Concepts
Effective communication is essential for successful portfolio management. It ensures that all stakeholders are in sync with the management’s vision, decisions, and actions. The Portfolio Management Professional (PfMP) exam aspirants must understand how to create an aggregate communication strategy and plan which includes methods, recipients, vehicles, timelines, and frequencies.
1. Establishing the Communication Strategy:
The communication strategy is a roadmap for getting the right messages to the right people using the right methods at the right time. It outlines the objectives of communication, the audience, the communication content, and the channel selection.
Implementing an aggregate communication strategy encompasses:
- Understanding Stakeholders: Identify who your stakeholders are. These could include team members, sponsors, project managers, client representatives, and end users. They may have diverse backgrounds, expertise, and levels of influence.
- Defining Communication Objectives: Determine what your communication objectives are. This might include sharing progress updates, discussing issues or risks, soliciting input, or building stakeholder buy-in.
- Crafting the Message: Consider what messages most effectively accomplish your objectives and relate to your stakeholders. The information should be relevant and presented in a way that the stakeholder can easily understand and act on.
- Choosing the Communication Channels: Determine how to most effectively reach your stakeholders. Factors may include their location, preferred method of communication, and the nature of the information being shared.
2. Creating a Communication Plan:
The communication plan outlines when and how the communication will happen. It ensures regular and systematic disseminating of information. It includes:
- Communication Techniques: Different types of communication might include emails, meetings, reports, presentations, or dashboard updates.
- Recipients: Identify the different stakeholders who will receive the communication.
- Frequency: Indicate how often the communication should take place. This could range from daily updates to monthly reports.
- Vehicles: Identify the tools or mediums used for communication. This might include project management software, email, video conferencing tools, or physical documents.
- Timelines: Set clear timelines for when the communication should happen. This is particularly important for meeting deadlines and keeping stakeholders updated on progress.
Here’s an example of a communication plan:
| Communication Technique | Recipients | Frequency | Vehicles | Timelines |
|---|---|---|---|---|
| Status Reports | All stakeholders | Weekly | Every Monday | |
| Progress Presentations | Sponsors, Team Leads | Quarterly | Video Conferencing | End of Every Quarter |
| Risk Updates | Project Manager | As Needed | Project Management Software | Ad Hoc |
3. Monitoring and Adjusting the Communication Strategy:
As the portfolio progresses, be ready to adjust your communication strategy. Collect feedback from the stakeholders, continuously reviewing and modifying the strategy to ensure it’s effective and efficient.
Remember, effective communication reduces misunderstandings, increases stakeholder satisfaction, and greatly contributes to portfolio success. As a PfMP aspirant, the ability to create a sound communication strategy and plan is a critical competence to demonstrate. Preparation in this area will contribute to your success both in the exam and in your professional career.
Answer the Questions in Comment Section
True or False: When creating an aggregate communication strategy, the recipients of the communication must be clearly defined.
- True
- False
Answer: True
Explanation: Communicating effectively with stakeholders requires an explicit understanding of who is receiving the information. Thus, the recipients of the communication must be included in the strategy.
When determining methods of communication, which of the following options could be considered?
- A) In-person meetings
- B) Emails
- C) Phone calls
- D) Website updates
Answer: A, B, C, D
Explanation: Communication methods can utilize diverse channels. The selection depends on the type of information, its urgency and the recipient’s preference or accessibility.
True or False: The aggregate communication strategy and plan should include all project stakeholders.
- True
- False
Answer: True
Explanation: The aggregate communication strategy is aimed at facilitating effective communication to all stakeholders.
What are vehicles in the context of communication strategy?
- A) Modes of transportation
- B) Resources for communication
- C) Stakeholders to communicate with
- D) All of the above
Answer: B
Explanation: In the communication strategy, vehicles refer to the resources or mechanisms used to convey the required information.
The timelines in the communication strategy refer to:
- A) The project’s lifecycle
- B) Deadline of project deliverables
- C) When communication would be done
- D) The duration of the project
Answer: C
Explanation: The timing of communication is crucial in ensuring the information is effectively received and utilized, which is why timelines are included in the communication strategy.
True or False: Frequency of communication is not vital in the communication strategy.
- True
- False
Answer: False
Explanation: How often communication is made is an important factor in ensuring stakeholders are fully involved and informed, hence frequency is important in a communication strategy.
What should be the main focus when creating an aggregate communication strategy?
- A) The project manager’s preference
- B) The stakeholders’ preferences
- C) The project team’s preference
- D) The client’s preference
Answer: B
Explanation: The communication strategy aims to communicate effectively with stakeholders. Thus, their preferences should be the main focus.
True or False: The communication strategy should be flexible to accommodate changes.
- True
- False
Answer: True
Explanation: Flexibility is a key component of an effective communication strategy, stakeholder needs, project state, or other conditions may change.
The communication plan should include:
- A) Who would communicate the information
- B) Who would receive the communication
- C) The method of communication
- D) All of the above
Answer: D
Explanation: A effective communication plan should clearly define the sender, receiver and the means of communication.
True or False: The vehicles of communication could also refer to the interpreters needed if working with a multi-lingual team.
- True
- False
Answer: True
Explanation: In the context of communication strategy, ‘vehicles’ can indeed refer to interpreters as they are the means to accurately deliver a message in a language understood by the receiver.
In the communication strategy, the stakeholders refers to:
- A) The project team
- B) Client
- C) Recipients of the communication
- D) The project manager
Answer: C
Explanation: Stakeholders, in the communication strategy, refers to the intended recipients of the communication messages.
True or False: An effective communication plan should be complex and comprehensive.
- True
- False
Answer: False
Explanation: While a communication plan should be well-structured and detailed, it should not be so complex that it becomes challenging to use and follow. Simplicity, clarity and usability are key aspects of an effective communication plan.
Great post about creating an effective communication strategy for PfMP! It’s essential to have a clear plan in place for stakeholder communication.
Thanks for the detailed information. The section about timelines and frequencies is particularly helpful.
Appreciate the insights! Could you provide more examples on the different communication vehicles that can be used?
The methods you outline are pretty comprehensive. What are some best practices for ensuring recipients actually engage with the communication?
This is a fantastic breakdown! How important is it to keep the timelines flexible?
I’m relatively new to PfMP. How critical is stakeholder communication in the grand scheme of things?
Appreciate the post! Do you have any templates for communication plans?
Constructive criticism: The blog could benefit from more real-world examples to illustrate key points.