Portfolio Management Certification (PfMP). – What’s in it for you? Prothoughts

Just another WordPress site

Portfolio Management Certification (PfMP). – What’s in it for you? Prothoughts

Portfolio Management Certification (PfMP), a relatively new certification, is something I am proud to say. PMI India invited us to participate in the certification. We readily agreed.
This certification is something I consider myself very fortunate to have. I can see many practical applications since I started ProThoughts. What is Portfolio Management or PfMP?
Are we doing the right thing? While we may be doing the right things, are they doing the right thing? Is this a step in a positive direction? My organization, my business unit, or my function will achieve the goals? These are the right goals for me, my business unit, or my functions.

These and many other questions can be answered using scientific tools and techniques, as well as good practices that are part of PMI’s PfMP Certification. As its sub-components, the portfolio can include several sub-portfolios. These portfolios can be centralized or decentralized. The R & D portfolio, for example, can be a decentralized portfolio that is managed by an R & D Portfolio Head. This Portfolio Manager can report to the R & D Portfolio Head. A Portfolio includes Programs and Projects as sub-components. A portfolio is a collection or sub-portfolios of programs and projects that are managed together to achieve strategic goals. The components of a portfolio can be related, unrelated, independent, or interdependent and may have related objectives or not.

Source: Standard for Portfolio Management Fourth edition
The Portfolio has no end date. It can change according to external and internal influences. The Governance board and Portfolio manager can decide the next course of action. The Portfolio Manager and its Governance body can decide to end a component or start a new one, as needed. It is quite different from, for example, a Program or Project. Each role is unique and complements the other very well.

Portfolios, Programs and Projects each have their own objectives, but they all work together to achieve the organization’s goals. Each component is necessary to perform its functions. Portfolio Managers are typically senior executives or top management who have a lot to offer and rely on data to manage their outcomes. In a separate blog series, we will discuss the interdependence of a Portfolio, Program, or Project.

These are some of the Audiences for Portfolio Management Certification (PfMP) that you might consider.
Senior executives and governance boards that make decisions about organizational strategy
Management or Senior Executives who create strategy for an organization or serve as advisors to senior members
Portfolio, Program and Project Practitioners as well as Aspirants and Experts
Researchers analyzing Portfolio Management
Members of the Portfolio, Program, or Project Management office
Specialists in Portfolio, Program and Project Management & Related Disciplines.
Business and technical professionals, such as authors, trainers and engines, who manage a portfolio that includes programs, projects and other operational activities.
Portfolio managers and entrepreneurs who steer their businesses.
Operations managers who are responsible for balancing marketing, financial, and supply chain considerations in a portfolio
Members of the Portfolio, Program, and Project Management teams, as well as customers and other stakeholders, are all available
Executives in organizations and strategy planners
Teachers of Portfolio management and related subjects
Students in Portfolio Management and related fields

The Portfolio Manager faces many challenges. The Portfolio Manager must adhere to the organization’s strategic objectives. Organizations must always find ways to “do right projects in the right way and at the right times”. These are some of the core principles as outlined in Standard for Portfolio Management (4th edition) PMI:
Strive for excellence in strategic planning
Enhance Accountability and Transparency, Transparency, Responsibility and Sustainability
Balance Portfolio Value vs. available risks
Ensure portfolio investments are aligned to organization strategy
Obtained and maintained the sponsorship and engagement from senior management and key stakeholders
Actively and decisively lead for optimal resource utilization
Encourage a culture that accepts change and takes risks
To achieve success, you must be able to navigate the complexity
Portfolio Management certification includes 6 domains

Source: Standard for Portfolio Management Fourth edition
Portfolio Strategic Management – This is about the definition of strategy and the organization goals. This defines the components of the Portfolio and how they should be aligned with one or more strates.