3.10.3 Flashcards
What is a strategy in business?
A strategy is a long-term plan to achieve a business’s vision by attaining its corporate objectives.
What does leadership involve in the context of an organization?
Leadership involves ruling, guiding, and inspiring others within an organization to achieve agreed-upon objectives.
What is network analysis in project management?
Network analysis involves using a network diagram to analyze activities in a project, identifying the fastest way to complete the project to a given standard.
What is the critical path in a project?
The critical path shows activities with zero float time that determine the fastest completion time for a project. Delays in these activities delay the whole project.
What is total float time?
Total float time is the amount of time an activity can overrun without delaying the overall project.
What is a functional organizational structure?
In a functional structure, jobs are grouped logically based on specialized areas, allowing members of each department to share expertise and communicate effectively.
What is a product-based organizational structure?
A product-based structure is used when a business has distinct product lines with different customer bases, challenges, and opportunities, such as divisions for various types of products.
What is a regional organizational structure?
A regional structure is used when the strategy involves competing in distinct geographical areas, often found in global businesses.
What is a matrix organizational structure?
A matrix structure is based on projects, where employees report to more than one superior, often combining expertise from different areas.
How can organizational structure impact strategic implementation?
The structure affects the flexibility, cost efficiency, decision-making speed, and the ability to meet local needs while retaining centralization benefits, all aligning with the business strategy.
What are the key steps in implementing a strategy effectively?
Key steps include planning the resources, setting clear expectations, organizing resources, coordinating tasks, assigning leadership, and establishing points to measure progress.
How does leadership contribute to strategic implementation?
Leaders provide vision, gain support from all levels of management, ensure resources and communication systems are in place, and manage resistance to change, ensuring strategy success.
How can communication help in strategic implementation?
Communication helps win stakeholder support, reduce distrust, provide a sense of direction, engage employees, and track progress to address issues early.
What are the key factors to consider when designing an organizational structure?
Factors include job definitions, how jobs are grouped (departmentalization), span of control, levels of authority, and the authority of different roles.
What is the value of network analysis in implementing a strategy?
Network analysis helps plan project tasks, organize the sequence of activities, and identify opportunities for simultaneous tasks, saving time, resources, and costs.
What are the benefits of network analysis?
Benefits include efficient task organization, time management, and identifying opportunities for Just-in-Time stock control, leading to better resource utilization.
How are nodes used in a network diagram?
Nodes are circles representing the start and end of an activity, showing the earliest and latest starting times for tasks in the project.
What is the purpose of calculating the Earliest Starting Time (EST)?
Calculating EST helps identify when resources will be needed and establishes the earliest completion date for the project.
What information does calculating the Latest Finishing Time (LFT) provide?
LFT identifies project deadlines, activities with float time, and the critical path necessary for completing the project on time.
What is the critical path in network analysis?
The critical path consists of activities that take the longest to complete and directly determine the project’s overall timeline. Delays in these activities delay the whole project.
How can network diagrams be amended during a project?
Amendments may be made if there are delays, changes in task durations, or new tasks, ensuring the diagram reflects the most accurate project timeline.
