Concepts
Portfolio Management Professional (PfMP) is a certification that validates an individual’s expertise in managing portfolios of programs and projects to achieve strategic goals and objectives. In order to successfully evaluate organizational strategic goals and objectives, PfMP professionals utilize various techniques such as document reviews, interviewing, and other information gathering methods.
Document Reviews
Document reviews play a crucial role in understanding an organization’s strategic priorities. By analyzing documents such as strategic plans, annual reports, and project charters, PfMP professionals can gain insights into the organization’s goals, objectives, and key initiatives. For example, a PfMP professional may review a company’s strategic plan to identify key performance indicators (KPIs) related to portfolio management, such as project success rates, resource utilization, and alignment with organizational goals.
Interviews
In addition to document reviews, interviewing key stakeholders is another important technique for evaluating organizational strategic goals and objectives. By conducting interviews with executives, project managers, and other relevant personnel, PfMP professionals can gather valuable information about the organization’s priorities, challenges, and opportunities. For instance, a PfMP professional may interview the CEO to understand the organization’s long-term strategic goals and how portfolio management can support them.
Information Gathering Techniques
Furthermore, PfMP professionals may use other information gathering techniques such as surveys, focus groups, and benchmarking to assess the alignment of organizational strategic goals with portfolio management practices. For example, a PfMP professional may distribute a survey to project managers to collect data on their perceptions of the organization’s strategic priorities and the effectiveness of current portfolio management processes.
Conclusion
Overall, by leveraging document reviews, interviewing, and other information gathering techniques, PfMP professionals can gain a comprehensive understanding of an organization’s strategic goals and objectives. This knowledge enables them to develop and implement portfolio management strategies that align with the organization’s priorities, ultimately driving successful outcomes and maximizing value for stakeholders.
Technique | Description |
---|---|
Document Reviews | Analyzing strategic plans, annual reports, and project charters |
Interviews | Conducting interviews with key stakeholders to gather insights |
Surveys | Collecting data on stakeholders’ perceptions and opinions |
Focus Groups | Facilitating group discussions to gain in-depth insights |
Benchmarking | Comparing organizational practices with industry standards |
Answer the Questions in Comment Section
The first step in evaluating organizational strategic goals is to observe the company’s daily operations.
- a) True
- b) False
Answer: b) False
Explanation: While observing operations can provide important insights, it is not the first step in evaluating strategic goals and objectives. The first steps typically involve document reviews, interviews, and other forms of information gathering.
Interviewing can be used as a technique to understand a company’s strategic priorities.
- a) True
- b) False
Answer: a) True
Explanation: Interviewing is a vital piece of information-gathering as it allows us to understand the perspectives and priorities of key stakeholders.
Document reviews only involve looking at a company’s previous performance reviews.
- a) True
- b) False
Answer: b) False
Explanation: Document reviews can include a variety of materials, such as strategic plans, reports, policies, procedures, and more—not just performance reviews.
It is not necessary to use multiple information gathering techniques when evaluating an organization’s strategic goals and objectives.
- a) True
- b) False
Answer: b) False
Explanation: Utilizing multiple techniques provides a more comprehensive and accurate view of the organization’s strategic goals and objectives
What is typically the first step taken when evaluating an organization’s strategic objectives?
- a) Analyzing financial reports
- b) Interviewing top management
- c) Writing a mission statement
- d) Document reviews
Answer: d) Document reviews
Explanation: As part of understanding strategic objectives, document reviews, which can include various important documents related to planning and reporting, often form the initial step.
Can the outcomes of interviews be naively accepted in the process of gathering information for understanding strategic priorities?
- a) True
- b) False
Answer: b) False
Explanation: The outcomes of interviews should be carefully evaluated and corroborated with other data before being accepted, preventing any misunderstandings or biases.
Organizational strategic objectives can be evaluated without understanding the strategic priorities.
- a) True
- b) False
Answer: b) False
Explanation: A clear understanding of strategic priorities is essential to effectively evaluate an organization’s strategic objectives.
Surveys are generally an ineffective information gathering technique when trying to understand a company’s strategic priorities.
- a) True
- b) False
Answer: b) False
Explanation: Surveys can offer valuable insights if designed and implemented effectively. It can be a way of gathering responses from a wide audience within the organization.
The success of an organizational strategic goal can be measured purely by financial success.
- a) True
- b) False
Answer: b) False
Explanation: While financial metrics are important, they are not the only measures of success. Other factors like customer satisfaction, employee engagement, operational efficiency, etc., can also be indicators of the success of a strategic goal.
Portfolio Management Professional (PfMP) certification exam includes questions on evaluating organizational strategic goals and objectives.
- a) True
- b) False
Answer: a) True
Explanation: The PfMP exam does cover the evaluation of organizational strategic goals and objectives, as these are fundamental components of portfolio management.
This blog post is a great reminder of the importance of understanding an organization’s strategic goals and objectives through different information gathering techniques. Thanks!
I completely agree. Document reviews can uncover hidden aspects of strategic priorities that interviews might miss.
Thanks for the insightful post!
In my experience, combining interviews with document reviews creates a more comprehensive understanding of strategic priorities.
Interesting perspective. I find focus groups are also effective for exploring strategic priorities.
Appreciate the post!
A well-conducted SWOT analysis during document reviews can illuminate the strategic priorities clearly.
Integration of various information-gathering techniques often leads to better strategic alignment.