Chapter 3: Delivering Business Value Flashcards
Core Topics: Organizational Structures, Stakeholder Identification, Six Sigma, and Business Value Delivery
What is business value in project management?
Business value is the benefit that the project brings to the organization, which can be tangible (e.g., revenue) or intangible (e.g., reputation).
What are the three main types of organizational structures?
Functional, Matrix (Weak, Balanced, Strong), and Project-Oriented.
What is the main characteristic of a functional organization?
In a functional organization, team members are grouped by specialization, and the project manager has limited authority.
What is a matrix organization?
A matrix organization blends functional and project-based structures, where team members report both to a functional manager and a project manager.
What is the difference between a weak matrix and a strong matrix organization?
In a weak matrix, the functional manager has more authority, while in a strong matrix, the project manager has more authority.
What is stakeholder analysis?
Stakeholder analysis is the process of identifying and prioritizing stakeholders based on their power, interest, and influence on the project.
What is a stakeholder engagement plan?
A stakeholder engagement plan outlines strategies for managing stakeholder expectations, engagement levels, and communication needs.
What is Six Sigma?
Six Sigma is a methodology focused on improving quality by identifying and eliminating defects, reducing variability, and optimizing processes.
What is a power/interest grid in stakeholder management?
A power/interest grid is a tool used to categorize stakeholders based on their level of authority (power) and level of concern (interest) in the project.
What are the key components of the Six Sigma process?
The key components are Define, Measure, Analyze, Improve, and Control (DMAIC).
What is a salience model in stakeholder management?
The salience model categorizes stakeholders based on their power, legitimacy, and urgency regarding the project.
How can adaptive methodologies (e.g., Agile) help deliver business value?
Adaptive methodologies focus on delivering value incrementally, allowing for flexibility and quick adaptation to changes in customer needs or market conditions.
What is stakeholder engagement, and why is it important?
Stakeholder engagement is the process of keeping stakeholders involved and informed throughout the project, which is essential for managing expectations and securing support.
What are the main differences between predictive and adaptive approaches in delivering business value?
Predictive approaches (e.g., Waterfall) plan everything upfront and deliver value at the end, while adaptive approaches (e.g., Agile) deliver incremental value throughout the project.
Why is it important to manage stakeholder expectations?
Managing expectations helps prevent misunderstandings, increases stakeholder satisfaction, and reduces the risk of project failure.
