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Melissa Highley presents: Portfolio Management for Everyone 21 Jan v15
This document provides an overview of portfolio management and the Portfolio Management Professional (PfMP) certification. It begins with definitions of projects, programs and portfolios. There are then sections on portfolio management overview, domains, process groups and practical application. It concludes with details on the PfMP certification requirements and resources for further information.
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Melissa Highley presents: Portfolio Management for Everyone 21 Jan v15
- 1. Portfolio Management forEveryone January 21, 2015 Melissa Highley, PfMP, PMP
- 2. Agenda • Project, Programand Portfolio Management Basics • Portfolio Management Overview • Practical Application • Portfolio Management Professional (PfMP) • Resources 2
- 3. Project, Program andPortfolio Management Basics 3
- 4. Project/Program/Portfolio Source: The Standardfor Portfolio Management (Third Edition) Project A temporary endeavor undertaken to create a unique product, service or result. Program A group of related projects, subprograms and program activities that are managed in a coordinated way to obtain benefits not available from managing them individually. Portfolio Projects, programs, subportfolios and operations managed as a group to achieve strategic objectives. Doing the right things and doing things right. • “How” • Tactical • “What” • Strategic 4
- 5. Further Differentiation Source: PMI– PfMP Credential FAQs 5
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- 7. Organizational Context Source: p2vhub.comper The Standard for Portfolio Management (Third Edition) 7 Figure 1-3: The Organizational Context of Portfolio Management of Portfolio Management
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- 9. Portfolio Management Source: TheStandard for Portfolio Management (Third Edition) • A portfolio is a component collection of programs, projects, or operations managed as a group to achieve strategic objectives. The portfolio components may not necessarily be interdependent or have related objectives. The portfolio components are quantifiable, that is, they can be measured, ranked, and prioritized. • A portfolio exists to achieve one or more organizational strategies and objectives and may consist of a set of past, current, and planned or future portfolio components. Portfolios and programs have the potential to be longer term with new projects rotating into the portfolios or programs, unlike projects that have a defined beginning and end. • An organization may have more than one portfolio, each addressing unique organizational strategies and objectives. Proposed initiatives are structured as portfolios and components are identified, evaluated, selected, and authorized. In addition, portfolios may contain subportfolios. 9
- 10. In other words… portfolio management is like herding cats (and dogs and …). EDS “Cat Herders” Commercial: http://vimeo.com/59098832 10
- 11. Domains Source: The Standardfor Portfolio Management (Third Edition) There are five (5) domains in portfolio management: • Domain 1: Strategic Alignment • Domain 2: Governance • Domain 3: Portfolio Performance • Domain 4: Risk Management • Domain 5: Communications Management Each domain also has a number of associated tasks. 11
- 12. Strategic Alignment Source: PMI- Portfolio Management Professional (PfMP) Examination Content Outline 12
- 13. Governance Source: PMI -Portfolio Management Professional (PfMP) Examination Content Outline 13
- 14. Portfolio Performance Source: PMI- Portfolio Management Professional (PfMP) Examination Content Outline 14
- 15. Risk Management Source: PMI- Portfolio Management Professional (PfMP) Examination Content Outline 15
- 16. Communications Management Source: PMI- Portfolio Management Professional (PfMP) Examination Content Outline 16
- 17. Process Groups Source: sridharpeddisetty.blogspot.comper The Standard for Portfolio Management (Third Edition) 17 Table 3-1: Portfolio Management Process Groups and Knowledge Areas Mapping
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- 19. Practical Application Implement aPMO Toolkit • Standardized PMO Processes and Templates: ▫ Intake Process/Form ▫ Project Charter ▫ RACI Matrix ▫ Action Items Log ▫ Issues/Risks Register ▫ Dashboard • Reference Material: ▫ Lessons Learned ▫ Whitepapers ▫ Articles 19 PMO Toolkit: a central repository of project, program and portfolio management resources; not to be confused with PMIS. This is just a sampling of documentation that could be included in a PMO resource library.
- 20. Practical Application Leverage PrioritizationTools 20 Project Financial Benefit (revenue gain and/or cost reduction) Weight Efficiency Gained Weight Impact to Customer Satisfaction Weight Total Score Scoring Guidelines 10 = $$$ 5 = $$ 1 = $0 0 = Negative define $ thresholds 50% 10 = Significant 5 = Moderate 1 = None 0 = Loss define per time/motion studies 25% 10 = Significant 5 = Moderate 1 = None 0 = Negative define per cust sat surveys 25% Rank (highest = best) Project 1 5 10 2 5.5 Project 2 10 1 7 7 Project 3 5 5 5 5 Project 4 7 6 1 5.25 Project 5 1 8 4 3.5 Impact/Effort Matrix* Weighted Scoring * affirmyourlife.blogspot.com • Applicable to project, program and portfolio management (PPPM) • Include initiative costs in comparisons • Notate subjective considerations (ex: loss leaders) • Legal/regulatory compliance trumps all • Numerous tool options; select best fit
- 21. Utilize PPPM Reporting andManagement Tools • Microsoft Project • Genius Project • CA Clarity PPM • Basecamp • Teamwork • And many others! 21 Practical Application
- 22. Enhance Schedule Communications • www.officetimeline.com •PowerPoint plugin • Robust free version • “Plus” license $49 • Suitable for project, program and portfolio schedules 22 Practical Application
- 23. Practical Application Keys toSuccess • Standardize tools, templates and processes • One size does not fit all – select the best fit • Ensure scalability and flexibility • Leverage free resources • Target easy adoption • Consider the culture • Solidify executive sponsorship 23 “Successful implementations are 80% people, process and culture, and only 20% software, hardware and technology.” Project and Program Management Best Practices – Chartering the PMO Niwot Ridge Consulting
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- 25. PfMP Certification PMI launchedthe PfMP credential pilot in 4Q13 and the first certifications were awarded 2Q14. The PfMP credential recognizes advanced experience, skills and performance necessary to manage and align a portfolio of projects and programs to realize organizational strategy and objectives.* • Currently ~ 184 PfMPs globally (82 in the US, 10 in DMV)** • 121 charter recipients • PfMP SMEs (NDA) * PfMP Presentation by Simona Fallavollita, PMI ** PMI PfMP registry as of January 11, 2015 Image credit: noramacnorton.wordpress.com 25
- 26. Credential Differentiation Source: PMI– PfMP Credential FAQs 26
- 27. Eligibility Requirements Source: PMI- Portfolio Management Professional (PfMP) Handbook 27 Experience requirements are limited to the previous fifteen (15) years.
- 28. Certification Process Source: PMI- Portfolio Management Professional (PfMP) Handbook 28 CBT Fees: $800 Members $1000 Non-Members Application: Education Portfolio Management Business Professional Training Not Required Panel: Five Experience Summaries (<500 words) Exam: Four Hours 170 Questions 150 Scored Questions 20 Pre-Test Questions
- 29. 29 Feedback from and demographics ofPfMP pilot participants. Source: PMI Pilot: November 2013 through February 2014 First PfMPs awarded May 2014
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- 31. PfMP Information • ThePortfolio Management Professional (PfMP) Handbook http://www.pmi.org/Certification/~/media/PDF/Certifications/pfmphandbook.ashx • PfMP Examination Content Outline http://www.pmi.org/Certification/~/media/PDF/Certifications/PfPM_Examination%20Content%20 Outline.ashx • PfMP Credential FAQs http://www.pmi.org/Certification/~/media/PDF/Certifications/PfMP_FAQs_v3.ashx • The Standard for Portfolio Management http://marketplace.pmi.org/Pages/ProductDetail.aspx?GMProduct=00101388901 • Portfolio Management Publications See reading list on following page • LinkedIn Groups, Practice Tests, Study Guides, PMI.org (Books 24x7) 31
- 32. Reading List Source: PMI- Reference Materials for Portfolio Management Professional (PfMP) Credential Examination 32