Maintain records by capturing portfolio artifacts, such as approvals, prioritizations, and other decisions, in order to ensure compliance with organizational policies, regulatory requirements, and portfolio management standards.

Maintaining records is an integral component of robust project portfolio management. In order to meticulously manage your project portfolio, it’s vital to capture portfolio artifacts such as approvals, prioritizations, and other decisions. This practice does not only streamline your portfolio management process, but it also ensures compliance with organizational policies, regulatory requirements, and portfolio management standards. If you’re preparing for the Portfolio Management Professional (PfMP) exam, becoming familiar with the best practices in maintaining portfolio artifacts is crucial.

I. Importance of Capturing Portfolio Artifacts

Portfolio artifacts serve as the backbone of project portfolio management. They provide a wealth of vital information about different projects and are crucial for monitoring progress, communicating status, and making sound decisions. Key portfolio artifacts that require proper record-keeping include:

• Approvals: These indicate official confirmation that a project is permitted to proceed at different stages. These can be in the form of project charters, financial approvals, or sign-offs from key stakeholders.
• Prioritizations: These are usually in the form of ranked lists or prioritization matrices and reflect which projects should be given priority based on a number of factors such as strategic fit, risk level, or return on investment.
• Decisions: Any significant determinations about project delivery, resources, risks, or quality should be accurately recorded. These should be presented formally in decision logs with sufficient detail to inform future decision-making.

II. Compliance with Organizational Policies, Regulatory Requirements, and Portfolio Management Standards

Keeping an accurate and up-to-date record of portfolio artifacts ensures that your portfolio management aligns with:

1. Organizational Policies: Proper record-keeping helps maintain transparency, accountability, and traceability, all of which are central to good governance and organizational policies.
2. Regulatory Requirements: In many sectors, particularly in industries like healthcare, finance, and infrastructure, there are strict regulatory requirements for maintaining records of project-related approvals, decisions, and other details.
3. Portfolio Management Standards: The internationally-recognized standard for portfolio management, set by the Project Management Institute, mandates that portfolio artifacts be properly maintained.

III. Applying Record Maintenance for PfMP Exam

In preparing for your PfMP exam, it’s important to understand how best to maintain portfolio artifacts:

• Utilize Portfolio Management Systems: Leverage technology to aid you in capturing, storing, and retrieving information about portfolio artifacts. Such systems allow for easy access, search, and update of stored information.
• Establish Routine Checks: Routine checks and audits of the portfolio artifacts can help in early detection of any discrepancies or irregularities, keeping the portfolio management process in align with the regulatory requirements and organizational policies.
• Develop a Record Maintenance Policy: A formal policy for record maintenance can help ensure consistency and commitment in maintaining portfolio artifacts. The policy can outline how the artifacts are to be stored, who has access, how often they should be reviewed, and the procedures for retrieving or discarding records.

Through understanding the importance of capturing portfolio artifacts and their role in ensuring compliance with organizational policies, regulatory requirements, and portfolio management standards, you’ll be well-prepared for the PfMP exam and for effective portfolio management in practice.