, or changed in some fashion

87
Q

Why is Portfolio Management Plan Updates an Output of Provide Portfolio Oversight?

A

Because it may be revised as the result of a governing body decision regarding the portfolio oversight approach, decision tracking, or other types of status reporting

88
Q

Why is Portfolio Reports an Output of Provide Portfolio Oversight?

A

Because reports may be updated based on determined risks/issues, actions, and decisions made to change the portfolio or to maximize the benefits that the portfolio delivers to the organization

89
Q

Why is Portfolio Process Assets Updates an Output of Provide Portfolio Oversight?

A

Because
- PPAs may require updating, such as portfolio policies, processes and procedures, and portfolio knowledge bases
- PPAs need to be updated with governance decisions and open issues

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