Portfolio manager interview questions

Q1 What is portfolio management, and why is it important?

Portfolio management is the process of selecting, prioritizing, and managing a group of projects, programs, and other initiatives to achieve specific strategic goals and objectives. The purpose of portfolio management is to ensure that organizations are investing their resources (time, money, and people) in the most effective and efficient way possible, while also ensuring alignment with the organization’s overall strategic direction.

Portfolio management is important because it allows organizations to:

Align projects and programs with strategic goals and objectives: By managing projects as a portfolio, organizations can ensure that individual projects and programs are aligned with the organization’s overall strategy.
Maximize the return on investment (ROI): By selecting the right mix of projects and programs, portfolio managers can maximize the ROI of the organization’s resources.
Manage risk: Portfolio management enables organizations to manage risk at the portfolio level, rather than on a project-by-project basis.
Prioritize resources: Portfolio management enables organizations to prioritize resources, ensuring that the most important and impactful projects and programs are funded and resourced appropriately.
Monitor and measure performance: Portfolio management enables organizations to monitor and measure the performance of the portfolio as a whole, as well as individual projects and programs, using metrics and KPIs to track progress and identify areas for improvement.

2. What are the techniques required to collect project requirements?

The major techniques required to collect project requirements are as follow:

Conduct stakeholder analysis to identify who should be involved in the requirements gathering process.
Use various methods such as interviews, surveys, focus groups, and brainstorming sessions to collect requirements.
Use visual aids such as flowcharts, diagrams, and prototypes to help stakeholders understand the requirements.
Document and validate requirements with stakeholders to ensure that they are complete, accurate, and achievable.
Use a requirements traceability matrix to track the requirements throughout the project lifecycle.

3. What is SWOT analysis?

One effective tool used to support decision-making processes is the SWOT analysis, which can help to withstand scrutiny from stakeholders while enabling the identification of lucrative opportunities. By analyzing the strengths, weaknesses, opportunities, and threats associated with a project, stakeholders can make informed decisions about their portfolios, ensuring that their investments are strategic.

4. Expand and explain RTM?

Another crucial tool used in the validation process is the Requirements Traceability Matrix (RTM), which is a document that connects requirements throughout the project life cycle. The primary objective of the RTM is to ensure that all system requirements are tested in the test procedures, and no needs are overlooked. This approach helps teams to avoid any potential gaps or misunderstandings that could result in unsatisfied stakeholders or delays in project delivery.

5. What are the initiatives that you will take for risk planning?

Conduct a risk assessment to identify potential risks and their likelihood and impact.
Develop a risk management plan that outlines how risks will be identified, analyzed, and managed throughout the project.
Assign responsibilities for risk management to specific team members.
Develop contingency plans to mitigate the impact of high-risk events.
Regularly review and update the risk management plan to ensure its effectiveness.

6. List some examples of motivation theories and formal techniques?

McGregor’s Theory
Vroom’s Expectancy Theory
McClelland’s Theory
Hertzberg’s Theory
Lastly, Maslow’s Theory

7. Define Decision making in an organization?

In the decision-making process, there are several steps involved, including identifying the decision, acquiring information, and evaluating potential solutions. These steps play a critical role in helping decision-makers to make appropriate choices and take actions that align with the organization’s objectives.

8. What are the 7 decision-making steps?

Identify the decision
Gather relevant information
Identify the alternatives
Weigh the evidence
Choose among alternatives
Take action
Lastly, Review your decision & its consequences

9. What does MoSCoW stands for?

The MoSCoW approach is another valuable tool that categorizes projects into four types: Must-haves, Should-haves, Could-haves, and Will-not-haves. This classification helps teams to prioritize projects and determine which ones are essential and which ones can wait, ensuring that their resources are allocated effectively.

10. What do you understand by gap analysis?

Gap analysis is a method used to evaluate the performance of a business’s information systems or software applications to ensure that business requirements are being met. By identifying gaps, stakeholders can take steps to resolve issues and ensure that their investments are successful. In summary, these tools and approaches are invaluable for ensuring the success of any project, program, or operation.

11. How does organizational structure achieve the organizational aim?

Clarifies roles and responsibilities for individuals and teams.
Facilitates communication and collaboration between departments and teams.
Provides a framework for decision-making and problem-solving.
Ensures that resources are allocated effectively to achieve organizational goals.
Facilitates the implementation of processes and procedures to improve efficiency and effectiveness.

12. What is the use of the governance model?

The governance model helps define the work and authority of its committees and frames how committees communicate and report their efforts to the board and management team. Governance models build the authority that presides over compliance, risk, legal, finance, and audit matters.

13. What are the three steps in the Portfolio management process?

The three steps in the portfolio management process are:

Strategic alignment: Identify the strategic goals and objectives that the portfolio is intended to achieve.
Portfolio analysis: Assess the portfolio’s current state, including its composition, performance, and risks, and identify areas for improvement.
Portfolio management and optimization: Develop and implement strategies to optimize the portfolio, such as balancing the portfolio, prioritizing projects, and managing risks.

14. Define change request?

A change request is a formal proposal that seeks to modify a particular product or system. It is a legal document that sets out the request for change and is an essential part of any project baseline. Change requests, commonly referred to as “CR”, are a crucial aspect of the project management process, as they ensure that any modifications made to the product or system are done so in a controlled and transparent manner.

15. List the different types of change requests?

Major change.
Standard change
Minor change
Lastly, Emergency change