Concepts

A key element of successful portfolio management is maintaining a robust communication strategy and plan. This process involves evaluating current communications capabilities, identifying gaps, and documenting a comprehensive communication plan that aligns with stakeholder requirements. Being certified as a Portfolio Management Professional (PfMP) signals your advanced competency in coordinating and managing multiple projects, or a portfolio of projects, to achieve organizational goals.

II. Evaluating Current Communications Capabilities

One of the aspects of a successful PfMP is the critical competency of evaluating the current communication structure within an organization. This involves gaining a clear understanding of the channels of communication, and the efficiency with which critical information is exchanged, while highlighting any redundancies and inefficiencies. Key factors to evaluate include: levels of understanding the project goals, the dissemination speed of critical information, and the effectiveness of existing lines of communication.

For example, a PfMP professional might evaluate a company’s email system. While it might be a long-established and widely used tool within the organization, if email is being used as the sole method of communication for all types of tasks and issues, it might not be the most productive or efficient.

III. Identifying Gaps

Whilst evaluating the current communication system, a Portfolio Management Professional also identifies gaps in the existing communication strategies. These gaps often present opportunities for improvement and optimization. A gap might be a significant segment of the team or stakeholders being left out of the communication loop, late or missing information flow, or lack of active communication from leadership.

For instance, if the PfMP professional finds that critical project updates are not reaching all team members, or certain stakeholders are not updated promptly, there is a clear gap in communication. This failure could negatively affect project outcomes and stakeholder satisfaction.

IV. Documenting Communications Plan

After evaluating current capabilities and identifying gaps, a PfMP professional is tasked to develop and document a communication plan that addresses these gaps – ensuring that all stakeholders are efficiently and effectively informed. This communication plan includes details such as the goal of each message, the intended audience, the timing and frequency of communication, and the methods or channels for information dissemination.

For example, suppose it was found that high-level project updates were not reaching the board members timely. In this case, the PfMP professional might create a communication plan that includes monthly briefs for the board, delivered through a concise digital dashboard, highlighting key portfolio metrics.

V. Meeting Stakeholder Requirements

A fundamental dimension of a well-crafted communication plan is that it suits the requirements of all relevant stakeholders. To achieve this, a PfMP professional must understand what each stakeholder group needs regarding communication – their preferred timing, level of detail, method of delivery, and other specific needs.

Suppose there was a developer team working on multiple projects in the portfolio. In that case, they might require frequent, detailed technical updates, but the company’s leadership might prefer overview updates with significant milestones and financial aspects. A successful communication strategy accommodates these diverse needs, demonstrating the PfMP professional’s skill in managing a balanced, comprehensive communication strategy.

In summary

Maintaining the communication strategy and plan involves systematically evaluating current communication capabilities, identifying gaps, and formulating a plan that meets diverse stakeholder requirements. As PfMP professionals refine and implement these strategies, they significantly enhance portfolio management’s effectiveness within the organization.

Answer the Questions in Comment Section

True or False: A communication strategy helps in managing portfolio efficiently and effectively.

  • True
  • False

Answer: True

Explanation: A communication strategy ensures all stakeholders are informed about progress, changes, risks, etc. It plays a crucial role in managing and organizing all forms of communication effectively.

The communication plan must be reviewed:

  • a) Annually
  • b) Monthly
  • c) At the end of the project
  • d) Continuously

Answer: d) Continuously

Explanation: Since projects are dynamic in nature, a communication plan must be reviewed and updated continuously to maintain its effectiveness.

True or False: The communication strategy and plan includes only internal stakeholders.

  • True
  • False

Answer: False

Explanation: A communication strategy and plan should include all internal and external stakeholders who have an interest or are affected by the project.

A communication gap refers to:

  • a) Lack of communication
  • b) Misinterpretation of information
  • c) Both a and b
  • d) None of the above

Answer: c) Both a and b

Explanation: Communication gaps could be due to lack of communication, misinterpretation of information or any obstruction that hinders effective communication.

It is not necessary to identify gaps in the communication strategy and plan. True or false?

  • True
  • False

Answer: False

Explanation: It is necessary to identify gaps in the communication strategy and plan, as it helps ensure the effectiveness of communication among all stakeholders.

True or False: Documenting communication plans is an optional process in portfolio management.

  • True
  • False

Answer: False

Explanation: Documentation is a crucial part of communication plans as it ensures that everyone is on the same page and helps maintain a record that can be referred to in future.

Stakeholder requirements should be taken into consideration when:

  • a) Developing the communication strategy and plan
  • b) Evaluating current communication capabilities
  • c) Identifying communication gaps
  • d) All of the above

Answer: d) All of the above

Explanation: Stakeholder requirements are critical at every stage of communication planning, from development to identifying gaps and evaluating capabilities.

True or False: Good communication strategy and plan are not crucial for the success of portfolio management.

  • True
  • False

Answer: False

Explanation: Good communication strategy and plan are essential for the success of portfolio management as they ensure smooth information flow among all stakeholders.

Developing and maintaining a communications plan is considered as a:

  • a) Strategy process
  • b) Planning process
  • c) Execution process
  • d) Monitoring process

Answer: b) Planning process

Explanation: Developing and maintaining a communications plan is a part of planning process where all the steps for project communication are defined.

True or False: Evaluating current communications capabilities involves assessing the technology platforms being used for communication.

  • True
  • False

Answer: True

Explanation: Evaluating the current communications capabilities includes assessment of the technology platforms used for information dissemination, their effectiveness and scope for improvement.

The communication strategy and plan in portfolio management should be:

  • a) Static
  • b) Dynamic
  • c) Irrelevant

Answer: b) Dynamic

Explanation: Since projects are evolving, the communication plan must be dynamic, adaptable to change in order to incorporate new information or changing stakeholder needs.

True or False: The purpose of maintaining a continuous communication strategy and plan is to meet stakeholder requirements in the portfolio management process.

  • True
  • False

Answer: True

Explanation: Meeting stakeholder requirements is a fundamental goal of maintaining a continuous communication strategy and plan, as it ensures adequate information flow, mutual understanding and better decision making.

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Sune Ausland
6 months ago

Great post on maintaining communication strategy and plan. This is key in Portfolio Management.

Clara Ouellet
9 months ago

Indeed, evaluating current communication capabilities is crucial. It helps in identifying what needs to be improved.

Antonio Márquez
7 months ago

Don’t forget to align the communications plan with stakeholder requirements. Any thoughts on methods for this?

Maya Jones
7 months ago

A well-documented communications plan is a living document. It should be revisited and updated regularly.

Cecilie Rasmussen
8 months ago

Does anyone have examples of communication frameworks used in portfolio management?

Ankje Bloemink
6 months ago

Thanks for the insights. Very helpful for my PfMP exam prep.

Daniel Silva
8 months ago

Identifying communication gaps can be challenging. Any tips on how to effectively identify them?

Giray Günday
8 months ago

Appreciate the detailed write-up. Clarified many points I was confused about.

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