Excellent! The hard work has been done; all the life cycle stages have been studied and checked by passing exams. Now it is time to look at your knowledge in another dimension – begin to fulfill tasks on the PfMP Domains. If you still have difficulties in training, uncertainty, feel gaps in your knowledge, have Read more about The Life Cycle of Portfolio is learned[…]
Monitor and control is one of the critical supportive activities for monitoring portfolio performance and recommending changes to the portfolio component mix and portfolio component performance and compliance with organizational standards. The purpose of monitor and control is to understand when changes need to be made to the portfolio or to the portfolio management processes. Read more about Learn Portfolio Monitor and Control[…]
Optimization is the process of making a portfolio as effective as possible by maximizing available conditions, constraints, and resources. Typically, the primary goal of portfolio optimization is to ensure that the available human, material, and financial resources are best applied to the appropriate remaining components of the portfolio. Although some organizations schedule regular optimization sessions, Read more about Learn Portfolio Optimization[…]
During periodic portfolio strategic planning, the portfolio business model is revisited to ensure that it is in alignment with customer values / benefits and business / organizational strategic goals. Initial optimization of the portfolio occurs as a result, because the portfolio is formally aligned to strategy during this phase. Portfolio metrics are reviewed to ensure Read more about Learn Portfolio Planning[…]
Initiation is an important stage. It is kicked off or informed by the formal release of business and/or organizational objectives and goals or to provide the management structure for previously disparate components. It sets the approach and principles for major processes that define how the portfolio and its components will be managed throughout the life Read more about Learn Portfolio Initiation[…]
Portfolio execution is performed through its various components and operations. The health of the portfolio is reported through regular status reports and by reviewing the component performance metrics that were established during the planning phase. Proposed changes are reviewed based on ongoing organizational needs. Changes in the organizational environment may necessitate the reprioritization of components Read more about Learn Portfolio Execution[…]
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The Closing Process Group consists of the process(es) performed to formally complete or close a project, phase, or contract. This Process Group verifies that the defined processes are completed within all of the Process Groups to close the project or phase, as appropriate, and formally establishes that the project or project phase is complete. The key benefit of Read more about Learn the Closing Process Group[…]
The Monitoring and Controlling Process Group consists of those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes. Monitoring is collecting project performance data, producing performance measures, and reporting and disseminating performance information. Controlling is comparing actual Read more about Learn the Monitoring and Controlling Process Group[…]
The Executing Process Group consists of those processes performed to complete the work defined in the project management plan to satisfy the project requirements. This Process Group involves coordinating resources, managing stakeholder engagement, and integrating and performing the activities of the project in accordance with the project management plan. The key benefit of this Process Group is that Read more about Learn the Executing Process Group[…]