Business Relationship Manager Professional exam 2023 questions and answers solved correctly

Business Relationship Manager Professional exam 2023 questions and answers solved correctly What is Portfolio Management? 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? A means of delivering value to customers by facilitating outcomes customers want to achieve. Service value is a function of: Utility (fitness for purpose) and Warranty (fitness for use) And it changes over time Weill & Broadbent Portfolio Classification scheme: divides portfolio into 4 classes: infrastructure, transactional, informational and strategic. Boston Square Portfolio Classification scheme: 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 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 Responsible, Accountable, Consulted, Informed. R= The doer. A=Buck stops here. C = in the loop I = in the picture Strategic Relationship Management Process Used by BRMs and their teams to manage their key business partner relationships. Process: initiation-- discovery -- planning -- execution -- extend & expand Business Relationship Management 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? 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 Define the BRM space in terms of core disciplines: Demand Shaping, Exploring, Servicing, and Value Harvesting Demand Shaping 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.