Governance ◾ 39
Answer Sheet
1. a b c d
2. a b c d
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20. a b c d
Governance ◾ 41
Answer Key
1. a. It highlights the need for a centralized and structured Governance
Board and process
By setting up a Portfolio Management Ofce, it then highlights why
a structured governance process and board are needed especially if
none were in existence leading to further benets, discipline, and
understanding of the importance of portfolio management throughout
the organization.
Portfolio Management Standard, p. 18
Task 1 in the ECO in Governance
2. a. Organizational culture
Enterprise environmental factors are internal or external conditions that
are not under the control of those involved with the portfolio, such as
the culture of the organization.
Portfolio Management Standard, p. 89
Task 4 in the ECO in Governance
3. c. Risks and issues
Decisions may be needed concerning risks, both positive and negative,
that may affect the components of the portfolio or issues involving
existing components especially in terms of resource requirements.
Portfolio Management Standard, pp.80–81
Task 1 in the ECO in Governance
4. d. Portfolio risk
The risk tolerance of stakeholders involved in portfolio governance is
taken into account to consider risk toward the achievement of organi-
zational strategy and governance as part of the governance model.
Portfolio Management Standard, p. 62
Task 1 in the ECO in Governance
42 ◾ PfMP® Exam Practice Tests and Study Guide
5. b. Ensure the projected nancial benets are quantiable and delivered
Because the portfolio manager considers nancial goals and objectives
as the portfolio is managed, the nance function is a critical stakeholder
and performs up- front component proposal evaluation, monitors the
portfolio budgets, compares spending with the allocated budget, and
examines realized benets to ensure nancial plan adjustments are made.
Portfolio Management Standard, p. 13
Task 3 in the ECO in Governance
6. b. Portfolio
As an output of the Authorize Portfolio process, the portfolio is updated
with the new components, their resources, funding, and any other rel-
evant information.
Portfolio Management Standard, p. 80
Task 5 in the ECO in Governance
7. c. Clearly identify benets for stakeholders
Stakeholder expectations for portfolio management include the need to
understand the benets of the portfolio, both tangible and intangible, to
ensure their continued support for portfolio management.
Portfolio Management Standard, p. 91
Task 4 in the ECO in Governance
8. d. Open issues
Open issues and portfolio management decisions are examples of
portfolio process assets in that they are current information to establish
portfolio management processes and to dene responsibilities.
Portfolio Management Standard, p. 60
Task 4 in the ECO in Governance
9. c. Method to schedule change activities
Change management is handled through a change structure. It involves
impact analysis, review and approval or disapproval, prioritization, and
scheduling of proposed change actions.
Portfolio Management Standard, p. 63
Task 4 in the ECO in Governance
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