PMI® PfBOK® 3 Guide - Glossary (EN)
The Standard for Portfolio Management 3rd Edition (a.k.a. PfMBOK)
Terms in this set (99)
Aligning Processes [Process Group]
A Process Group to optimize the portfolio and manage strategic change, supply and demand, portfolio value, portfolio information, and portfolio risks.
The process of approving, funding, and communicating the authorization for initiating work on a component included in a "balanced portfolio."
Authorize Portfolio [Process]
Process of allocating resources to execute selected portfolio components and to formally communicate portfolio-balancing decisions.
Authorizing and Controlling Processes [Process Group]
A Process Group to authorize portfolio components and provide ongoing portfolio oversight.
Benefit Realization Analysis [Technique]
A technique to analyze portfolio component achievement of planned benefits.
Capability and Capacity Analysis [Technique]
A technique performed to understand the human, financial, and asset capacity and capability of the organization in order to select, fund, and execute portfolio components.
Categorization of Components [Technique]
A technique to group portfolio components based on criteria.
A predetermined key description used to group potential and authorized components to facilitate further decision making. Categories are linked to components with a common set of strategic goals.
Communication Methods [Tool]
Tools that share and distribute information among portfolio stakeholders, such as email, video conferencing, web portals, etc.
Communication Requirements Analysis [Technique]
A technique to determine the information needs of portfolio stakeholders and define the information type and format for delivery to stakeholders.
A discrete element of a portfolio that is a program, project, or other work.
A recommendation or plan, business case, or feasibility study, developed by stakeholders or sponsors, to introduce or change a portfolio component or components.
Cost/Benefit Analysis [Technique]
A technique that weighs expected costs against expected financial and nonfinancial benefits (value) to determine the best (according to relevant criteria) course of action.
Define Portfolio [Process]
Process of creating an up-to-date list of qualified components and organizing them into relevant business groups to which a common set of decision filters and criteria can be applied for evaluation, selection, prioritization, and balancing.
Define Portfolio Roadmap [Process]
Process of defining the high-level portfolio components, multi-year milestones, and interdependencies.
Defining Processes [Process Group]
A Process Group to develop the portfolio strategic plan, charter, and the portfolio management plan and to define the portfolio and portfolio roadmap.
Develop Portfolio Charter [Process]
Process of developing the Portfolio Charter to authorize the portfolio manager to develop portfolio management processes that supports the portfolio.
Develop Portfolio Communication Management Plan [Process]
Process of developing the portfolio communication management plan, a subsidiary plan of the portfolio management plan, including engaging stakeholders and analyzing how the information and communications needs of the portfolio stakeholders will be met.
Develop Portfolio Management Plan [Process]
Process of defining the overall portfolio management, including subsidiary plans for portfolio communication, performance, and risk.
Develop Portfolio Performance Plan [Process]
Process of developing the portfolio performance management plan, a subsidiary plan of the portfolio management plan, including how portfolio value is defined and optimized through portfolio component allocation, targets, and results.
Develop Portfolio Risk Management Plan [Process]
Process of developing the portfolio risk management plan, a subsidiary plan of the portfolio management plan, including methods for managing and reporting risks.
Develop Portfolio Strategic Plan [Process]
Process of analyzing and developing the portfolio strategic plan to determine how the organizational strategy and goals will be carried out through the portfolio management processes.
Elicitation Techniques [Technique]
Techniques to gather requirements for portfolio planning.
Enterprise Environmental Factors [Output/Input]
Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio.
The process of scoring specific potential components using key indicators and their related weighted criteria for comparison purpose for further decision making.
Gap Analysis [Technique]
A technique to evaluate the current portfolio mix of components and determine changes needed so components may be added, changed, or terminated to rebalance the portfolio.
Governance Decisions [Output/Input]
Portfolio governing body decisions based on portfolio performance, component proposals, and risks as well as capability and capacity of resources, funding allocations, and future investment requirements.
Governance Recommendations [Output/Input]
Portfolio governing body recommendations based on portfolio performance, component proposals, and risks as well as capability and capacity of resources, funding allocations, and future investment requirements.
Graphical Analytical Methods [Tool]
Tools such as risk versus return charts, histograms, pie charts, and other methods to visualize portfolio information.
Identification of Components [Technique]
A technique to identify the portfolio components from an inventory of work or proposed components based on prioritization, objectives, expected benefits, and performance criteria.
Integration of Portfolio Management Plans [Technique]
A technique to align subsidiary portfolio plans with the portfolio management plan to ensure consistency.
Interdependency Analysis [Technique]
A technique to identify dependencies between portfolios, portfolio components, or with external elements.
Inventory of Work [Output/Input]
A list of active work that may be potential portfolio components and a starting point to develop a portfolio.
Investment Choice Assessment [Technique]
Technique to align the portfolio based on new and changing strategic objectives, evaluate responses to threats and opportunities, and indicate portfolio investment gaps.
Predetermined measures, values, or conditions used in a scoring model to measure alignment with strategic goals.
A set of characteristics used to categorize and document a portfolio component for further decision making.
Manage Portfolio Information [Process]
Process of collecting, distributing, and ensuring required information available to portfolio stakeholders in a timely manner.
Manage Portfolio Risks [Process]
Process of assessing and combining the probability of occurrence and impact of identified risks; numerically analyzing the overall effect of selected risks on the portfolio; and prioritizing risks for subsequent further analysis or action.
Manage Portfolio Value [Process]
Process of identifying and managing how organizational benefits and value are defined and optimized through portfolio component allocation, targets, and results.
Manage Strategic Change [Process]
Process of responding to changes in organizational strategy and environment to assess impacting the portfolio and enable changes, including rebalancing and other portfolio changes.
Manage Supply and Demand [Process]
Process of identifying financial, human, and other resource availability and capability requirements; mapping against organizational and portfolio constraints and demands; and allocating resources according to portfolio allocation decisions.
Modeling and Analysis Tools [Tool]
Tools to measure risk and include probability (likelihood) and impact (consequences).
A component that is being added to an existing project portfolio.
Optimize Portfolio [Process]
Process of assessing the portfolio components based on the organization's selection and ranking processes in order to create the component mix with the greatest potential to collectively support the organization's strategy and goals.
The process by which an organization directs and controls its operational and strategic activities, and by which the organization responds to the legitimate rights, expectations, and desires of its stakeholders.
Organizational Process Assets [Output/Input]
Plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization.
Organizational Strategy and Objectives [Output/Input]
An organizational document that contains the mission and vision statements as well as goals, objectives, and strategies intended to achieve the vision.
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program.
Planning Sessions [Technique]
A technique to structure collaboration for planning portfolio activities such as to define and manage risks.
Projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives.
Portfolio Authorization [Technique]
A technique to formally authorize portfolio components, allocate funding, and assign resources.
The process of optimizing the mix of portfolio components to further the strategic objectives of the organization.
Portfolio Charter [Output/Input]
The document issued by the portfolio sponsor that formally authorizes the existence of a portfolio and provides the portfolio manager with the authority to apply portfolio resources to portfolio activities.
Portfolio Communication Management [Knowledge Area]
A Knowledge Area that includes the processes required to develop the portfolio communication management plan and manage portfolio information.
Portfolio Communication Management Plan
A subsidiary plan or component of the portfolio management plan that defines all communication needs, establishes communication requirements, specifies frequency, and identifies recipients for information associated with the portfolio management process.
Portfolio Component Reports [Output/Input]
Status reports from the portfolio's program and project managers.
Portfolio Governance Management [Knowledge Area]
A Knowledge Area that includes the processes to develop the portfolio management plan; define, optimize, and authorize the portfolio; and provide ongoing portfolio oversight.
The centralized management of one or more portfolios to achieve strategic objectives.
Portfolio Management Information System [Tool]
A tool, manual or automated, for information collection and distribution to support the portfolio management processes.
Portfolio Management Plan
A formal, approved document that defines how the portfolio will be executed, monitored, and controlled to meet organizational strategy and objectives.
Portfolio Organizational Structure Analysis [Technique]
A technique to determine the portfolio management organizational structure and determine roles and responsibilities.
Portfolio Performance Management [Knowledge Area]
A Knowledge Area that includes the processes to develop the portfolio performance management plan, manage supply and demand, and portfolio value.
Portfolio Performance Management Plan
A subsidiary plan or component of the portfolio management plan that describes performance measures, reporting (on scope, cost, schedule, and resources), resource optimization, and benefits realization.
Portfolio Periodic Reporting and Review
The process of reporting on the portfolio components as a whole using key indicators and reviewing the performance of the component mix by comparing actual with anticipated evolution, value, risk level, spending, and strategic alignment.
Portfolio Process Assets [Output/Input]
Portfolio plans, processes, policies, procedures, and knowledge bases used by the portfolio manager and stakeholders.
Portfolio Reports [Output/Input]
Reports that provide information on performance, risks, resources, and governance decisions.
Portfolio Review Meetings [Technique]
A technique used by portfolio governance bodies to review the portfolio status and to make portfolio decisions.
An uncertain event, set of events, or conditions that, if they occur, have one or more effects, either positive or negative, on at least one strategic business objective of the portfolio.
Portfolio Risk Management Plan
A subsidiary plan or component of the portfolio management plan that describes how risk management activities will be structured and performed.
Portfolio Risk Management [Knowledge Area]
A Knowledge Area that includes the processes required to develop the portfolio risk management plan and manage portfolio risks.
A document that provides the high-level strategic direction and portfolio information in a chronological fashion for portfolio management and ensures dependencies within the portfolio are established and evaluated.
Portfolio Strategic Plan
A formal, approved document that describes the portfolio vision, objectives, and goals to achieve organizational strategy and objectives.
Portfolio Strategic Management [Knowledge Area]
A Knowledge Area that includes the processes required to develop the portfolio strategic plan, portfolio charter, portfolio roadmap, and manage strategic change.
Prioritization Analysis [Technique]
A technique to compare and rank selected portfolio components, based on their evaluation scores and other management considerations, to ensure alignment with organizational strategy and objectives.
Probability and Impact Matrix
A grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs.
A group of related projects, subprograms, and program activities that are managed in a coordinated way to obtain benefits not available from managing them individually.
The application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing projects individually.
A temporary endeavor undertaken to create a unique product, service, or result.
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Provide Portfolio Oversight [Process]
Process of providing governance in identifying, documenting, authorizing, and controlling changes to the project portfolio.
Quantitative and Qualitative Analysis [Technique]
Techniques that include analyses to optimize the portfolio, such as scenario analysis, probability analysis, and cost/benefit analysis.
Readiness Assessment [Tool]
A tool to assess stakeholders' willingness and ability to implement portfolio-related changes.
Rebalancing Assessments [Tool]
A tool to assess the portfolio and consider rebalancing portfolio components, resource requirements, and the portfolio budget to realign the portfolio risks.
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs.
A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.
A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a threat.
Risk Reviews [Technique]
A technique to evaluate existing risks and identify new risks.
A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response.
Scenario Analysis [Technique]
A technique to evaluate scenarios in order to predict their effect on portfolio objectives.
A set of weighted criteria and corresponding key indicators to measure and score components for comparison and prioritization purposes.
An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio.
Stakeholder Analysis [Technique]
A technique to identify stakeholders by individual or group and determine their concerns, interests, influence, expectations, and requirements.
Strategic Alignment Analysis [Technique]
A technique that focuses on new or changing strategic objectives and goals to determine portfolio gaps.
Any change in the strategic intentions and plans of the organization that can impact the contents of component definition, categories, filters, key indicators, and other decision-making parameters used for portfolio management.
A high-level document that explains the organization's vision and mission, plus the approach that will be adopted to achieve this mission and vision, including the specific goals and objectives to be achieved during the period covered by the document.
Strategy and Objectives
The definition of an organization's intended achievements in terms of business results interpreted from various perspectives - financial, customer, infrastructure, products and services, or by cultural outcomes that are measurable.
A collection of components which includes programs, projects, portfolios, and other work grouped together within a larger portfolio.
Weighted Ranking and Scoring Techniques [Technique]
Techniques using a multiplication factor to rank and score portfolio components to convey the importance of criteria used.
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