chapter 10 Flashcards
It is the process of identifying long-term goals, strategies, and resources, focusing on a horizon of 3, 5, or 10+ years.
strategic planning
A management review identifying strengths, weaknesses, opportunities, and threats to build a solid foundation for strategic planning.
SWOT analysis
What are critical success factors in strategic planning?
Vital objectives a company must achieve to fulfill its mission.
What are examples of strategic themes?
Reduce costs through online ordering.
Acquire high-value customers.
Increase revenue per customer by offering more services.
Building blocks of strategy reflecting goals such as cost reduction, increasing high-value customers, and enhancing services per customer.
strategic themes
A method to frame strategic goals across four perspectives
balanced scorecard framework
A document providing justification for a proposal, including project description, reasons to proceed, and estimated financial impact.
business case
What are the four feasibility study yardsticks?
Operational feasibility
Technical feasibility
Economic feasibility
Schedule feasibility
What is the difference between discretionary and nondiscretionary projects?
Discretionary: Management has a choice in implementing.
Nondiscretionary: Implementation is mandatory
Name the four balanced scorecard perspectives.
Financial
Customer
Internal operations
Learning and innovation
Define SWOT
Strengths, Weaknesses, Opportunities, Threats.
What are the three types of constraints?
Present vs. Future
Internal vs. External
Mandatory vs. Desirable
A condition or requirement the system must satisfy, like time, cost, or policy limitations.
project constraint
Measurable in dollars (e.g., cost savings, increased revenue).
tangible benefits
Non-monetary advantages (e.g., improved morale, better customer satisfaction).
intangible benefits
Total costs of acquisition, support, and maintenance of a project or system.
total cost of ownership (TCO
It measures whether a proposed system will be effectively used after development.
operational feasibility
Assesses whether technical resources are available to develop, install, and operate the system.
technical feasibility
Evaluates whether a project can be implemented within an acceptable time frame.
schedule feasibility
Determines if projected benefits outweigh estimated costs (TCO).
economic feasibility
What is the purpose of a feasibility study?
To assess the viability of a proposal using operational, technical, economic, and schedule measures.
Projects where management has a choice in implementing them.
discretionary projects
Projects that must be implemented due to external or internal mandates.
nondiscretionary projects
TCO stand for
Total Cost of Ownership
A condition or requirement that the system must meet, such as hardware, software, or legal limitations.
constraint
What is the ultimate goal of for-profit organizations?
To increase stakeholder wealth.
Key objectives that are vital for a company to achieve its mission.
critical success factors (CSFs)
Translating long-term organizational objectives into actionable and measurable frameworks.
strategic goal setting
Justification for a project, including its description, reasons to proceed, and financial impact estimation.
business case
