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PfMP > Portfolio Communication Management > Flashcards

Portfolio Communication Management Flashcards

1
Q

Develop Portfolio Communication Management Plan Inputs?

A
  1. Portfolio
  2. Portfolio roadmap
  3. Portfolio management plan
  4. Portfolio reports
  5. Portfolio process assets
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2
Q

Develop Portfolio Communication Management Plan T&Ts?

A
  1. Stakeholder analysis
  2. Elicitation techniques
  3. Communication requirements analysis
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3
Q

Develop Portfolio Communication Management Plan Outputs?

A
  1. Portfolio management plan updates
  2. Portfolio process assets updates
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4
Q

Manage Portfolio Information Inputs?

A
  1. Portfolio
  2. Portfolio management plan
  3. Portfolio reports
  4. Portfolio component reports
  5. Portfolio process assets
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5
Q

Manage Portfolio Information T&Ts?

A
  1. Elicitation techniques
  2. Portfolio management information system
  3. Communication requirements analysis
  4. Communication methods
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6
Q

Manage Portfolio Information Outputs?

A
  1. Portfolio management plan updates
  2. Portfolio reports
  3. Portfolio process assets updates
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7
Q

Why is Portfolio an Input of Develop Portfolio Communication Management Plan?

A

Because (with descriptive information on the components such as dependencies, level of effort, points of contact, and other dashboard-type information)
- It may have an effect on the communication approach used for consolidating and standardizing communication and evaluating communication strategy at a portfolio level
- It helps to understand the full scope of communication needed

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8
Q

Why is Portfolio roadmap an Input of Develop Portfolio Communication Management Plan?

A
  • Clear and timely communication of the roadmap and any changes to the roadmap is a fundamental part of portfolio communication
  • Interdependencies among the portfolio’s components that could impact portfolio communication objectives
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9
Q

Why is Portfolio Management Plan an Input of Develop Portfolio Communication Management Plan?

A

Because
- It provides the scope of the portfolio
- It provides the initial list of primary internal and external portfolio stakeholders including the governance model
- All elements of the portfolio management plan have communication requirements
- Changes in the portfolio management plan may introduce new stakeholders or new communication requirements

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10
Q

Why is Portfolio Reports an Input of Develop Portfolio Communication Management Plan?

A

Because the format and content of these reports should be defined in the portfolio communication management plan providing templates, standard forms, and procedures for planned portfolio reporting
* portfolio status
* progress reports
* performance reports (information on the total investment in each portfolio component, which serves as the communication of assessed portfolio value)
* portfolio risk reports
* summary reports from the overall governance of portfolio components
* dashboards (status information at a glance)

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11
Q

Why is Portfolio Process Assets an Input of Develop Portfolio Communication Management Plan?

A

Because it provides
- Portfolio manager roles and responsibilities
- Delegations of responsibility for communication
- Status reports
- Portfolio forecasts with variance to plan
- Portfolio risk profile or risk assessment with key risks and issues
- Portfolio value assessments
- Governance decisions
- Funding decisions
- Resource decisions

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12
Q

How is the T&T of Stakeholder Analysis used in Develop Portfolio Communication Management Plan?

A
  • Gathering information about who the portfolio stakeholders are
  • Making a list of all stakeholders. Capturing information about each stakeholder (concerns, interests) and the relationships among them
  • Classifying stakeholders to target the optimal type of communication and whether various communications can be grouped to match the stakeholder grouping (kind of information, type of communication)
  • Analyzing the group’s ability to influence the portfolio
  • Assessing the level of interest and urgency in communication by each stakeholder.
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13
Q

Stakeholder communication Strategies?

A
  • Apply minimal effort
  • Keep informed
  • Active communications
  • Active communications and engagement
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14
Q

What should be aware with Stakeholder concerns and interests?

A
  • Stakeholders in the same group may have different concerns and interests
  • Stakeholder concerns and interests may change over time
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15
Q

Which stakeholders need to be informed consistently about the status of the portfolio?

A
  • internal stakeholders who have interest in or influence the delivery of business change
  • external stakeholders who are outside the scope of the portfolio but can influence or need communication from the portfolio
  • sponsors who are owners of the portfolio components
  • the portfolio manager
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16
Q

How is the T&T of Elicitation Techniques used in Develop Portfolio Communication Management Plan?

A
  • To ensure stakeholder needs are being met and are aligned with the communication management plan (interviews, questionnaires/surveys, stakeholder meetings, lessons learned sessions)
  • To review the planned communication and get feedback on the plan (meeting)
  • To confirm or change the communication requirements
  • To identify new stakeholder groups previously not considered (brainstorming)
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17
Q

How is the T&T of Communication Requirements Analysis used in Develop Portfolio Communication Management Plan?

A
  • Evaluating the vehicle/tool (communicating information to the stakeholders) and the frequency planned to determine if changes should be made
  • Charting a list of available communication methods to evaluate alternatives and ensure the optimal vehicle is being used to meet stakeholder needs
  • Identifying any redundant communication to make choices to identify which communication is primary and which should be discontinued
  • Assessing organizational culture to ensure the communication management plan is suitable for the organization: technology comfortable (portals) or not (paper reports and emails)
  • Capturing and recording the analysis results into a communication matrix
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18
Q

Communication Matrix components?

A
  • Communication Areas (Portfolio Governance Decisions, Portfolio Dashboard, Portfolio Performance Reports, Key Risks and Issues Updates, Resource Utilization)
  • Frequency
  • Intended Recipient
  • Communication Vehicles
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19
Q

Why is Portfolio Management Plan Updates an Output of Develop Portfolio Communication Management Plan?

A

Because
- The communication management plan may be a subsidiary plan of the portfolio management plan or may be included within the portfolio management plan
- Stakeholders may require new communication that changes the portfolio management plan

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20
Q

Why is Portfolio Process Assets Updates an Output of Develop Portfolio Communication Management Plan?

A

Because it may be needed to update
- communication management roles and responsibilities
- policies or procedures, tools or templates
- portfolio key risks and issues
- lessons learned for any knowledge gained on the effectiveness of portfolio communication management

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21
Q

Content of the Communication Management Plan?

A
  • Communication objectives
  • Roles and responsibilities for managing communication
  • Identified stakeholders
  • Identified stakeholder expectations
  • Planned methods to collect and store communication
  • Planned vehicles to access and deliver communication
  • Planned frequency
  • Communication policies/constraints
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22
Q

Why is Portfolio an Input of Manage Portfolio Information?

A
  • Portfolio component updates are needed for communication to several stakeholders audiences
  • New components added to the portfolio may translate to new sets of stakeholders and new stakeholder communication requirements
23
Q

Why is Portfolio Management Plan an Input of Manage Portfolio Information?

A

Because It provides the intended approach for managing the portfolio, stakeholder expectations and requirements, communication management, performance, and risks

24
Q

Why is Portfolio Reports an Input of Manage Portfolio Information?

A

Because the information from these reports (changes such as canceled, authorized, and new portfolio component proposals; resource information; governance decisions; performance reports about variances or goal achievement; risk and issue; status) is reviewed to determine what meets the stakeholder requirements and therefore what needs to be communicated

25
Q

Why is Portfolio Component Reports an Input of Manage Portfolio Information?

A

Because These reports may be consolidated and evaluated for impact on overall portfolio performance to determine which stakeholders will receive the communication

26
Q

Why is Portfolio Process Assets an Input of Manage Portfolio Information?

A

Because It provides
- communication guidelines and procedures
- communication requirements
- information distribution methods
- risks, performance data

27
Q

How is the T&T of Elicitation Techniques used in Manage Portfolio Information?

A

To collect data and information to be communicated to stakeholders for decision-making purposes
- Data gathering: portfolio component review meetings focused on validating and understanding data included in component status reports
- Information gathering: gathering program and project data, data and information related to ongoing operations

28
Q

How is the T&T of Portfolio Management Information System used in Manage Portfolio Information?

A
  • It provides a technology-based method of capturing and managing all portfolio-related communication needs
  • It helps to store information, to summarize it for reporting, to assist in managing communication channels
  • It may include real-time dashboards which can warn the decision makers or portfolio managers about impending risks, issues, and market dynamics, etc., as soon as the triggering event occurs
29
Q

Components of PMIS that support Manage Portfolio Information

A
  • document repository
  • document version control systems
  • communication management processes and tools
  • other tools and processes required to support portfolio management
30
Q

How is the T&T of Communication Requirements Analysis used in Manage Portfolio Information?

A

To analyze the data and information in order to separate the data that hold value to the receiving audience (To glean the most meaningful, accurate information, ensure it is delivered in a meaningful format, and match the communication method with the documented stakeholders’ requirements)
- To build forecasts based on trends in the data
- To pull out select, meaningful data for communicating (in newsletters or in news areas on a web portal)

31
Q

Characteristics of data/information feeded for Communication Requirements Analysis in Manage Portfolio Information

A
  • raw data or information without full context
  • some of data may be from external research specifically for market comparative analysis
32
Q

How is the T&T of Communication Methods (visual representations of the data and information received) used in Manage Portfolio Information?

A
  • Dashboards: To communicate multiple messages on portfolio status and trending simultaneously
  • Resource histograms: To aid in identifying portfolio risk associated with resource over- or under- allocations across the portfolio
  • Communication calendar: To ensure all of the existing communication dependencies associated with the portfolio as well as the time-sensitive needs of the stakeholders
33
Q

Why is Portfolio Management Plan Updates an Output of Manage Portfolio Information?

A

Because new communication or information management needs and communication methods may be determined

34
Q

Why is Portfolio Reports an Output of Manage Portfolio Information?

A
  • To engage stakeholders at the right time and in the right manner through the proactive and targeted development and delivery of key messages
  • To secure agreements on proposed strategic changes
35
Q

Why is Portfolio Process Assets Updates an Output of Manage Portfolio Information?

A

Because updates are made to various information management policies, procedures, guidelines, and distribution methods with portfolio risks and issues, key stakeholders, meeting minutes, and status reports where the communication requirements analysis has produced new information and changes are required

36
Q

Purpose of Develop Portfolio Communication Management Plan?

A
  • Identification of Stakeholders
  • Planning effective solutions to satisfy the communication requirements.
37
Q

Purpose of Manage Portfolio Information

A

Executes the communication plan by
- collecting data
- translating data into meaningful information
- supplying it to the identified stakeholders in a timely and effective manner.

38
Q

What is Communication Requirements?

A
  • What information stakeholders need
  • When they need it
  • How it should be delivered
  • specific communication technology available
  • allowed communication media
  • record retention policies
  • security requirements
39
Q

Importance of Transparency Communication

A
  • Ensuring that all necessary information is communicated effectively in planning and reporting
  • Early discovery of missing elements or gaps in communication can help manage risks associated with insufficient or inconsistent communication.
  • Helping in planning for the optimal utilization of resources.
40
Q

Questions to consider when assessing stakeholder influence?

A
  • Governance Influence: Who are the members of the governing body? Are there governance processes that affect information requirements?
  • Thought Leadership: Which stakeholders are influencers or early adopters? Who resists change?
  • Authority and Political Influence: What level of authority and political influence do stakeholders have within the organization?
  • Recognition: Is their role as a stakeholder officially recognized by the organization?
  • Interrelationships: What are the interrelationships among stakeholders? Who can significantly influence others?
41
Q

Method to Making data meaningful in Manage Portfolio Information

A
  • Forecasting: Building forecasts based on trends observed in the data can make the information more actionable and relevant.
  • Selective Communication: Selecting and extracting meaningful data to communicate through various channels, such as newsletters or web portals.
42
Q

How does transparency communication help manage portfolio?

A
  • Mitigating Risks: To mitigate the risk of inadequate communication by ensuring that all stakeholders have access to accurate and up-to-date information.
  • Building Credibility: Being transparent about priorities and status can build credibility for the portfolio manager.
  • Establishing Good Relationships: To fosters trust and good relationships with stakeholders.
  • Aligning Efforts with Strategy: To ensure that resources are not wasted on efforts that do not align with the organization’s strategic goals and objectives.
43
Q

Portfolio Sponsor’s interests and expectations

A
  • Benefits and outcomes that meet the organization’s goals
  • To be informed regularly of portfolio return on investment, key portfolio milestones, risks, costs, and schedule
44
Q

Portfolio Governance’s interests and expectations

A
  • Portfolio performance
  • Governance decisions
  • Change decisions
  • Concerns of sponsors and governing body
  • To be the most knowledgeable party of portfolio progress against goals
  • To be aware of all developments of consequence
45
Q

PMO’s interests and expectations

A
  • Project progress
  • Lessons learned
  • Developing PMO materials for future use
  • To receive notification of all portfolio changes and portfolio needs
46
Q

Contract Management Team’s interests and expectations

A
  • Financial standings
  • Project progress
  • Contract impacts and changes
  • To be made aware of progress against contractual deliverables
  • To be made aware of any changes to the contract including increased resource requirements
47
Q

Portfolio Component Teams’ interests and expectations

A
  • Portfolio changes
  • Portfolio risks and issues
  • To receive notification of all portfolio changes, risks, and issues
48
Q

Why can brainstorming be helpful other than Elicitation Techniques in Develop Portfolio Communication Management Plan

A

Because it may identify new stakeholder groups previously not considered

49
Q

What is the stakeholder matrix used for?

A

Documenting stakeholder expectations, roles, interests, and stakeholder information

50
Q

Types of communication reports generated in Manage Portfolio Information?

A
  • announcements in stakeholder meetings
  • email
  • blogs
  • dashboards
  • web portal postings
  • portfolio manager meetings
  • exception reporting cycles when significant changes occur in the portfolio
51
Q

Factors affect portfolio reporting in Manage Portfolio Information?

A
  • evolving stakeholder needs
  • collection and storage methods
  • retrieval and delivery mechanisms
52
Q

Factors affect portfolio reports in Manage Portfolio Information

A
  • availability of information for critical decision making
  • identification of trends
  • improvement in the speed and quality of information
53
Q

Which reports are updated in Manage Portfolio Information?

A
  • status reports
  • risk reports
  • governance decisions

PfMP (12 decks)

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