PFMP practice question 14 of 35

After a strategic change is managed and finalized, you as a portfolio manager, are expected to document changes to the portfolio components attributes. Which of the following is the document in which you document these changes?

Full set: 490 questions
Answer options
A: Portfolio Strategic Plan updates
B: Portfolio updates Correct answer
C: Portfolio Management Plan updates
D: Portfolio Process Assets updates
Correct Answer:
B. Portfolio updates
Explanation

When a strategic change occurs, the attributes of the portfolio components (e.g., budget, schedule, scope, strategic alignment) may be altered. These changes to the state and characteristics of the components are documented as "Portfolio updates." This output reflects the current status and composition of the portfolio. The Portfolio Management Plan describes how to manage, while the Portfolio Strategic Plan sets direction; neither is the repository for the current attributes of individual components.

Why Incorrect

A. Portfolio Strategic Plan updates: This plan contains high-level strategic goals and objectives, not the detailed, operational attributes of individual components.
C. Portfolio Management Plan updates: This plan details the processes and procedures for managing the portfolio, not the real-time data or status of its components.
D. Portfolio Process Assets updates: These are templates, lessons learned, and organizational knowledge bases, not the live data reflecting the current state of portfolio components.

References

1. Project Management Institute. (2013). The Standard for Portfolio Management (3rd ed.). Section 3.4, Manage Strategic Change, p. 41. (Figure 3-1 explicitly lists "Portfolio updates" as an output of this process).

2. Project Management Institute. (2017). The Standard for Portfolio Management (4th ed.). Section 3.0, Portfolio Management Process Groups, p. 26. (Figure 3-1 shows that Executing processes produce updates to the portfolio itself).

3. Project Management Institute. (2017). The Standard for Portfolio Management (4th ed.). Glossary, p. 142. (Defines Portfolio as "Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives." Updates to this are updates to the components).

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