This file contains a detailed summary of the course project management given at Tilburg University. All the lecture notes have been incorporated into this file as well.
To manage stakeholders:
1. External environment
2. Stakeholder goals
3. Internal capabilities
4. Problem
5. Testing
6. Solutions
Functional structure
Pro’s: specialization, projects within the departments
Cons: Low customer focus, functional silos, lack of commitment, longer times to
implement projects.
Matrix structure
Pros: a mix between project and functional orientation, promotes cross-functional
collaboration, efficient use of resources.
Cons: leadership challenges, workers commitment, negotiation for sharing scarce
resources.
Project structure
Pros: project management specialization
Cons: project commitment rather than firm, future uncertainty, difficult to develop
intellectual capital.
(Organizational culture can be a major source of project success or failure.
,(week 3)
Project screening models (nonnumeric models)
Checklist model
Simplified scoring model
Analytic hierarchy process
Profile model
Method 1: Checklist model
A checklist is a list of criteria applies to possible projects
Requires agreement on criteria
Pros: simple and flexible, Facilitating conversation and discussion
Cons: assumes all criteria are equally important
Method 2: Simple scoring method
Each project receives a score that is the weighted sum of its grade on a list of
criteria.
Requires agreement on criteria and agreement on weights for criteria and a score
assigned for each criteria.
Pros: easy to use and understand
Cons: does not tell the difference between score, relative scores can be misleading.
Method 3: Analytic hierarchy process (AHP)
Prioritizes alternatives when multiple criteria are considered.
Evaluates trade-offs between conflicting selection criteria.
AHP is a 4 step process:
1. Construct a hierarchy of criteria and sub-criteria
2. Allocate weights to criteria
3. Assign numerical values to evaluation dimensions
4. Determine scores by summing the products of numeric evaluations and
weights.
Pros: flexible, scores can be compared.
Cons: requires all criteria in advance, requires extensive managerial input and not
parsimonious (scores are relative)
Method 4: Profile
, Efficient frontier
Plot risk/return options for various alternatives
Select the project that maximizes return while staying within a certain range of
minimum acceptable risk.
Financial models (numeric models)
Payback period
Net present value
Discounted payback method
Internal rate of return
Determines how long it takes for a project to reach a breakeven point
Cash flows should be discounted
Lower numbers are better (faster payback)
Net present value
Ft = net cash flow for period t
r = required rate of return
I = initial cash investment
Pt = inflation rate during period t
Higher NPV values are better.
Internal rate of return
A project must meet a minimum rate of return before it is worthy of consideration. It
is the interest rate at which the NPV of the cash flows is equal to zero.
Project portfolio management
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