Wednesday, July 16, 2014

What is Portfolio Management Professional (PfMP)® Credential?

This post is for sharing information on Project Management Institute (PMI)’s most recent Portfolio Management Professional (PfMP)SM credential.

PfMP® recognizes the advanced experience and skill of portfolio managers. The PfMP® credential Professional demonstrates proven ability in the coordinated management of one or more portfolios to achieve organizational objectives.

PfMP® credential holders are responsible for the execution of the portfolio management process, communication around portfolio progress, and recommendations for action. Where project and program managers are responsible for “doing work right,” this is an ideal credential if one is responsible for ensuring your organization is “doing the right work.”

Portfolio management is much more than simply managing multiple projects or programs. It is the management of the entire portfolio in a way that maximizes the impact of projects, programs, portfolios and operations to the overall success of the organization. Effective portfolio management aligns a company’s investments, people, and programs with its overall strategic objectives. It is a continual process that integrates business strategy with operational performance to synchronize resources, strategies, and schedules.

Earning PfMP® credential helps one get international recognition as the professional who demonstrates a proven ability to manage and align a portfolio of projects and programs to realize organizational strategy and objectives

PMI recognizes Portfolio Manager to play more strategic role in an Organization, helping translate an organization's business strategy into a portfolio of projects, programs and portfolios' benefits and results, which are delivered by project managers or program managers and their respective teams.

In summary, PfMP® credential, in my opinion, is right for all those who play a very strategic role in their respective Organizations including responsibilities that include but not limited to
• Balancing conflicting demands between programs and projects, allocates resources (e.g., people, funding) based on organizational priorities and capacity, and manages so as to achieve the benefits identified
• Aligning with organizational strategies by selecting the right portfolios, programs or projects, prioritizing the work and providing the needed resources
• Assist in the development of portfolio, program and project process standards and lead the adherence to the processes and standards.
• Responsible for communicating the organization''s ability to execute its prioritized strategic projects and strategic plan and who significantly interacts with cross-functional departments within the company and excellent communication and relationship management.
• Engaging the Review Board leadership team and other leadership teams in the organization to prioritize, select, and resource load strategic projects & programs.