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Summary OBS 220 PROJECT MANAGEMENT CHP 2
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OBS 220 project management chp 2. detailed notes to help better apply the knowledge on application question. notes are made from both slides and textbook
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OBS 220CHAPTER 2: Project selection and prioritization
Strategic planning process
Strategic analysis
• Analysis both external and internal environments and determine how they will
enhance or limit the organizations ability to perform
• Need to do a SWOT analysis = strengths, weaknesses, opportunities and threats
• The internal analysis deals with elements within the project teams control (strengths
and weaknesses)
• External analysis are elements over which the project team has little or no control
(opportunities and threats )
Guiding principles
• Vision
- One sentence that describing the clear and inspirational long term desired
change resulting from an organization or programs Strategic objectives
- Vision requires extra effort to be achieved
- They are considered multiyear goals as once achieved require new vision
- Triple bottom line = this approach emphasizes the social, environmental and
economic health of the company’s stakeholders
• Mission statement
- Mechanism for achieving the vision
- Includes the organizations:
o core purpose – why an organization exists
o core values – how decisions will be made
o beliefs – how people will be treated, what leaders stand for
o culture – how members should act
o primary business areas- what business the organization engages in
o primary customers – which groups of people need to be satisfied
Strategic objectives
• the means of achieving the mission and vision
• objectives describe both short and long term results that are desired, along with
measures to determine achievement
• Objective setting occurs annually
• Objectives should provide focus on decisions regarding which projects to select and
how to prioritize them
• Objectives should be SMART:
- Specific
- Measurable
- Achievable
- Result-based
- Time specific
Created by: Sabrina Dias
, Flow down objectives
• Some objectives may be implemented by work in ongoing operations
• Enforce strategic objectives
• Projects are the primary method for implementing objectives
Portfolio management
• Is the centralized management of one or more portfolios to achieve strategic
objectives
• Goal is to achieve maximum benefit toward the strategic goals of the company. To
accomplish this executives need to identify, select, prioritize, resource, and govern
an appropriate portfolio of projects and other work
Portfolios
• A projects, programs, sub portfolios and operations managed as a group to achieve
strategic business objectives
• Project portfolios are similar to financial portfolios
• Each project in the portfolio should have a direct impact on the organizations
• Organizations try have balance in their portfolios:
- Large and some small projects
- Some high-risk, high-reward projects and some low risk projects
- Some projects that can be completed quickly and some that take time to finish
- Some projects that serve as efforts to enter new markets and new products or
services and some to improve current products
Programs
• Program = a group of related projects, subprograms and program activities managed
in a coordinated way to obtain benefits not available from managing them
individually
• Program management is defined as applying knowledge, skills, tools and techniques
to meet requirements and to obtain predetermined benefit
• Programs often last as long as the organization lasts, even though specific projects
within a program are limited duration
• Programs deal with a specific group of related projects, while a portfolio deals with
all of an organizations projects
• Portfolio may include multiple programs as well as multiple projects
• Program may include component such as portfolio, projects and subprograms
Projects and subprojects
• A subproject is a part of a larger project organized as a project itself to make it easier
to plan and manage
• Some of those subproject managers may even work for another company
• Subprojects come from dividing a project into more manageable pieces
• Reasons projects fail:
- Not enough resources/time
- Unclear expectations
Created by: Sabrina Dias
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