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project management
Project Management Achieving Competitive Advantage 5th Edition Jeffrey K. Pinto - Solutions
Quality (5)
3.16 Screening Model. Assume that the following criteria relevant to the process of screening various project opportunities are weighted in importance as follows:
3.15 Scoring Model. Now assume that for Problem 3.14, the importance weights are altered as follows:Assessment Criteria Importance Weights 1. Payoff potential 1 2. Lack of risk 1 3. Safety 4 4. Competitive advantage 2 How does this new information alter your decision? Which project now looks most
Assume, too, that evaluations of high receive a score of 3, medium 2, and low 1. Recreate your project scoring model and reassess the four project choices (A, B, C, and D). Now which project alternative is the best? Why?
3.14 Scoring Model. Suppose the information in Problem 3.13 was supplemented by importance weights for each of the four assessment criteria, where 1 = low importance and 4 = high importance:Assessment Criteria Importance Weights 1. Payoff potential 4 2. Lack of risk 3 3. Safety 1 4. Competitive
Competitive advantage Project A is rated:Payoff potential high Safety high Lack of risk low Competitive advantage medium Project B is rated:Payoff potential low Safety medium Lack of risk medium Competitive advantage medium Project C is rated:Payoff potential medium Safety low Lack of risk medium
Safety
Lack of risk
Payoff potential
3.13 Checklist. Consider the following information in choosing among the four project alternatives below (labeled A, B, C, and D). Each has been assessed according to four criteria:
3.11 Checklist. Suppose that you are trying to choose which of two IT projects to accept. Your company employs three primary selection criteria for evaluating all IT projects: (1)proven technology, (2) ease of transition, and (3) projected cost savings.One option, Project Demeter, is evaluated
3.10 What are some of the key difficulties in successfully implementing project portfolio management practices?
3.9 What are the keys to successful project portfolio management?
3.8 Why is project portfolio management particularly challenging in the pharmaceutical industry?
3.7 What advantages do you see in the GE Tollgate screening approach? What disadvantages do you see? How would you alter it?
3.6 How does the options model address the problem of nonrecoverable investment in a project?
3.5 How are financial models superior to other screening models?How are they inferior?
3.2 What are the benefits and drawbacks of checklists as a method for screening project alternatives?
basic structure of the
write the following
Desire for portfolio balance. A firm may want to offset risky initiatives by funding other projects. The Boston Consulting Group’s product matrix framework, for example, balances company product lines in terms of relative market share and product growth, suggesting that firms can maintain a
Strategic fit. If a firm has a policy of pursuing a family of products, all opportunities are evaluated in terms of their complementarity—that is, either their strategic fit with existing product lines or their ability to augment the current product family.
Risk. Project payouts must justify some level of acceptable risk; those that are too risky are scratched.
Top management pressure. Political pressure from top management (say, managers with pet projects) can influence decisions.
Opportunity. The chance for a big payout is a strong inducement for funding.
Cost. Projects with lower development costs are more favorable because they come with less upfront risk.
4. Determine the present value of the inflows and compare it with the initial investment. Continue to repeat steps 2–4 until you have determined the IRR.
3. If the present value is larger (or smaller) than the initial investment, select a higher (or lower)discount rate for the computation.
2. Compare the present value of the inflows with the initial investment; if they are equal, you have found the IRR.
1. Pick an arbitrary discount rate and use it to determine the net present value of the stream of cash inflows.
2. To be evaluated in terms of an efficient frontier, some value must be attached to risk. Expected return is a measure that is naturally given to numerical estimate. But because risk may not be readily quantified, it may be misleading to designate “risk” artificially as a value for comparison
1. They limit decision criteria to just two—risk and return. Although an array of issues, including safety, quality, and reliability can come under the heading of risk, the approach still necessarily limits the decision-maker to a small set of criteria.
Product durability and future market potential. Is this project a one-shot opportunity, or could it be the forerunner of future opportunities? A software development firm may, for example, develop an application for a client in hopes that successful performance on this project will lead to future
Governmental or stakeholder interference. Is the project subject to levels of governmental oversight that could potentially interfere with its development? Might other stakeholders oppose the project and attempt to block completion? For example, environmental groups, one of the “intervenor”
Stability of the development process. Are both the parent organization and the project team stable? Can we expect this project to face funding cuts or the loss of key personnel, including senior management sponsors?
Riskiness of the new venture. Does the project entail the need to create new-generation technology?How risky is the venture in terms of achieving our anticipated specifications?
Potential return on investment. What kind of return can we expect? What is the likely payback period?
Cost of development. What is a reasonable cost estimate?
3.4 Identify the elements in the project portfolio selection process and discuss how they work in a logical sequence to maximize a portfolio.
3.3 Learn how to use financial concepts, such as the efficient frontier and risk/return models.
3.2 Understand how to employ a variety of screening and selection models to select projects.
3.1 Explain six criteria for a useful project selection/screening model.
8. Ship product to customer
7. Receive returned product from screen printer for final assembly and quality control
6. Ship parts to screen printer for welding and artwork
5. Issue purchase order to screen printer with product specifications
4. Mold parts
3. Schedule order into production
2. Receive/process order
1. Quote job
2.22. d—heavyweight project organizations are sometimes referred to as “projectized” and represent the highest level of commitment to project-based work
2.21. c—a weather station is the name for a PMO that functions as a monitoring device.
2.20. b—in a weak matrix, more power resides with the functional manager.
2.19. a—senior management is the best mediator of resource conflicts between a project manager and a functional manager.
2.18. b—in functional structures, power lies with the functional manager.
2.17. b—The functional manager is focusing on the product life cycle, which is developed based on an example of a successful project and encompasses the range of use for the product.
2.16. a—Being away from her functional group may cause her to feel that her efforts on behalf of the project are not being recognized by her functional manager, since the project employs a strong matrix structure.
2.15. a—The project management office (PMO) typically has all of these responsibilities.
2.14. c—Because senior managers usually outrank the project manager, they can help with resolving any resource or other conflicts as they arise.
2.13. a—The functional manager runs the day-to-day operations of his department and controls the resources.
2.12 Access the corporate Web site for Fluor-Daniel Corporation and examine its “Compliance and Ethics” section at www.fluor.com/sustainability/ethics_compliance/Pages/default.aspx. What does the list of behaviors and features under “Fluor Ethics and Compliance” suggest about the way the
2.11 Go to a corporate Web site of your choice and access the organizational chart. What form of organization does this chart represent: functional, project, matrix, or some other form? Based on our discussion in this chapter, what would be the likely strengths and weaknesses of this
2.10 Go to the Web site www.projectstakeholder.com and analyze some of the case studies found on the Web site. What do these cases suggest about the importance of assessing stakeholder expectations for a project before it has begun its development process? In other words, what are the risks of
2.9 Wegmans has been consistently voted one of the 100 best companies to work for in the United States by Fortune magazine.In fact, in 2005 it was ranked number 1, and in 2016 it was ranked number 4. Go to its Web site, www.wegmans.com, and click on “About Us.” What messages, formal and
4. “Radical innovation cannot be too radical if we want it to be commercially successful.” Argue either in favor of or against this statement.
3. What other unforeseeable events contributed to making Xerox’s executives unwilling to take any new risks precisely at the time the Alto was ready to be released?
2. How did Xerox’s strategic vision work in favor of or against the development of radical new technologies such as the Alto?
1. Do you see a logical contradiction in Xerox’s willingness to devote millions of dollars to support pure research sites like the PARC and its refusal to commercially introduce the products developed?
2. Given the financial risks inherent in developing a jet engine, make an argument, either pro or con, for Rolls-Royce to develop strategic partnerships with other jet engine manufacturers in a manner similar to Airbus’s consortium arrangement. What are the benefits and drawbacks in such an
1. Who are Rolls-Royce’s principal project management stakeholders? How would you design stakeholder management strategies to address their concerns?
b. What behavioral problems could you begin to anticipate through this design? That is, do you see any potential points of friction in the dual hierarchy setup?
a. Re-create the structural design to show how the matrix would look.
Question 2.7 to a matrix structure, emphasizing dual commitments to function and project.
2.8 Suppose you now want to convert the structure from that in
c. With the project structure, you have four ongoing projects: stereo equipment, instrumentation and testing equipment, optical scanners, and defense communications. Draw the new structure that creates these four projects as part of the organizational chart.
b. Assume you have decided to move to a project structure. What might be some of the environmental pressures that would contribute to your belief that it is necessary to alter the structure?
a. Create a drawing of your simplified functional structure, identifying the five departments.
2.7 You are a member of the senior management staff at XYZ Corporation. You have historically been using a functional structure setup with five departments: finance, human resources, marketing, production, and engineering.
2.6 Compare and contrast the organizational cultures at Amazon and Google. Imagine if you were in charge of a project team at both companies. How might your approach to managing a project, developing your team, and coordinating with different functional departments differ at the two firms?
2.5 What are some of the key organizational elements that can affect the development and maintenance of a supportive organizational culture? As a consultant, what advice would you give to a functional organization that was seeking to move from an old, adversarial culture, where the various
2.4 Consider a medium-sized company that has decided to begin using project management in a wide variety of its operations. As part of its operational shift, it is going to adopt a project management office somewhere within the organization• . Make an argument for the type of PMO it should adopt
2.3 Your company is planning to construct a nuclear power plant in Oregon. Why is stakeholder analysis important as a precondition for the decision of whether or not to follow through with such a plan? Conduct a stakeholder analysis for a planned upgrade to a successful software product.
2.2 Discuss the difference between organizational objectives and strategies.
Discuss how each of these four elements is important in understanding the challenge of strategic project management.How do projects serve to allow an organization to realize each of these four components of strategic management?
d. Achieving objectives
c. Making cross-functional decisions
b. Formulating, implementing, and evaluating
. Devpeloping a strategic vision and sense of mission
2.1 The chapter suggests that a definition of strategic management includes four components:
4. Maximizes scarce resources between competing project and functional responsibilities.
3. Promotes coordination across functional units. 3. Can be frustrating for workers caught between competing project and functional demands.
2. Requires significant time to be spent negotiating the sharing of critical resources between projects and departments.
2. Emphasizes the dual importance of project management and functional efficiency.
1. Suited to dynamic environments. 1. Dual hierarchies mean two bosses.
5. Encourages rapid response to market opportunities.
4. Concern among project team members about their future once the project ends.
4. Promotes the creation of cadres of project management experts.
3. Promotes effective and speedy decision making. 3. Difficult to maintain a pooled supply of intellectual capital.
2. Potential for project team members to develop loyalty to the project rather than to the overall organization.
2. Leads to improved communication across the organization and among functional groups.
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