Chapter 2 Flashcards
What is strategic management?
Strategic management – the science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives.
Consists of:
Developing vision and mission statements
Formulating, implementing, and evaluating
Making cross-functional decisions
Achieving objectives
Describe the TOWS matrix?
Treats - Opportunities - Weaknesses- Strengths is a useful way to see the links between projects and an
organisation’s strategic choices
SO: Maxi-Maxi Strategy (use S to max O)
WO: Mini-Maxi Strategy (min W by using O)
ST: Maxi-mini Strategy (use S to min T)
WT: Mini-mini (min W and avoid T)
What is stakeholder analysis?
Stakeholder Analysis is a useful tool for demonstrating
some of the seemingly irresolvable conflicts that occur through the planned creation and introduction of new projects.
Project Stakeholders are defined as all individuals or groups who have an active stake in the project and can potentially impact, either positively or negatively, its development.
How to identify project stakeholders?
Internal Stakeholders • Top management • Accountant • Other functional managers • Project team members External Stakeholders • Clients • Competitors • Suppliers • Environmental, political, consumer, and other intervener groups
What are the steps in managing stakeholders?
- Assess the environment.
- Identify the goals of the principal
actors. - Assess your own capabilities.
- Define the problem.
- Develop solutions.
- Test and refine the solutions.
What does organisational structure consist of?
1. Designates formal reporting relationships number of levels in the hierarchy span of control 2. Identifies groupings of: individuals into departments departments into the total organization 3. Design of systems to ensure effective communication coordination integration across departments
What are different forms of organisation?
Functional organisations – group people performing similar activities into departments Project organizations – group people into project teams on temporary assignments Matrix organizations – create a dual hierarchy in which functions and projects have equal prominence
What are some strengths and weaknesses of the functional structure for project management?
Strengths:
1. Projects developed within basic functional structure require no disruption or change to firm’s design.
2. Enables development of in depth knowledge and intellectual capital.
3. Allows for standard career paths.
Weaknesses:
1. Functional siloing makes it difficult to achieve cross functional cooperation.
2. Lack of customer focus.
3. Longer time to complete projects.
4. Varying interest or commitment.
What are strengths and weaknesses of the project structure for PM?
Strengths:
1. Project manager sole authority
2. Improved communication
3. Effective decision-making
4. Creation of project management experts
5. Rapid response to market opportunities
Weakness:
1. Expensive to set up and maintain teams
2. Chance of loyalty to the
project rather than the firm
3. Difficult to maintain a pooled supply of intellectual capital
4. Team member concern about future once project
What are strengths and weaknesses of the matrix organisation for PM?
Strengths:
1. Suited to dynamic environments
2. Equal emphasis on project management and functional efficiency
3. Promotes coordination across functional units
4. Maximises scarce resources
Weaknesses:
1. Dual hierarchies mean two bosses
2. Negotiation required in order to share resources
3. Workers caught between competing project & functional demands
What is project management office?
Centralised units that oversee or improve the management of projects Resource centers for: Technical details Expertise Repository Center for excellence
What are different forms of project management office?
Weather station – monitoring and tracking Control tower – project management is a skill to be protected and supported Resource pool – maintain and provide a cadre of skilled project professionals
What are some of the key factors affect culture development?
Technology Environment Geographical location Reward systems Rules and procedures Key organizational members Critical incidents
