Week 2 - project strategy, governance, stakeholder management

Question 1

Define project management strategy

Answer 1

It is the set of decisions and actions that result in the establishment and implementation of plans designed to achieve a company’s objectives.

Question 2

What are some key elements of project strategy?

Answer 2

• involve corporate management
  be future, value and results orientated.
  identify and exploit differential strengths, weaknesses, opportunities and threats.
• target action-oriented, measurable activities.

Question 3

What are some differences between strategic planing and operational planning?

Answer 3

operational:
- short term focused (eg. daily tasks)
- routine based
- degree of flexibility in output.
- need for delegation strategy.
- allocated priorities.
- outcomes measured

strategic:
- focuses on long term survival of the business
- sets long term goals (eg. 5 years)
- object driven
- more flexible and often
 team based.

Question 4

list and discuss three non-numerical strategic models.

Answer 4

1. sacred cow - supported by senior management snd there is priority status.
2. operational necessity - driven by situational realities and fast tracked decision making (can also be a disadvantage if rushed decision making results in poor outcome.)
3. product line extension - taking advantage of market conditions and opportunities, gaining economies of scale from plant and personnel and increased market penetration.

Question 5

What does project scalability refer to?

Answer 5

Refers to the ability to handle the potential for increased size, complexity and growth of an event.

classifications: lean, lite, large.

Question 6

Define Governance

Answer 6

Governance is a set of principles and processes to guide and improve the management of projects and is a concept that underpins all good, ethical business practices.

Question 7

what is the role and importance of governance within project management?

Answer 7

• regulates the proceedings of a corporation
• defines roles and responsibilities for all project stakeholders.
• fosters a clear line of communication within the project team
• ensures the project meets the outline and standards of the company.

Question 8

What are the ‘four fundamental pillars of governance’?

Answer 8

1. accountability: the ability to hold people to account for their actions.
2. transparency: visible and open processes.
3. predictability uniform compliance and enforcement within laws and regulations.
4. participation: stakeholder input and reality checking.

Question 9

The 5 Domains

Answer 9

1. PRODUCTION: involves, economic sales, production costs, access to raw materials, quality control processes, supply consideration, technology applications.
2. MARKETING: involves. market share, consumer acceptance, product line impacts, marketing life cycle, image of the business.
3. FINANCIAL: involves. profitability, cash requirements, investment required, degree of risk, cash-flow forecast.
4. HR: involves. training requirements, working conditions, changing demographics, inter and intragroup communication, impact on morale, motivation and rewards.
5. ADMINISTRATION: involves. administration, level of customer requirements, statutory requirements, impact on customers & suppliers & competitors, need for external assistance.