Foundational Elements Flashcards
Define project
- a temporary endeavor undertaken to create a unique product, service, or result
- temporary bc defined start and end date
What do projects usually consist of?
Phases that serve to plan, procure, execute, and communicate the project
Define deliverables
- subcomponents of projects
- events that are performed to achieve broader organizational objectives
- serve as evidence of success
Who can execute projects?
- Individuals
- Small teams
- Large improvement groups
- Multinational organizations
- business/government/non-profit
List 6 examples of projects
- Quality improvement initiatives,
- Building construction,
- Developing a new consumer product
- Launching a space satellite
- Field research in economics
- Retooling a factory
List the four common deliverables
- Unique products
- Unique services
- Unique results
- Combination of the above
What is a unique service?
- Deliverable
- Requires data and performance indicators to provide evidence of completion
What is a unique product?
- Deliverable
- New consumer good
- Part or component to another good
- Improvement upon existing product or service-
What is a unique result?
- Deliverable
- Finished research
- Gained knowledge/skill
- Marketplace performance
What is the 4th and most widely expected deliverable?
- Deliverable
- Combo is widely expected bc organizations, societal needs, and business organizations are complex
What are project evidence of?
If they align with organizational and/or strategic objectives, projects are evidence of organizational change
What do projects serve to do?
transform all or part of an organization from a lower former state to an improved, stronger, and more competitive future state
Can projects vary?
Yes. They vary in how much change they create and how widely across an org or marketplace they can influence.
What does completing deliverables lead to?
- transforms and creates business value
- creates stronger achievement of an org’s mission
What does business value creation look like in for-profits?
- Stronger stock performance
- Greater mkt share
- Higher profits
- Higher revenues
- Brand reputation
