The Portfolio Management Knowledge Areas are fields of specialization that are commonly employed when managing portfolios. A Knowledge Area is a set of processes and tools associated with a particular topic in portfolio management. The recommended learning sequence for the Knowledge Areas is based on your PfMP Preliminary Test results and your Knowledge Map. The most Read more about Learning the Portfolio Knowledge Areas[…]
The portfolio life cycle is the ongoing processes and functions that occur to a set of portfolios, programs, projects, and operations within a continuous time frame. In today’s global market, the portfolio life cycle needs to be adaptive and flexible to constantly change needs from all influences, internal and external, so organizations can remain competitive Read more about Read ‘The Portfolio Life Cycle’[…]
The Standard for Portfolio Management – Fourth Edition identifies project portfolio management principles and performance management domains that are generally recognized as good practices for organizations that have business needs to effectively manage the complex and intense program and project investments. “Generally recognized” means that the principles and performance management domains described are applicable to Read more about Read the Introduction to The Standard for Portfolio Management[…]
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[…]
The Planning Process Group consists of those processes that establish the total scope of the effort, define and refine the objectives, and develop the course of action required to attain those objectives. The processes in the Planning Process Group develop the components of the project management plan and the project documents used to carry out the project. The Read more about Learn the Planning Process Group[…]
The Initiating Process Group consists of those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. The purpose of the Initiating Process Group is to align the stakeholders’ expectations and the project purpose, inform stakeholders of the scope and objectives, and discuss how Read more about Learn the Initiating Process Group[…]
The Standard for Project Management is a document established by an authority, custom, or general consent as a model or example. This standard was developed using a process based on the concepts of consensus, openness, due process, and balance. This standard describes the processes considered to be good practice on most projects most of the time. These Read more about Read the Introduction to The Standard for Project Management[…]