Portfolio Management Professional (PFMP) : Examination Content Outline
Portfolio Management Professional (PFMP) : Examination Content Outline
Portfolio Management Professional (PFMP) : Examination Content Outline
Professional (PfMP)®
E X A M I N AT I O N CO N T E N T O U T L I N E
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TABLE OF CONTENTS
Introduction ........................................................................................................................................... 1
Portfolio Management Examination Content Outline .......................................................................... 3
Domains and Tasks ............................................................................................................................... 4
Domain 1: Strategic Alignment ........................................................................................................ 4
Domain 2: Governance ..................................................................................................................... 5
Domain 3: Portfolio Performance ..................................................................................................... 6
Domain 4: Portfolio Risk Management ............................................................................................ 7
Domain 5: Communications Management ....................................................................................... 8
Knowledge and Skills ........................................................................................................................... 9
Appendix A: Role Delineation Study (RDS) Process......................................................................... 11
Defining the Responsibilities .......................................................................................................... 11
Validating the Responsibilities Identified by the Panelists............................................................. 11
Developing a Plan for the Test........................................................................................................ 11
INTRODUCTION
The Project Management Institute (PMI)® offers a professional credential for portfolio management
professionals, known as the Portfolio Management Professional (PfMP)®. PMI’s professional
credentialing examination development processes stand apart from other project management
certification examination development practices. PMI aligns its process with certification industry best
practices, such as those found in the Standards for Educational and Psychological Testing.
A key component of this process is that organizations wishing to offer valid and reliable professional
credentialing examinations are directed to use a role delineation study (RDS) as the basis for the creation
of the examination. This process utilizes knowledge and task driven guidelines to assess the
practitioner’s competence, and determine the level of salience, criticality, and frequency of each of the
knowledge, tasks, and skills required to perform to the industry-wide standard in the role of a portfolio
manager.
The role delineation study ensures the validity of an examination. Validation assures the outcome of
the exam is in fact measuring and evaluating appropriately the specific knowledge and skills required to
function as a portfolio management professional. Thus, the role delineation study guarantees that each
examination validly measures all elements of the portfolio management profession in terms of real
settings.
PfMP® credential holders can be confident that their professional credential has been developed
according to the best practices of test development and based upon input from the practitioners who
establish those standards. Please see Appendix A for a detailed description of the process.
The PfMP examination is a vital part of the activities leading to earning a professional credential,
thus it is imperative that the PfMP examination reflect accurately the practices of the portfolio
management professional. All the questions on the examination have been written and extensively
reviewed by qualified portfolio management professionals and are supported by current portfolio
management published references. These questions are mapped against the PfMP Examination Content
Outline to ensure that an appropriate number of questions are in place for a valid examination.
PMI retained Professional Examination Service (ProExam) to develop the global PfMP Examination
Content Outline. Since 1941, ProExam has provided a full range of assessment and advisory services to
organizations across a broad range of professions, in support of professional licensure and certification,
training, and continuing professional education. ProExam is dedicated to promoting the public welfare
through credentialing as a mission-driven, not-for-profit organization.
Finally, while the PfMP Examination Content Outline and the Standard for Portfolio Management
have commonalities, it is important to note that those involved in the study described previously were
not bound by the Standard for Portfolio Management. They were charged with defining the role of
individuals who manage portfolios of projects and programs and align these portfolios to help achieve
organizational strategic objectives, using their experience and pertinent resources to help in this task.
Although many of the domains, tasks, knowledge, and skills outlined by the PfMP Examination
Content Outline are also covered by the Standard for Portfolio Management, there are some that are
unique to the PfMP Examination Content Outline. Candidates studying for the examination will
The following table identifies the proportion of questions from each domain that will appear on the
examination. These percentages are used to determine the number of questions related to each domain
and task that should appear on the multiple-choice format examination.
Governance 20%
Task 3 Rank strategic priorities working with key stakeholders and using qualitative
and quantitative analyses in order to provide a guiding framework to
operationalize the organizational strategic goals and objectives.
Task 7 Determine the impact to portfolio and portfolio components due to changes in
strategic goals and objectives, in order to sustain strategic alignment.
Task 8 Create high level portfolio roadmap working with key stakeholders using
prioritization, interdependency analysis, and organizational constraints in
order to confirm and communicate the portfolio components sequencing,
dependencies, and strategic alignment.
Task 1 Define and establish a governance model including the structure (including
but not limited to steering committees, governance boards), policies, and
decision-making roles, responsibilities, rights and authorities in order to
support effective decision-making and achieve strategic goals.
Task 3 Define and/or modify portfolio processes and procedures including but not
limited to benefits realization planning, information management,
performance, communication, risk management, stakeholder engagement,
resource management, and change management in order to manage the
portfolio efficiently and effectively.
Task 4 Create the portfolio management plan including, but not limited to, roles and
responsibilities, governance model, escalation procedures, risk tolerances,
and governance thresholds, change control and management, key
performance indicators, prioritization model, and communication procedures
using standards, models, and other organizational assets in order to ensure
effective and efficient portfolio management.
Task 1 Initiate the portfolio using the portfolio roadmap and supporting artifacts in
order to authorize the portfolio structure and activate the components.
Task 2 Collect and consolidate key performance metric data, as defined by portfolio
governance and using various techniques, in order to measure the health of
the portfolio.
Task 8 Update and refine existing portfolio road maps, using change analysis in
order to facilitate re-allocation of organizational resources to the portfolio.
Task 9 Measure the aggregated portfolio performance results against the defined
business or strategic goals and objectives in order to demonstrate progress
toward the achievement of business or strategic goals.
Task 1 Determine acceptable level of risk for the portfolio, based on organizational
and stakeholder risk tolerances, in order to provide input to governance.
Task 2 Develop the portfolio risk management plan, using governance risk
guidelines, processes, and procedures and other organizational assets in
order to capitalize on opportunities, and respond to risks.
Task 3 Perform dependency analysis to identify and monitor risks related to the
interdependencies and intradependencies within or across portfolios in order
to support decision-making.
Task 4 Develop, monitor, and maintain portfolio-level risk register, including risks to
strategic goals and objectives, to business value, and escalated from
portfolio components, using risk management processes in order to support
decision making.
Task 2 Create the aggregate communication strategy and plan, including methods,
recipients, vehicles, timelines and frequencies in order to enable effective
communication to stakeholders.
Beginning in 2012, PMI commissioned a global role delineation study (RDS) for the PfMP
credential. The RDS process was led by a steering committee, representing PMI’s Certification
Governance structure. A project task force comprised of portfolio management professionals was
responsible for the conduct of work on the project, with oversight from the steering committee. The task
force had represented global representation and diversity in industry, job position, and experience.
Portfolio managers were also responsible for the independent reviews of the work of the task force and
piloting the information before surveying a larger sample of portfolio managers.
Study participants, working under the direction of the Professional Education Service (ProExam),
reached consensus on the performance domains, a broad category of duties and responsibilities that
define the role, as well as the tasks required for competence performance and the knowledge/skills
needed to perform those tasks.
Results of the study indicated that the 150 scorable questions on the test should be distributed among
the domains as shown in the following table. The remaining 20 questions will be dispersed throughout
the domains as pretest questions and will not count in the candidates’ scores. The pretest items allow
Governance 20%
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