project management

Strategic Management Process 1) Describe why project managers need to understand strategy? (p.28) Answer: 2) What are the four activities of Strategic Management Process? (p.29) Answer: 3) Describe organizational mission (p.31) Answer: 4) Describe Strategic Management Process (p.31, Figure 2.1) Answer: Need for Project Priority Systems 1) Describe the three most obvious problems that can arise due to lack of a strong priority system linked to strategy (P.34 to 37) Answer: Portfolio Management System 1) Describe portfolio management (p.37) Answer: 2) Identify what should be included in the design of a project portfolio system (p.37) Answer: Focus 3) What are the benefits of Project Portfolio Management (P.37, Exhibit 2.2) Answer: 4) As part of classification of the project (i.e., part of the design of a project portfolio), what are the three basic kinds of projects? Answer: Financial Selection Criteria 1) Describe Payback financial model as a selection criteria (p.38) Answer: 2) What is the major limitation of Payback financial model? (p.39) Answer: 3) Compare the Payback for Project A and Project 3 as described in page 39 (use the Financial Models Payback & NPV spreadsheet for your calculation and include in your submission in D2L Dropbox) 4) Describe the net present value (NPV) model (p.39) Answer: 5) Compare the NPV for Project A and Project B as described in page 39 (use the Financial Models Payback & NPV spreadsheet for your calculation and include in your submission in D2L Dropbox) Answer: 6) Are pure financial models adequate for prioritising projects? Why? (p.40) Answer: Non-financial Selection Criteria 1) Provide examples of strategic reasons for accepting projects that do not have high profit margins (p.40) Answer: 2) Describe checklist model (p.41) Answer: 3) Provide sample selection Questions used in practice (p.41, Exhibit 2.4) Answer: 4) Describe multi-weighted scoring model (p.41)