The Structure of Effective PfMP Training

One of the most in-demand certificates is the Portfolio Management Professional (PfMP)®. Its goal is to improve knowledge of the global language of project management. In brief, it will help you connect to a global network of experts, organizations, and professionals. Following this certification, you will become an expert in recognizing the advanced experience, talent, and performance required to manage and align a portfolio of projects and programs to accomplish company strategy and objectives. The ability to manage a portfolio is essential in today’s competitive climate. Obtaining this PfMP certification will surely help you achieve your goals. 

In this article, we will understand what effective PfMP training should have to give the seekers the hold and command over the portfolio of projects and programs.

What should an effective training include?

A good PfMP training should cover the Portfolio management examination content outline which is stated on the PMI’s official website and includes:

  1. Domains
  2. Tasks Involved in each domain
  3. Knowledge and skills

Domains

There are 5 domains that are very crucial from the exam point of view and the PfMP training must include them. These are:

Strategic Alignment

The Strategic Alignment domain encompasses the ongoing efforts required to align portfolio components (programs, initiatives, and operations) with organizational strategic objectives, goals, and priorities. Portfolio strategic alignment also entails recommending portfolio scenarios and related components to develop an initial high-level portfolio roadmap. 

Governance

The Governance domain encompasses tasks such as preparing the portfolio management plan, establishing the governance architecture, and approving the portfolio. Functions in the Governance domain guarantee that portfolio components are allowed and processes and procedures are developed and enhanced regularly. 

Portfolio performance

The Portfolio Performance domain encompasses the activities required for portfolio management using the portfolio processes defined by the governance model; continuously monitoring and evaluating the performance of the consolidated portfolio components in order to balance the portfolio; and reporting on progress toward strategic objectives. 

Portfolio risk management

Portfolio Risk Management encompasses actions linked to the balancing and management of portfolio risk by the organization’s risk appetite and helps decision-making. 

Communications management

The Communications Management domain includes activities such as constantly communicating with stakeholders, understanding their needs and expectations, addressing issues as they arise, managing competing interests, and encouraging appropriate stakeholder engagement in portfolio decisions and activities. 

Tasks Involved

1. Strategic Alignment- There are 8 tasks in the strategic alignment domain. They include the strategic priorities, and evaluation of organizational strategic aims and objectives through document reviews, interviews, and other information-gathering approaches. , Determine the impact of changes in strategic goals and objectives on the portfolio and portfolio components in order to maintain strategic alignment. 

2. Governance-There are 5 tasks in the governance domain which also includes determining portfolio management standards, protocols, guidelines, and best practices by leveraging organizational assets (such as information systems and subject matter experts) and industry standards to create uniform portfolio management processes. 

3. Portfolio Performance-This domain has 10 tasks which include changing management approaches to manage portfolio changes in order to improve portfolio performance and preserve strategic alignment. Update and modify current portfolio road maps using change analysis to support portfolio re-allocation of organizational resources. 

4. The Portfolio Risk Management domain has 6 tasks which include providing a suggestion and receiving approval for a portfolio management reserve based on aggregate portfolio risk exposure in order to optimize portfolio strategic goals and objectives and to help in decision-making, do dependency analysis to identify and monitor risks associated to interdependencies and intradependencies within or across portfolios. 

5. The communication management domain includes 6 tasks which ensure facilitating effective communication with stakeholders, developing an overall communication strategy and plan that includes methods, recipients, vehicles, timelines, and frequency and preserving credibility and satisfaction with all stakeholders, using governance principles to verify the accuracy, consistency, and completeness of portfolio communication. 

Knowledge and skill area

There are 75 knowledge areas in the PfMP content outline which includes interdependency analysis, Risk planning, Portfolio balancing, execution risk analysis, stakeholder analysis, root cause analysis, etc. These are the few knowledge areas out of 75 and effective training must include each knowledge area so that the certificate holder has all the qualities of the best PfMP holder.

Conclusion

Getting good PfMP training is really important if you want to achieve success in your career. Along with good training, mock tests, and reviews play a very major role as they help you in assessing your preparation for the exam. With good training and practice, you can easily get the certification and then you can have all the benefits a PfMP holder has.

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