Portfolio Management is the process of ensuring that the organization is using its limited resources on the work that is important for the organization rather than investing on low valued work, thereby reducing risks and maximizing the investment returns. Practicing portfolio management in the company confirms that investment is being made in the right direction for the right work. A Portfolio Management Professional (PfMP®) oversees the budget allocation in an organization and the investment is meeting its desired objectives. To apply for a job as Portfolio Manager, a certification in PfMP® is essential. Multisoft Worldwide, a leading training provider of management skills, offer PfMP Certification to experienced Project Managers. The prerequisites for this certification are quite high as it is a very high level project management skill.
Why portfolio Management is Important
It is of great importance to adopt a portfolio management approach to manage the organization’s resources. The benefits are discussed below.
Bettered resource allocation: Most often low value projects exploit the company’s resources and prevent the execution of the valued projects. In order to improve resource distribution the departments should prioritize their own work. This is a small part of the management process. In portfolio management,projects are prioritized as per their importance to the organization. Effective distribution of the manpower, equipment, software, and outsourced workare also managed in the portfolio management.
Decreased uncertainty in work authorization: The portfolio management sets parameters for evaluating the work more consistently. By this comparison departments are bound to do better jobs thus ensuring that the assigned work is valuable and important. Also, it ensures that only high significance work is approved and is properly aligned. Any ambiguities related to work are eased out with this. A portfolio management ensures that the finances are properly balanced among various projects as per their priority.
Enhanced interdepartmental collaboration: To perform a portfolio management the managers of various departments must collaborate with each other. A continuous dialogue among various departments is essential to perform portfolio management, hence it enhances communication. An effective communication is a key to any project’s success.
How to become a Portfolio Manager?
Portfolio Manager is one of the high profile jobs in management domain. It requires a wide range of industry experience. To become a Certified Portfolio Manager a person must possess a secondary degree or diploma along with 7 years of portfolio management experience in past 15 continuous years, or a Bachelor’s degree with minimum 4 years of portfolio management experience in past 15 continuous years. The person should also hold a minimum of 8 years professional business experience. A person fulfilling all these requirements is eligible to attain PfMP Training. Make a challenging and awarding career in Portfolio Management with this credential.