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3770 - IT Project Management > Chapter 2 Organization Strategy > Flashcards

Chapter 2 Organization Strategy Flashcards

1
Q

Project managers must respond to changes with appropriate decisions about future projects

A

Changes in organizations mission and strategy

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2
Q

Focus on:

  • problems or solutions with low strategic priority
  • immediate customer rather than whole market place
A

Mistakes caused by not understanding role of projects

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3
Q

Requires every project to be clearly linked to strategy

Theme and focus on firms future

A

Strategic Management

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4
Q
  • Review and define organizational mission
  • Set long-range goals&objectives
  • Analyze&formulate strategies to reach objectives
  • Implement strategies through projects
A

4 Activities of Strategic Management Process

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5
Q
  • S pecific in targeting an objective
  • M easurable indicators of progress
  • A ssignable to one person for completion
  • R ealistic ally done with available resources
  • T ime related - objective can be achieved
A

Characteristics of Objectives

SMART

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6
Q

Lack of understanding and consensus on strategy among top management

A

Implementation Gap

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7
Q

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

A

Organization Politics

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8
Q

Multiproject environment creates inter-dependency relationships

A

Resource Conflicts and multitasking

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9
Q

Builds discipline
Links project selection to strategic metrics
Prioritizes project proposals across common set of criteria
Allocates resources to projects

A

Benefits of Project Portfolio Management

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10
Q

Classification of project
Selection criteria depend upon classification
Sources of proposals

A

Design of project portfolio system

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11
Q

Compliance (must do projects)
Strategic align to strategic goals
Operational - car worn down, so get new tires

A

Portfolio of Projects by Type

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12
Q

Financial models: payback, net present value (NPV)

Non-financial models: projects of strategic importance to firm

A

Selection Criteria

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13
Q

Use several weighted selection criteria to evaluate project proposals

A

Multi-weighted scoring models

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14
Q

Measures time project will take to recover project investment
Uses more desirable shorter paybacks

A

Payback Model

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15
Q

Ignores time value of money

Assumes cash inflows for investment period

A

Limitations of Payback

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16
Q

Uses managements minimum desired rate-of-return (discount rate) to compute present value of all net cash inflows

A

Net Present Value (NPV) model

17
Q

Project meets minimum desired rate of return& eligible for further consideration

A

Positive NPV

18
Q

Project rejected

A

Negative NPV

19
Q

Capture larger market share
Make it difficult for competitors to enter m
Develop enabler product, which will increase sales more profitable products

A

Nonfinancial strategic criteria

20
Q

Uses list of questions to review potential projects

Fails to answer relative importance or value of potential project

A

Checklist Model

21
Q

Uses several weighted qualitative and/or quantitative selection criteria

A

Multi-weighted scoring Model

22
Q

Deciding how well strategic or operations project fits organizations strategy

A

Project Classification

23
Q

Applying weighted scoring model to align projects closer with organizations goals

A

Selecting a Model

24
Q

Within organizaton

Requests for Proposal (RFP) from external sources

A

Sources and Solicitation of Project Proposals

25
Q

Prioritizing requires discipline, accountability, responsibility…

A

Ranking proposals/selection projects

26
Q

Senior management input

A

Managing portfolio

27
Q

Provide guidance in selecting criteria that are aligned with organizations goals

A

Senior Management input

28
Q

Publish priority of every project

Ensure that project selection process is open

A

Governance Team Responsibilities

29
Q

Involve evolutionary improvements to current products

A

Bread and butter projects

30
Q

Represent revolutionary commercial opportunities using technical advances

A

Pearls

31
Q

Involve technological breakthroughs with high commercial payoffs

A

Oysters

32
Q

Showed promised but no longer viable

A

White Elephants

3770 - IT Project Management (6 decks)

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