100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary MNB2601 Summarised Study Notes $2.76
Add to cart

Summary

Summary MNB2601 Summarised Study Notes

1 review
 41 views  3 purchases
  • Course
  • Institution
  • Book

Latest exam pack summarized notes for exam preparation. for assistance. All the best on your exams!!

Preview 4 out of 99  pages

  • Yes
  • January 12, 2022
  • 99
  • 2022/2023
  • Summary

1  review

review-writer-avatar

By: lukhanyombenge • 2 year ago

avatar-seller
MNB2601

NOTES

, MNB 2601

BUSINESS MANAGEMENT BY PORTFOLIO

UNIT 1

BUSINESS PORTFOLIO MANAGEMENT FRAMEWORK



BUSINESS MANAGEMENT BY PORTFOLIO – a business philosophy followed by organisations with a high level of
business maturity

FRAMEWORK – refer to the supporting structure of an object (e.g. building a vehicle). In business management
context it refers to the basic structure underlying the activities of an organisation

FUNCTIONAL ORGANISATION – areas of speciality (marketing, procurement, finance) with clear lines of
managerial responsibility

LIFE CYCLE – a phased timeline, consisting of sequentially structured work or process groups that provide
structure to the life of a product/service from its initiation stage through its retirement stage

MATRIX ORGANISATION – combines traditional functional organisation with a project organisation in a matrix
configuration. When needed, functional staff have dual reporting lines:

Vertical: report to functional manager

Horizontal: report to a project manager

MATURITY – organisations ability to apply business portfolio management to realise its strategic organisational
goals by adopting to high levels of uncertainty, adapting or developing processes & business tools, and
innovation new products and services

METHODOLODGY – a system of methods used in a particular area of study or activity. In business management
context it refers to system of methods used by an organisation to realise its goals and objectives

OPERATIONS – the day to day running of an organisation that produces core products and services that
justifies the organisations existence

PORTER’S VALUE CHAIN – classifies business activities as primary and support activities.

Primary activities = core business activities

Support activities = provide centralised service to all core functions

PORTFOLIO – organisational fund that forms part of the organisational structure at executive level, with the
purpose of attracting funds for funding and activating portfolio programmes & portfolio projects

PORTFOLIO PROGAMME: combination of related projects that work together as part of a
portfolio to contribute to the achievement of strategic organisational goals

PORTFOLIO PROJECT: combination of related deliverables, combined with their associated
activities, that form the scope of work produced in definite times, cost & quality for contributing
to the achievement of strategic organisational goals

PRODUCT MATURITY – degree to which product characteristics comply with product requirements, as specified
by the product customer




Downloaded by Shah AK (shaheena.karim@live.co.za)

, THE EVOLUTION OF MANAGEMENT THEORY:

A. CLASSICAL APPROACH
3 Management theories developed on the premise that organisations are rational systems that should
operate in the most efficient manner possible
1 – SCIENTIFIC APPROACH (FW TAYLOR) focused on production efficiency
2- (MAX WEBER) focused on best possible structure within an organisation
3- ADMINSTATIVE MANAGEMENT (HENRI FAYOL) provided managers with the general duties &
functions of managers within a framework of clear guidelines

B. BEHAVIOURAL APPROACH
To find ways to change individual & group behaviour in order to improve organisational efficiency

C. QUANTITATIVE APPROACH
Mathematical content approach to solve managerial problems e.g. statistics, linear programming,
waiting line or queuing theory, decision trees and Monte Carlo simulations development

D. THE QUALITY MOVEMENT
TQM (total quality management) knowledge, tools & techniques of quality are applied in a co-
ordinated way, throughout the organisation, to all functions at all managerial levels.
4 pillars of TQM
1-SATISFYING CUSTOMERS
2-SATIFYING SYSTEMS & PROCESSES
3-PEOPLE INVOLVEMENT
4-CONTINUOUS BUSINESS IMPROVEMENT

E. SYSTEMS APPROACH
Organisation relies on the inputs from the environment, which it transforms using business processes,
into product & services that are then returned to the environment. The organisation become a
subsystem of the larger system.

F. CONTINGENCY THEORY
There is no best way of organising & depends of several contingency factors
1-complexity of the environment in which organisation functions
2-technology
3-organisational strategy
4-size of the organisation

G. BUSINESS MANAGEMENT BY PORTFOLIO
Provide business managers with an efficient, value-adding business process framework to deliver the
required business result effiency & effectively through teamwork, taking the turbulent business
environment into consideration. It allows them to:
• Define business systems
• Structure business organisations
• Structure organisational leadership




Downloaded by Shah AK (shaheena.karim@live.co.za)

, CLASSIFICATION OF BUSINESS MANAGEMENT BY PORTFOLIO

Business management by portfolio is a business management philosophy embraced by organisations with a
high level of maturity. Maturity is the organisations ability to:

1. Apply business portfolio management
2. Adapt to high levels of uncertainty in the management environment
3. Adapt or develop processes & tools for ground-breaking work
4. Innovate new products & services
5. Realise strategic organisational goals & objectives

BUSINESS MANAGEMENT BY PORTFOLIO FOLLOWS A TOP-DOWN BOTTOM-UP APPROACH




TOP DOWN APPROACH – senior executives decides on the organisations vision, mission, goals & overall
strategies

BOTTOM UP APPROACH – completion of activities & deliverables, project, programmes, & portfolios and
attainment of strategic goals of organisation

HIERARCHY THAT SUPPORT PROGRAMMES & or PROJECTS

• PORTFOLIOS THAT SUPPORT STRATEGIC GOALS
• PORTFOLIO PROGRAMMES
• PORTFOLIO PROJECTS
• DELIVERABLES THAT SUPPORT THE PROJECT
• ACTIVITIES THAT SUPPORT THE DELIVERABLES

PLANNING TO ACHIEVE STRATEGIC GOALS

i. Identify, plan & provide the necessary business systems & processes
ii. Plan, allocate & match skilled human resources to the complexity of the various activities
iii. Identify, plan and provide material requirements where applicable
iv. Estimate the delivery timeframes and the associated costs of the activities –are submitted to
management for approval
v. Identify & contract quality requirements




Downloaded by Shah AK (shaheena.karim@live.co.za)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller iStudy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.76. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

50843 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.76  3x  sold
  • (1)
Add to cart
Added