MAN 241-Chapter 2

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Chapter 2

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Question Answer
True or False: Strategic Planning is an important part of Portfolio Management. False. Portfolio Management is an important part of Strategic Planning.
What is the first step in setting Strategic Direction? SWOT Analysis
What is Strategic Analysis? Strategic Analysis is analyzing both the external and internal environments and determining how they will enhance or limit the organization's ability to perform.
What does SWOT stand for? Strengths, Weaknesses, Opportunities, Threats
Which parts of SWOT are internal? Strengths and Weaknesses are both elements within the project team's control
Which parts of SWOT are external? Opportunities and Threats are elements over which the project team has little or no control
What is the 2nd step in setting Strategic Direction? Setting Guiding Principles such as the Mission & Vision -Optional: Purpose and/or values
Define what a company's Vision should achieve. The Vision should present "a vivid description of a preferred future". It should be both inspiring and guiding, describing the organization as it can be in the future, but stated in present tense.
The Mission Statement includes: The organization's core purpose, core values, beliefs, culture, primary business and primary customers
Describe Strategic Objectives. Strategic objectives describe both short and long term results that are desired along with measures to determine achievement.
What are SMART objectives? Specific, measurable, achievable, results-based and time-specific
True or False: Companies that use a strategic project selection process to carefully align projects with their organizational goals tend to be more successful at completing their projects. True.
What are the 4 classifications that organizations use to understand how work is related? Portfolios, programs, projects and subprojects
A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives is called... A portfolio.
To achieve balance in their portfolios an organization includes these types of projects: 1.) Some large and small projects 2.) Some high-risk, high-reward projects and some low-risk projects 3.) Some projects that can be completed quickly and some that take substantial time to finish
True or False: A portfolio is a group of related projects managed in a coordinated way to obtain benefits and control not available to managing them individually False. It is a Program.
What is the difference between a project manager and a program manager? Project managers are primarily concerned with the tradeoffs of cost, schedule, scope and quality on their individual projects. The program manager is concerned with making tradeoffs between projects for the maximum benefit of the entire program.
Name 2 typical reasons for project failure. 1.) Not enough resources 2.) Not enough time 3.) Unclear expectations 4.) Changes to the project 5.) Disagreement about expectations
True or False: By carefully aligning potential projects with the parent organization's goals is one way to overcome typical reasons for project failure. True.
What are the 2 steps for aligning projects within the organization? 1.) Assess an organization's strengths and weaknesses 2.) Identify potential projects
What is a Statement of Work? A narrative description of products or services to be provided by the project
What is the purpose of a business case? To tell why a project is important
What is a business case? A business case provides the information needed from a business standpoint to determine if the project is worth the investment.
True or False: It is much easier to prioritize potential projects when the overall organizational priorities are understood, agreed upon, and communicated. True.
What does NPV stand for? Net Present Value
What does BCR stand for? Benefit-Cost Ratio
What are the 4 financial models that can be used to select projects? 1.) Net Present Value 2.) Benefit Cost Ratio 3.) Internal Rate of Return 4.) Payback Period
What are the steps a leadership team would use when selecting projects by using a scoring model? 1.) Identifying potential criteria 2.) Determining mandatory criteria 3.) Weighting criteria 4.) Evaluating projects based on criteria 5.) Sensitivity analyses
The 4 steps to securing projects are... 1.) Identifying potential projects 2.) Determine which projects to pursue 3.) Prepare and submit a project proposal 4.) Negotiate to secure the project
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