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IT project management > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Four Activities of the Strategic Management Process

A
  • Review and define the organizational mission
  • Set long-range goals and objectives
  • Analyze and formulate strategies to reach objective
  • Implement strategies through projects
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2
Q

it identify the scope of the organization in terms of its product or service

A

Mission Statements

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3
Q

It provides focus for decision making when shared by organizational managers and employees

A

Written Mission Statements

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4
Q

characteristics of objective

A 
S- Specific
M- Measurable
A- Assignable
R- Realistic
T- Time related
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5
Q

It translate the organization mission into specific, concrete,measurable terms

A

Objectives

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6
Q

SWOT

A

S - Strengths
W - Weaknesses
O - Opportunities
T - Threats

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7
Q

It ends with cascading objectives or projects assigned to lower divisions, departments, or individuals

A

Strategy formulation

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8
Q

It is risk contingency planning, without really moving organizational resources

A

Scenario Planning

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9
Q

it is a structured process of thinking about future possible environment that would have potential high impact to disrupt the way you do business, and then developing potential strategies to compete in these altered enviornment

A

Scenario Planning

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10
Q
  • It requires every project to be clearly linked to strategy.
  • Provides theme and focus of firm’s future direction
A

Strategic Management

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11
Q

the lack of understanding and consensus on strategy among top management and middle-level managers who independently implement the strategy

A

Implementation Gap

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12
Q

Project selection is based on the persuasiveness and power of people advocating the projects.

A

Organization Politics

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13
Q

Multiproject environments creates inter dependency relationship of shared resources which result in the starting, stopping, and restarting projects

A

Resources Conflicts and Multitasking

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14
Q

Steps in designing of a project portfolio system

A
  • Classification of a project
  • Selection criteria depending upon classification
  • Sources of proposals
  • Evaluating proposals
  • Managing the portfolio of projects
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15
Q

Portfolio of projects by type

A

Compliance, Strategic projects and operational projects

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16
Q
  • typically those needed to meet regulatory conditions required to operate in region
  • Must do projects
A

compliance projects

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17
Q

projects that must meet the must do critetion

A

Emergency Projects

18
Q

are those that are needed to support current operations

A

Operational Projects

19
Q

are those that directly support the organization’s long-run mission

A

Strategic projects

20
Q

Selection Criteria:

A

Financial models and non-financial models

21
Q

model that measures the time it will take to recover the project investment. It emphasizes cash flows, a key factor in business

A

Payback model

22
Q

Payback model formula

A

payback period(years) = estimated project cost/annual savings

23
Q

this model uses management’s minimum desired rate-of-return to compute the present value of all net cash inflows

A

net present value(npv)

24
Q

Limitations of Payback

A
  • ignores the time value of money
  • assumes cash inflows for the investment period (and not beyond)
  • does not consider profitability
25
Q

note1:

A

Positive npv project meets minimum desired rate of return and is eligible for further consideration.

26
Q

the most frequently used method in selecting project has been _____.

A

Checklist

27
Q
  • it uses a list of questions to review potential projects and to determine their acceptance or rejection
  • fails to answer the relative importance or value of a potential project and doesn’t allow for comparison with other potential projects.
A

Checklist Model

28
Q
  • it uses several weighted qualitative and/or quantitative selection criteria to evaluate project proposal
A

multi-weighted scoring model

29
Q

deciding how well a strategic or operations project fits the organization’s strategy

A

Project Classification

30
Q

applying a weighted scoring model to align projects closer with the organization’s strategic goals

A
  • Selecting a model
31
Q

advantages of selecting a model

A
  • Reduces the number of wasteful projects
  • helps identify proper goals for projects
  • helps everyone involves understand how and why a project is selected.
32
Q
  • within the organization

- request for proposal(RFP) from external sources

A

Sources and Solicitation of project proposal

33
Q

-Prioritizing requires discipline, accountability, responsibility,constraints, reduced flexibility and loss of power

A

Ranking proposals and selection of projects

34
Q
  • Senior management input

- The priority team responsibility

A

Managing the portfolio

35
Q

Involve evolutionary improvements to current products and servies

A

Bread-and-butter Project

36
Q

Represent revolutionary commercial opportunities using proven technical

A

Pearls

37
Q

Involve technological breakthroughs with high commercial payoffs

A

Oysters

38
Q

Showed promised at one time but are no longer viable

A

white elephants

39
Q

mistakes caused by not understanding the role of projects in accomplishing strategy

A
  • focusing on problems or solution with low strategic priority
  • focusing on the immediate customer rather than the whole market place and value chain
  • Overemphasizing technology that results in projects that pursue exotic technology that does not fit the strategy or customer need
  • trying to solve customer issues with a product or service rather than focusing on the 20% with 80% of the value
  • Engaging in a never-ending search for perfection only the project team really cares about.
40
Q

it is often used to denote a project that a powerful, highranking official is advocation

A
  • scared cow

IT project management (8 decks)

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