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PfMP > Portfolio Performance Management > Flashcards

Portfolio Performance Management Flashcards

1
Q

Purpose of Develop Portfolio Performance Management Plan?

A

Developing the performance management plan as to how portfolio value is defined and realized through the portfolio measurements and targets, alignment to organizational strategy and objectives, and roles and responsibilities in executing the plan

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2
Q

Purpose of Manage Supply and Demand?

A

Identifying and allocating the required portfolio resources capacity and capabilities according to each component proposal or plan

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3
Q

Purpose of Manage Portfolio Value?

A

Measuring, capturing, validating, and reporting portfolio value at an aggregate level delivered by portfolio components with the goal of maximizing return on investment (within an acceptable level of risk)

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4
Q

Develop Portfolio Performance Management Plan Inputs?

A
  1. Portfolio management plan
  2. Portfolio process assets
  3. Organizational process assets
  4. Enterprise environmental factors
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5
Q

Develop Portfolio Performance Management Plan T&Ts?

A
  1. Elicitation techniques
  2. Portfolio management information system
  3. Capability and capacity analysis
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6
Q

Develop Portfolio Performance Management Plan Outputs?

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

Manage Supply and Demand Inputs?

A
  1. Portfolio
  2. Portfolio management plan
  3. Portfolio reports
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8
Q

Manage Supply and Demand T&Ts?

A
  1. Scenario analysis
  2. Quantitative and qualitative analysis
  3. Capability and capacity analysis
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9
Q

Manage Supply and Demand Outputs?

A
  1. Portfolio updates
  2. Portfolio management plan updates
  3. Portfolio reports
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10
Q

Manage Portfolio Value Inputs?

A
  1. Portfolio roadmap
  2. Portfolio management plan
  3. Portfolio reports
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11
Q

Manage Portfolio Value T&Ts?

A
  1. Elicitation techniques
  2. Value scoring and measurement analysis
  3. Benefits realization analysis
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12
Q

Manage Portfolio Value Outputs?

A
  1. Portfolio management plan updates
  2. Portfolio reports
  3. Portfolio process assets updates
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13
Q

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

A

Because it provides stakeholder expectations and requirements, governance model, strategic change framework, planning, procurement, and oversight processes including direction for performance, communication, and risk management

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14
Q

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

A
  • portfolio strategic plan, portfolio charter, processes, policies, procedures, and knowledge bases used by the portfolio management office and stakeholders
  • resource schedule, funding schedule, resource work calendar, benefits schedule, and portfolio component schedule
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15
Q

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

A

Because it may provide direction to develop the portfolio performance management plan

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16
Q

Why is Enterprise Environmental Factors an Input of Develop Portfolio Performance Management Plan?

A

Because those EEFs impacts the portfolio performance management plan, such as organizational culture, structure, and human resources

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17
Q

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

A

To develop measures and to ensure that the correct items are being measured
- to ensure optimal resource performance
- to maximum portfolio value

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18
Q

How is the T&T of Portfolio Management Information System used in Develop Portfolio Performance Management Plan?

A
  • The PMIS may provide methods by which internal consistency can be observed and portfolio performance metrics can be collected, monitored, and controlled
  • The PMIS may also be used to provide previously used measures and templates for reporting
  • The PMIS may include costs, performance metrics, risk information, and other information needed to manage and control portfolio performance
  • The PMIS can also support performance improvement measures
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19
Q

How is the T&T of Capability and Capacity Analysis used in Develop Portfolio Performance Management Plan?

A

To understand the human, financial, and asset capacity and capability of the organization in order to select, fund, and execute portfolio components

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20
Q

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

A

Because The portfolio performance management plan is a component of or a subsidiary plan of the portfolio management plan

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21
Q

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

A

Because as PPAs, the resource schedule, funding schedule, benefits schedule, and portfolio component schedule may be updated after completion of planning for portfolio performance

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22
Q

Content of Portfolio Performance Management Plan?

A
  • Goals, objectives, strategies, and tactics
  • Roles and responsibilities (who will measure and how often)
  • Performance measures, which can include metrics on scope, cost, schedule, resources, and benefits
  • Performance reporting (what tools will be used; dissemination of reports, scorecards, and dashboards; and who will be responsible and when);
  • Resource optimization (utilization, balancing, and smoothing resource demand against capacity)
  • Benefits realization (how will realized benefits be tracked and compared to plans; how will value be calculated)
  • Procedures for capturing lessons learned
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23
Q

Why is Portfolio an Input of Manage Supply and Demand?

A
  • It represents resource requirements or demand
  • Components are prioritized to help guide resource allocation
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24
Q

Why is Portfolio Management Plan an Input of Manage Supply and Demand?

A

Because
- It defines how the portfolio will be executed, monitored, and controlled to meet organizational strategy and objectives
- It provides the high-level guidelines for reporting risks, communicating with the portfolio management team, engaging stakeholders, recommending portfolio component changes

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25
Q

Why is Portfolio Reports an Input of Manage Supply and Demand?

A

Because they are used for analyzing and managing supply and demand
* resource utilization reports
* vacation schedules
* reports on any related equipment or software delivery and/or availability
* financial reports to show funding updates

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26
Q

How is the T&T of Scenario Analysis used in Manage Supply and Demand?

A
  • To determine various possibilities of resource allocations and the impact to component schedules
  • To determine what would happen if human, financial, or equipment funding was increased or decreased, or if constrained resources were not available as scheduled
  • To ensure that the organization is prepared for changes in demand or changes to resource supplies
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27
Q

How is the T&T of Quantitative and Qualitative Analysis used in Manage Supply and Demand?

A
  • To studying the demand for resources against capacity and constraints to determine how to best allocate resources
  • To identify bottlenecks (resources in short supply) and downtime (periods when resources are underutilized)
  • To determine if resource requirements have been consistently underestimated or if resources are consistently over or under performing (Trend analysis)
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28
Q

How is the T&T of Capability and Capacity Analysis used in Manage Supply and Demand?

A
  • To study the capability of resources (e.g., skill sets and certifications), match them against the portfolio’s objectives and goals
  • To translate the capability into what capacity is possible to meet the portfolio demands
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29
Q

Why is Portfolio Updates an Output of Manage Supply and Demand?

A

Because
- Portfolio resource allocations and schedules may be updated as a result of supply and demand analysis
- Recommendations may be presented to the governing body to make changes to the portfolio component mix based on resource capabilities

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30
Q

Why is Portfolio Management Plan Updates an Output of Manage Supply and Demand?

A

Because analysis may result in recommendations to update resource management strategies in the portfolio management plan

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31
Q

Why is Portfolio Reports an Output of Manage Supply and Demand?

A

Because the reports help the governing body make informed decisions on resources to best achieve organizational objectives
- Resource utilization or resource efficiency reports (indicate whether resource capacity has been optimally matched against resource demands and highlights areas that need adjustment)
- Burn-down or burn-up charts, funnel charts, bubble charts, histograms (show the execution of the portfolio against the overall budget, strategic plan, or other attribute)
- Other reports (demonstrate the effect of making alternative scenario resource decisions)

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32
Q

Why is Portfolio Roadmap an Input of Manage Portfolio Value?

A

Because it provides a high-level timeline for expected portfolio component delivery

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33
Q

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

A

Because it provides for
- The continual identification and assessment of the value of the portfolio benefits and the impact on the organizational objectives,
- The identification and monitoring of the interdependencies between the benefits being delivered by the various portfolio components
- The analysis of the potential impact of planned portfolio component changes on benefits outcome
- The assignment of responsibilities and accountability for the actual realization of benefits provided by the portfolio components

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34
Q

Why is Portfolio Reports an Input of Manage Portfolio Value?

A

Because it provides information on aggregate portfolio component performance (time, cost, and scope), progress against plans, updated forecasts of expected value to be delivered, and variance reports

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35
Q

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

A
  • To assess criteria and to discern the weight assigned to different benefits and outcomes
  • To ensure benefits are comprehensively and holistically taken into consideration (captured by SWOT analysis)
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36
Q

What are the T&T of Value Scoring and Measurement Analysis used in Manage Portfolio Value?

A
  • Scoring models
  • Cost-Benefit Analysis
  • Comparative Advantage Analysis
  • Progress measurement techniques
  • Value measurement techniques
  • Portfolio Efficient Frontier
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37
Q

How is the T&T of Benefits Realization Analysis used in Manage Portfolio Value (to increase the achievement of planned benefits)?

A
  • Results chain: To identify the specific contributions that each portfolio component makes to the overall portfolio value and to show gaps and overlaps that need to be addressed to more effectively or efficiently realize planned benefits
  • Outcome probability analysis: To estimate the potential portfolio outcomes with respect to success criteria, listing the possible values of the corresponding performance indicators with their associated confidence levels
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38
Q

How is the T&T of Benefits Realization Analysis used in Manage Portfolio Value (to visualize and aid the management of portfolio benefits)?

A

Graphical methods such as charts showing planned
vs. actual targets

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39
Q

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

A

Because it may be updated to identify new reporting, new measures, other processes, changes in roles and responsibilities for managing the portfolio

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40
Q

Why is Portfolio Reports an Output of Manage Portfolio Value?

A

Because they provide information about the performance, forecasts of the portfolio, variances, analysis of the variances, and recommendations to be considered by the governing body

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41
Q

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

A

Because
- Lessons learned may be captured
- It may be needed to update best practice descriptions, training guides, and educational documentation and standards for policy, process, procedures, or tools for managing value

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42
Q

What should be monitor by metrics (developed by Elicitation Techniques) in Develop Portfolio Performance Management Plan?

A
  • strategic goal achievement
  • financial contribution
  • stakeholder satisfaction
  • risk profile
  • resource utilization
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43
Q

How does the Manage Portfolio Value help the Optimize Portfolio and Authorize Portfolio?

A

It ensures portfolio components and their benefits can be easily compared to one another based on carefully selected, consistently applied value criteria

44
Q

Sample of value criteria used in managing portfolio value

A
  • Strategic alignment
  • Customer satisfaction
  • Financial return
  • Asset usage efficiency
  • Mandated compliance
  • Organizational process improvement
45
Q

What should a portfolio manager should do with benefits to help with comparing components?

A

Categorize and Prioritize them

46
Q

How is (Value Scoring and Measurement Analysis) Scoring model used in Manage Portfolio Value

A

To consistently document and assess financially intangible portfolio benefits
* All criteria in the benefits scoring model should relate to organizational priorities
* When conditions change, an updated analysis may show a need to revise criteria weights

47
Q

How is (Value Scoring and Measurement Analysis) Cost-Benefit Analysis used in Manage Portfolio Value

A
  • To define the benefits that will be provided by the portfolio and compare it to the costs of the portfolio (NPV, ROI)
  • Benefits may be financial (increased profits) or nonfinancial (increased market share, a new capability)
48
Q

How is (Value Scoring and Measurement Analysis) Comparative Advantage Analysis used in Manage Portfolio Value

A
  • To consider how the portfolio component and its intended benefits could be achieved by various options, including resource capability and capacity mix
  • To consider how the portfolio strategic objective could be achieved by various options
  • To compare against competing efforts residing within or external to the organization
49
Q

How is (Value Scoring and Measurement Analysis) Progress measurement techniques used in Manage Portfolio Value

A

To measure earned value at portfolio level

50
Q

How is (Value Scoring and Measurement Analysis) Value measurement techniques used in Manage Portfolio Value

A

To measure and report portfolio performance against Performance indicators defined based on assessed value

51
Q

How is (Value Scoring and Measurement Analysis) Portfolio Efficient Frontier used in Manage Portfolio Value

A

To optimize portfolios given the resource constraints (The portfolio, is referred to as “efficient” if it has the best possible expected level of return for its level of risk usually proxied by the standard deviation of the portfolio’s return)

52
Q

Strategy that allow for the same portfolio expected return with reduced risk

A

Diversification

53
Q

Type of Capability and Capacity Analysis used in Develop Portfolio Performance Management Plan?

A
  • Resource types
  • Resource schedules
  • What-if scenarios
  • Finite capacity planning and reporting
  • Resource management tools
54
Q

How is (Capability and Capacity Analysis) Resource types used in Develop Portfolio Performance Management Plan?

A

To identify financial, human resources, physical/intellectual assets, and knowledge bases.

55
Q

How is (Capability and Capacity Analysis) Resource schedules used in Develop Portfolio Performance Management Plan?

A

To visualize using histograms combining and detailing forecasts and ongoing resource supply and demand.

56
Q

How is (Capability and Capacity Analysis) What-if scenarios used in Develop Portfolio Performance Management Plan?

A

To track impacts of portfolio optimization decisions on resource capacity.

57
Q

How is (Capability and Capacity Analysis) Finite capacity planning and reporting used in Develop Portfolio Performance Management Plan?

A
  • To indicate resource bottlenecks and under and over allocations based on upon agreed priorities
  • To perform resource leveling across portfolio components.
58
Q

How is (Capability and Capacity Analysis) Resource management tools used in Develop Portfolio Performance Management Plan?

A

To quickly and easily identify the resource capability and capacity

59
Q

What is the objective of portfolio management

A

To determine the optimal mix and sequencing of proposed projects
to best achieve the organizational strategy and objectives

60
Q

Focus of Portfolio performance management?

A
  • Planning, measurement, and monitoring of the portfolio’s organizational value through achievement against the strategic goals
  • Managing the sourcing of key resources such as finance, assets, and human resources to ensure optimal returns
61
Q

How can Organizations enhance the alignment between strategy and execution?

A

Strengthening organizational enablers such as structural, cultural, technological, and human resource practices

62
Q

Examples of the (Performance metrics) quantitative measures

A
  • Increases in revenue attributable to the portfolio,
  • Decreases in cost attributable to the portfolio,
  • Change in net present value (NPV) of the portfolio,
  • Return on investment (ROI) of the portfolio,
  • Internal rate of return (IRR) of the portfolio, and
  • Percentage by which cycle times are reduced due to the portfolio
63
Q

Examples of the intangible, qualitative measures

A
  • Degree of strategic alignment,
  • Degree to which portfolio and organizational risks have been adequately managed by undertaking the portfolio components,
  • Recognition of legal and regulatory compliance, and
  • Sustainability and corporate responsibility.
64
Q

Typical attributes of projects that are collected and analyzed?

A
  • Total expected cost
  • Consumption of scarce resources (human, financial, or material
  • Expected timeline and schedule of investment
  • Magnitude and timing of benefits to be realized
  • Relationship/interdependencies with other components in the portfolio
65
Q

Portfolio progress communicating tool

A
  • dashboard
  • variance reports
  • benefits realization reports
  • resource utilization reports
66
Q

What are involved in Portfolio Performance Management Planning?

A
  • Portfolio performance planning
  • Resource management planning
  • Portfolio value planning
  • Portfolio reporting
67
Q

What is Performance planning?

A
  • Reviewing the portfolio goals set in the portfolio strategic plan, and the objectives set to reach these goals
  • Establishing disciplines of measuring and analyzing progress against goals to determine if changes to the objectives, strategies, metrics, or to the portfolio component mix need to be made
68
Q

What are the factors of Recommendations for changes regarding portfolio performance management

A
  • Performance
  • Changes in resource capability or capacity (constraints)
  • Benefits realization
  • Assumptions, dependencies, or risks
69
Q

What is Portfolio Resource Planning?

A
  • Determines how resource capacity will be managed in relation to resource utilization and changing demands to ensure that the mix of portfolio components generates maximum value
  • Sets parameters and acceptable ranges for resource capacity utilization
70
Q

Parameters for resource capacity utilization

A
  • Insourcing vs. Outsourcing: Deciding whether to use internal or external resources.
  • Funding Levels: Based on financial leverage.
  • Risk Exposure Policies: Guidelines for acceptable risk levels
71
Q

What is Portfolio Value Planning?

A

Define how the realization of benefits associated with the portfolio components are tracked and optimized for maximum organization value

72
Q

Sample of Organization values

A

economic value & non-economic value
* revenue growth
* increased operating margins
* employee or customer satisfaction
* contribution to the community
* enhancement or protection of reputation
* branding, integrity of the organization’s products or services
* protection of environmental resources

73
Q

Focuses of Portfolio reporting

A
  • Providing metrics to determine whether the portfolio is meeting the organizational strategy and objectives, enabling the portfolio sponsors to quickly understand the status of the portfolio’s progress in achieving the expected benefits
  • Providing those responsible for executing portfolio components with meaningful information on the status of the respective portfolio components in the context of other components and the overall portfolio to optimize resource utilization against organizational priorities
74
Q

Key Activities of Manage Supply and Demand process?

A
  • Identifying Resource Demand
  • Mapping Demand to Supply (aggregated inventory of resources and capabilities)
75
Q

Approaches to Balancing Supply and Demand?

A
  • Unlimited Resources Approach (as in projectized organizations)
  • Resource-Constrained Approach (as in functional or matrix organizations)
76
Q

What requires for allocating resources to minimize both unused capacity and unmet demand (Managing Supply and Demand)

A

Diligent, iterative resource management and optimization processes

77
Q

What is the master schedule of resource
allocation used for?

A

To consolidate and plan resource demands across the portfolio

78
Q

Factor in functional/maxtrix organizations impact on the availability of resources for work managed within the portfolio

A

Fluctuations in operational workload

79
Q

Type of resources

A
  • Funds: Financial resources available for portfolio components.
  • Human Resources: Key personnel required to execute projects and programs.
  • Tangible Assets: Physical equipment and facilities.
  • Intangible Assets: Knowledge, intellectual property, and organizational capabilities.
80
Q

Complexity of Resource Supplies

A
  • The capability and productivity of human resources can vary widely even with similar training and experience.
  • Labor rates and costs can differ based on skill set, experience, industry, and location.
  • Resources can be sourced through hiring, contracting, purchasing, or leasing
81
Q

What is required for managing Bottleneck Resources

A

Continuous management is required to handle the demand for bottleneck resources

82
Q

How to improve accurracy of determining demand for resources across a portfolio

A

Review resource requirements as portfolio components are
selected and planned

83
Q

What is soft booking?

A

Organizations commit resources to portfolio components based on the expected end dates of active projects

84
Q

What can impact soft booking?

A

Unexpected delays or unrecognized dependencies can cause resource availability issues.

85
Q

What is soft booking purpose?

A

To maximize the use of resources

86
Q

What do Ongoing Monitoring and Reprioritization mean?

A
  • Resource utilization and changing requirements are analyzed to ensure resources are allocated effectively.
  • When resources are constrained, organizations may need to reprioritize projects to align with available resources and strategic objectives.
87
Q

Techniques for Managing Resources regarding Quantitative and Qualitative Analysis results in Manage Supply and Demand?

A
  • Resource Leveling
  • Project Sequencing
88
Q

Action based on Quantitative and Qualitative Analysis results in Manage Supply and Demand?

A
  • Demand-Driven Actions: Adjusting resource supply to meet the demand, which may include hiring temporary or permanent staff.
  • Supply-Driven Actions: Managing project demand by sequencing project work according to resource availability and priority.
  • Combined Approach: Often, organizations will adjust both the resource supply and the project demand to balance and optimize resource utilization effectively.
89
Q

Main Quantitative Analysis techniques (Quantitative and Qualitative Analysis) in Manage Supply and Demand

A
  • Full-Time Equivalents (FTEs): Calculating the number of full-time staff required for different components.
  • Hour Allocation: Determining the number of hours needed for each project.
  • Trend Analysis: Using historical data to identify patterns in resource usage, such as underestimation of resource needs or consistent over/under performance.
90
Q

Main Qualitative Analysis techniques (Quantitative and Qualitative Analysis) in Manage Supply and Demand

A
  • Dependency analysis
  • Review of resource schedules
  • Making changes to improve capacity
91
Q

Typical method of defining and measuring value

A

Value Measurement Framework

92
Q

What can a Value Measurement Framework do?

A

To define and measure value. The framework helps in:
* Organizing the types of value to be created.
* Determining how value will be measured.
* Recognizing both tangible (e.g., financial gains) and intangible (e.g., brand reputation) benefits.

To allow comparison of expected value across different components To support decision-making to authorize components that offer the maximum expected net value (gross benefits minus required investment)

93
Q

Process to measure achieved value in Managing Portfolio Value

A
  • After components are completed and benefits start to be realized, measurements are taken to ensure that the intended benefits are actually gained.
  • Comparing achieved portfolio value against the expected value to ensure the portfolio is aligned with organizational objectives.
  • Helping to verify that value estimates in component proposals were accurate and guides improvements.
  • Improving value measurement framework by lessons learned through execution
94
Q

Where is the component’s expected value and (often intangible) contributions to organizational objectives defined?

A

The component proposals provide initial assessments

95
Q

What can impact the expected value?

A
  • Internal Factors: Changes in scope, schedule, cost, or performance.
  • External Factors: Market conditions, competitor actions, new laws and regulations, and realized risks.
96
Q

How can the expected value change?

A

The expected value of components can change as portfolio components are planned, developed, and executed

97
Q

How does Portfolio Performance Management Plan help manage portfolio performance?

A
  • Describing how and when the portfolio resources will be planned, balanced, and allocated to the portfolio components
  • Describing how the portfolio component progress and resource-related issues and risks are integrated with the resource management activities
  • Describing the steps and measures needed to effectively manage portfolio performance as a whole
  • Describing ways to increase performance levels when performance decreases
  • Describing procedures for capturing lessons learned for future use
98
Q

What does Benefits realization
planning accomplish?

A
  • Ensures benefits are clearly defined for stakeholders.
  • Documents benefits for easy measurement and evaluation.
  • Allows governing bodies to evaluate net benefits to prioritize portfolio efforts.
99
Q

How are the KPIs developed and approved in Develop Performance Management Plan?

A
  • The performance planning team works with governing bodies to provide templates and examples for establishing performance measures and targets
  • The governance team works with the executives to establish and approve these measures and targets
100
Q

What is purpose of KPIs

A

To report whether a particular portfolio is progressing as expected and the results are in line with what the organization expected

101
Q

Type of indicators included in Portfolio Performance Management Plan?

A
  • KPIs
  • Leading indicators
102
Q

Organizational Strategy’s expression

A

Through the organization’s vision and mission, including orientation to markets, competition, and other environmental factors

103
Q

What makes organizational strategy effective

A
  • Providing defined directions for development and growth
  • Providing performance measurement metrics for success
104
Q

Key activities of the Manage Portfolio Value process

A
  • Tracking Value Realization throughout each component’s lifecycle
  • Monitoring Changes to Value
  • Measuring Achieved Value
  • Continuous Improvement to refine the value measurement framework
  • Reporting for strategic decision-making and adjustments to the portfolio as needed
105
Q

Forms of value to consider in Benefits Realization Analysis

A
  • economic value
  • employee value
  • customer value,
  • supplier value
  • channel partner value
  • alliance partner value
  • managerial value
  • societal value
106
Q

How do Portfolio Reports (of Manage Portfolio Value) relate to portfolio budget planning?

A

If there are savings forecasted in the components, these reports may be used as a source of information for adjusting the subsequent year’s budget.

PfMP (14 decks)

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