Monday, October 09, 2023

20 PMI-PfMP Free Questions and Answers (Part - 1)


The Portfolio Management Professional (PfMP®) is the highest-level certification offered by the Project Management Institute (PMI®). 

In fact, it is an elite certification. Very few have earned this certification.

To earn this certification, you need the right content, material, course of action and above all, high-quality questions, which will test your ability and understanding with respect to portfolio management.  

In this post series, we will have 20 PMI-PfMP questions. These questions are prepared with inputs from successful PfMPs, current portfolio management practitioners, and referring to practices used by portfolio management software tools. 

The Standard(s) for Portfolio Management, the Standard for Risk Management in Portfolios, the PfMP Exam Content Outline (ECO) and certain other key reference books have been primarily referred to prepare the questions.

To answer these questions, you need to have:

  • Solid foundation on Portfolio Management, which is based upon the Standard for Portfolio Management from PMI. 
  • Sound understanding of portfolio management process interactions, across the process groups and knowledge areas. 
  • Absolute clarity on various inputs, tools and techniques (ITTOs) of the various portfolio management processes. 
  • Real-world portfolio management experience.
  • Ability to apply portfolio management theory/concepts in various contexts, scenarios and situations.

This is the first of the series, where you will have 10 questions. The next part will have another set of 10 questions.

These questions are from the newly released book:

I Want To Be A PfMP, the plain and simple way

I sincerely hope you enjoy doing these PfMP questions. And it helps in your preparation for the PfMP exam.

[This series: Part - 2 ] 

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Question – 1: The key deliverables in portfolio management processes are:
A Portfolio Strategic Plan, Portfolio Management Plan, Portfolio Risk Management Plan, Portfolio Performance Management Plan

B Portfolio Strategic Plan, Portfolio Charter, Portfolio Roadmap, Portfolio Management Plan, Portfolio

C Portfolio Charter, Portfolio Management Plan, Portfolio Strategic Plan, Portfolio Risk Register, Portfolio Issue Register/Log, Portfolio Benefits Realization Plan

D Portfolio Documents, Portfolio Process Assets, Portfolio Reports, Portfolio Management Plan

Question – 2: A new portfolio manager has joined the PfMO and currently struggling to take the portfolio and its components to authorization. As you are a certified PfMP, she approaches you understand the proper sequence of steps of components till authorization. Which one of the following would be your advice?
A Identification, Selection, Prioritization, Scoring, Balancing and Optimizing of portfolio components

B Pre-screening, Identification, Selection, Balancing, Evaluation, Authorizing of portfolio components

C Identification, Categorization, Scoring and Ranking, Evaluation, Selection, Prioritization, and Balancing of portfolio components

D Pre-screening, Selection, Identification, Categorization, Balancing and Authorization of portfolio components

Question – 3: To manage supply and demand you are determining what would happen if human, equipment, or funding was increased or decreased, or if constrained resources were not available. This is an example of:
A What-if analysis
B SWOT analysis
C Comparative advantage analysis
D Scenario analysis

Question – 4: Your organization is quite new into organized portfolio management and the current software system available is not robust. The strategic management head wanted your view on it. You suggest to proceed because in a less mature organization, the Portfolio Management Information System (PfMIS) is a:
A A set of automated and/or manual tools
B A document depository with version and configuration control systems
C A collection of spreadsheets or other portfolio documents
D A set of systems, processes and tools

Question – 5: After you complete the ‘communication requirements analysis’ while developing the Portfolio Communication Management Plan, you document them in a:
A Stakeholder Communication Strategy Matrix
B Stakeholder Matrix
C Communication Matrix
D Stakeholder Engagement Matrix

Question – 6: You want to find out the gaps in investment within the portfolio as a whole. Which T&T will be used?
A Qualitative analysis
B Quantitative analysis
C Monte Carlo simulation
D Investment choice analysis

Question – 7: A portfolio manager (PfM) is analyzing to define the benefits that will be provided by the portfolio components and compare it to the costs of the portfolio components to build a chronological view of components. Benefits may be qualitative or quantitative. What is the PfM doing? 
A Cost-benefits analysis in Develop Portfolio Roadmap process
B Cost-benefits analysis in Optimize Portfolio process
C Cost-benefits analysis in Manage Portfolio Value process
D Cost-benefits analysis with Portfolio Efficient Frontier in Optimize Portfolio process

Question – 8: In a meeting, the portfolio sponsor suggested adding, modifying as well as terminating (cancellation) some of the components due to strategy updates. You, the portfolio manager, is not very sure and want to compare the pre-existing components with the new components to ensure strategic alignment. What analysis will help you?
A Strategic alignment analysis
B Stakeholder analysis
C Gap analysis
D Value measurement and scoring analysis

Question – 9: A portfolio manager is checking the components available and deciding whether the component should be part of the portfolio. To be part of the portfolio, components should have a minimum size or budget of $500,000. What is the portfolio manager doing?
A Using the weighted ranking and scoring technique
B Applying the portfolio component categorization technique
C Identifying and categorizing the portfolio components
D Using the T&T of portfolio component inventory

Question – 10: Currently, you are checking a list of portfolio components which are to be deactivated and terminated. With it, you want to return the remaining funding and resources to be returned to the resource pool and funding of the organization. What are you doing?
A Building a balanced, optimized and approve set of components for the portfolio
B Applying authorization techniques for the portfolio and its components
C Clearly defining the portfolio components and segregating the active and inactive components
D Authorizing the portfolio and/or its components

[This series: Part - 2 ] 

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The question set is available in the embedded document below. The answers are also part of this document.

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