PfMP Timed Practice Test 1 — 10 Questions

Question 1

You are assessing the 'aggregate risk exposure' of a portfolio. What is the most critical factor to consider?

Accepted Answer

The dependencies and correlations between portfolio risks.. Interdependencies and correlations are the key factors that differentiate aggregate risk from the sum of parts.

Answer

The total budget allocated to the project office.

Answer

The average experience level of the project managers.

Answer

The number of projects currently active.

Question 2

Which THREE are key elements of a portfolio risk management culture?

Accepted Answer

Accountability for risks.. Transparency, accountability, and proactive communication are essential for a healthy risk culture.

Answer

Hiding all risks until the end of the year.

Answer

Blaming staff for project delays.

Question 3

Which document serves as the foundation for portfolio governance?

Accepted Answer

Portfolio Charter. The Portfolio Charter establishes the authority and parameters for the entire portfolio.

Answer

Governance Review Report

Answer

Portfolio Strategic Plan

Answer

Project Management Plan

Question 4

A portfolio manager discovers that a major program is exceeding its budget due to scope creep. What should be done to restore portfolio performance?

Accepted Answer

Invoke the portfolio change control process to assess the impact on portfolio value.. The portfolio manager must use change control processes to manage scope and impact to the overall portfolio budget.

Answer

Suspend the program until the end of the fiscal year.

Answer

Approve the budget increase to prevent project failure.

Answer

Reduce the budgets of other programs to accommodate this one.

Question 5

Portfolio performance reporting should occur at what level of granularity for the executive steering committee?

Accepted Answer

Summary-level status on strategic goals and financial health.. Executives need summarized, high-level reporting on strategic objectives rather than granular project task data.

Answer

Resource utilization rates per employee.

Answer

Individual task-level completion status.

Answer

Detailed project risk registers.

Question 6

A portfolio manager notices that the portfolio roadmap and the actual execution are misaligned. What is the first thing to verify?

Accepted Answer

Review the Portfolio Strategic Plan and the current Portfolio Charter for any strategic shifts.. Before changing the roadmap, verify if the execution failure is a tactical issue or if the strategy has shifted.

Answer

Replace the project managers.

Answer

Update the roadmap immediately to reflect current status.

Answer

Increase the portfolio budget to get projects back on track.

Question 7

If a portfolio component fails its governance review, what is the most appropriate action?

Accepted Answer

Assess the impact on the portfolio and determine if the component should be corrected, re-planned, or terminated.. Governance reviews exist to catch issues early. Depending on the severity, the component must be corrected or terminated to protect portfolio value.

Answer

Ask the project manager to improve the report format.

Answer

Terminate the project immediately.

Answer

Continue the project as it is already underway.

Question 8

Which TWO documents are essential for Portfolio Charter maintenance?

Accepted Answer

Portfolio Performance Reports.. Changes to the charter must be based on the latest strategic direction and the current performance of the portfolio.

Answer

The grocery shopping list for the office breakroom.

Answer

The social media profiles of the project staff.

Answer

The current weather forecast.

Question 9

A component manager asks for authorization for a project that was not in the original roadmap. What should the portfolio manager do?

Accepted Answer

Require the component manager to submit a business case for review against current strategic goals.. Governance requires all new components to be vetted through the portfolio authorization process before being added to the roadmap.

Answer

Add it to the roadmap and inform the governance committee later.

Answer

Approve it if the project has sufficient budget.

Answer

Reject the proposal immediately as it is not on the roadmap.

Question 10

During a resource review, you find that one department is consistently over-allocated while another is under-allocated. What is your strategy?

Accepted Answer

Implement cross-departmental resource pooling and leveling.. Cross-departmental resource balancing is a key portfolio management responsibility.

Answer

Force the under-allocated department to take on the other's work without training.

Answer

Let the departments resolve it themselves.

Answer

Cut the projects in the over-allocated department.