PfMP® exam practice tests and study guide

334 Pages·2014·15.027 MB·English

by  Ginger Levin

Business & Management / Project Management
Pf MP® EXA M
Recognizing the importance of portfolio management, the Project Management Institute (PMI®) has launched
a new certification entitled the Portfolio Management Portfolio Professional (PfMP®). PfMP® Exam Practice
Tests and Study Guide is the most comprehensive resource available to help you prepare for and pass the PfMP®
certification exam. It provides coverage that is current with The Standard for Portfolio Management, Third Edition
PR ACTICE TESTS
and the PfMP® Examination Content Outline (ECO), 2013.
The book consists of five sections, each of which corresponds to one of the five domains described in the ECO. Each
section includes study hints, a list of major topics that may be encountered on the exam, and 20 multiple-choice
practice questions that illustrate the applicable task from the ECO. Each section also includes an answer sheet and STUDY GUIDE
answer key with the rationale for each correct answer and references to the Standard. Supporting references are also and
listed at the end of the book for each of the domains covered on the exam.
Written by Dr. Ginger Levin, co-author of bestselling PMP® and PgMP® study guides, the book includes two
complete practice tests, each consisting of 170 questions that follow the blueprint of the actual PfMP® exam as
described in the ECO. For example—
• 25 percent of the questions relate to Strategic Alignment
• 20 percent relate to Governance
• 25 percent relate to Portfolio Performance
• 15 percent relate to Portfolio Risk Management
• 15 percent relate to Communications Management
The two accompanying online tests feature a proprietary scoring algorithm to help you determine if you are
Proficient, Moderately Proficient, or Below Proficient in each domain. Earning the PfMP® certification is a
prestigious accomplishment. By studying this book and using the practice exams provided, you will significantly
improve your chances of passing the exam, the first time around.
DR. GINGER LEVIN,
PMP, PgMP
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ISBN: 978-1-4822-5100-5
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Pf MP® EXAM
PR ACTICE TESTS
STUDY GUIDE
and
Best Practices and Advances
in Program Management Series
Series Editor
Ginger Levin
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Pf MP® EXAM
PR ACTICE TESTS
STUDY GUIDE
and
DR. GINGER LEVIN, PMP, PgMP
Parts of A Guide to the Project Management Body of Knowledge, 2014, are reprinted with permission of the Project Management Institute, Inc., Four
Campus Boulevard, Newtown Square, Pennsylvania 19073-3299 U.S.A., a worldwide organization advancing the state of the art in project management.
Parts of The Standard for Portfolio Management, 2014, are reprinted with permission of the Project Management Institute, Inc., Four Campus Boulevard,
Newtown Square, Pennsylvania 19073-3299 U.S.A., a worldwide organization advancing the state of the art in project management.
“OPM3” is a trademark of the Project Management Institute, Inc., which is registered in the United States and other nations.
“PfMP” is a certification mark of the Project Management Institute, Inc., which is registered in the United States and other nations.
“PMBOK” is a trademark of the Project Management Institute, Inc., which is registered in the United States and other nations.
“PMI” is a service and trademark of the Project Management Institute, Inc., which is registered in the United States and other nations.
“PMP” is a certification mark of the Project Management Institute, Inc., which is registered in the United States and other nations.
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Contents
Preface ....................................................................................................vii
Acknowledgments ...................................................................................ix
About the Author .....................................................................................xi
Introduction ..........................................................................................xiii
List of Acronyms .................................................................................... xv
Strategic Alignment ............................................................................................1
Governance ......................................................................................................23
Portfolio Performance Management .................................................................47
Portfolio Risk Management ..............................................................................69
Communications Management .........................................................................89
Practice Test 1 ................................................................................................109
Answer Sheet for Practice Test 1 ....................................................................165
Answer Key for Practice Test 1 .......................................................................169
Practice Test 2 ................................................................................................205
Answer Sheet for Practice Test 2 ....................................................................259
Answer Key for Practice Test 2 ......................................................................263
Appendix: Study Matrix Practice Tests ................................................299
Study Matrix—Practice Test 1 .........................................................................301
Study Matrix—Practice Test 2 ........................................................................307
References .............................................................................................313
v

Preface
Based on experience in helping people to prepare for the PMP® and the PgMP®
Exams, we know that you will have questions, such as “What topics are covered
on the exam?” and “What are the questions like?” Not surprisingly, some of the
most sought- after study aids are practice tests, which are helpful in two ways
(1) taking practice tests increases your knowledge of the kinds of questions,
phrases, terminology, and sentence construction that you will encounter on the
real exam; and (2) taking practice tests provides an opportunity for highly con-
centrated study by exposing you to a breadth of portfolio management content
generally not found in a single reference source.
We developed this specialty publication with one simple goal in mind—that
is, to help you study for and pass the PfMP® certification exam. Because the
Project Management Institute (PMI®) does not sell past exams for prospective cer-
tification purposes, the best option is to develop practice test questions that are
as representative as possible. And that is exactly what is in this book.
This book contains study hints, a list of exam topics, and multiple- choice
questions for each of the five domains covered in the PfMP® exam, according
to the Portfolio Management Professional (PfMP®) Examination Content Outline
(2013). We have prepared 20 practice questions in each of these five domains.
We have also included two 170-question representative practice tests.
As has been done in our other Exam Practice Test & Study Guide books,
we have included a plainly written rationale for each correct answer along
with a supporting reference list. Each question also shows the applicable task
from the Examination Content Outline (ECO). References are provided at the
end of this study guide for the five domains covered in the exam: Strategic
Alignment, Governance, Portfolio Performance, Portfolio Risk Management, and
Communications Management.
Many questions are scenario based, as are those on the PfMP® exam. While
some are definition questions, they are often based on a situation.
For those who speak English as a second language (ESL), each question and
answer in the practice tests are written in a way that words, terms, or phrases
that could be confusing to people who are not fluent in English are omitted.
Although the language issue may concern you, and rightfully so, the only dif-
ference between you and those who speak English as their first language is
vii
viii ◾ Preface
the amount of time it takes to complete the exam. If you can grasp the content
expressed in this publication, then we believe that a few colloquialisms or
ambiguous terms on the real exam ultimately will not determine whether you
pass or fail. Your subject matter knowledge will do that.
Earning the PfMP® certification is a prestigious accomplishment, but studying
for it should not be difficult if you use the tools available.
Good luck on the exam!
Dr. Ginger Levin, PMP, PgMP
Lighthouse Point, Florida