BUSINESS RELATIONSHIP MANAGER PROFESSIONAL EXAM STUDY GUIDE 2023/2024 LATEST

BUSINESS RELATIONSHIP MANAGER PROFESSIONAL EXAM STUDY GUIDE 2023/2024 LATEST What is Portfolio Management? - CORRECT ANSWER-Art & science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risks against performance. What is a Service? - CORRECT ANSWER-A means of delivering value to customers by facilitating outcomes customers want to achieve. Service value is a function of: - CORRECT ANSWER-Utility (fitness for purpose) and Warranty (fitness for use) And it changes over time Weill & Broadbent Portfolio Classification scheme: - CORRECT ANSWER-divides portfolio into 4 classes: infrastructure, transactional, informational and strategic. Boston Square Portfolio Classification scheme: - CORRECT ANSWER-describes different management styles for each class of IT investment: Strategic, High Potential, Factory, and Support. Alternate category names: Developer, Innovator, Controller, Caretaker. IT Governance - CORRECT ANSWER-1) Aligns IT decision making with enterprise governance and business unit objectives. 2) Allocates decision rights and provides the structures and process to enforce those rights. 3) describes where decision making authority lies RACI - CORRECT ANSWER-Responsible, Accountable, Consulted, Informed. R= The doer. A=Buck stops here. C = in the loop I = in the picture Strategic Relationship Management Process - CORRECT ANSWER-Used by BRMs and their teams to manage their key business partner relationships. Process: initiation-- discovery -- planning -- execution -- extend & expand Business Relationship Management - CORRECT ANSWER-Stimulates business demand for a provider's products and services and ensures that the potential business value from them is captured, optimized and recognized. How does pain drive change? - CORRECT ANSWER-Current problems: immediate discomfort future problem: impending discomfort current opportunity: loss of a gain within grasp future opportunity: loss of a possible gain Pillars of BRM - CORRECT ANSWER-Define the BRM space in terms of core disciplines: Demand Shaping, Exploring, Servicing, and Value Harvesting Demand Shaping - CORRECT ANSWER-Goal: identify set of possibilities that will create the most value. Definition: set of disciplines, tools, and governance mechanisms designed to surface, stimulate and shape business demand for IT products and services in balance with supply constraints. Organizational Change Formula - CORRECT ANSWER-(U x V x FS) R U= urgency. V = Vision. FS = FIrst Steps. R = Resistance. Barriers to alignment - CORRECT ANSWER-Expression barrier - want to do Specification barrier - IT must do Contextual barrier - drives behaviors Implementation barrier - what gets done. Disconnect between strategy & actions results from expression barrier. BRM DNA; the Foundation of BRM - supports execution of the role - CORRECT ANSWER-Strategic partnering, portfolio management, powerful communications, Business IQ, provider domain, business transition management. The Roof of the BRM House - CORRECT ANSWER-Protects the integrity of the role; provides clarity of the BRM Role in the context of the provider strategy and operating model. Art of Rhetoric - CORRECT ANSWER-Ethos = credability Pathos = emotions Logos = Logic Sources of Value Leakage - CORRECT ANSWER-misaligned value system missed opportunities sub-optimal design sub-optimal deployment & operation Sub-optimal measurement, accountability and organizational capability Business Value Leakage - CORRECT ANSWER-Occurs when the full potential value from solving a business problem or exploring an opportunity is not realized in practice Value Management - CORRECT ANSWER-1. Capture Value Opportunities 2. Create Value Plan 3. Develop Business Case 4. Approve business case 5. Capture and communicate value. Business-Provider maturity model - CORRECT ANSWER-Level 1: Foundational/Transactional Level 2: Enterprise Integration & consolidated management information Level 3: IT enabled business growth and innovation Business Relationship Maturity Model - CORRECT ANSWER-5th stage depicts notional ideal stage where business-provider relationship fulfills aspirations of both the provider and the business partner. Credibility - CORRECT ANSWER-= Expertise plus trustworthiness Business Capability Roadmapping - CORRECT ANSWER-a way to clarify Business Capabilities needed to implement business strategy and the IT Capabilities needed to enable those Business Capabilities Relationship Value Mapping - CORRECT ANSWER-a technique used in conjunction with the Diagnosing Relationship Quality, and Relationship Improvement Planning techniques as part of the Strategic Relationship Manage