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5 Cards in this Set
- Front
- Back
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Describe the major components of the strategic management process.
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1. Defining the mission of the organization
2. Analysis of the external and internal environments 3. Setting Objectives 4. Formulating strategies to reach objectives 5. Implementing strategies through objectives. |
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Explain the role projects play in the strategic management process.
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Strategy is implemented primarily through projects. Successful implementation of projects means reaching the goals of the organization and thus meeting the needs of its customers.
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How are projects linked to the strategic plan?
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Because they represent how a strategy is to be implemented. The best way to maximize the organization's scare resources is through a priority scheme which allocates resources to a portfolio of projects which balance risk and contribute the most to the strategic plan.
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The portfolio of projects is typically represented by compliance, strategic, and operations projects. What impact can this classification have on project selection?
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By carefully aligning your project proposal with one classification, you may increase the chances of it being selected. Remember, senior management typically allots budgets for each category independent of actual project selection. Knowledge of funds available, risk portfolio, senior management bias, etc. may cause some to attempt to move their project proposal to a different classification to improve the chances of the project being selected.
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Why does the priority system described in this chapter require that it be open and published? Does the process encourage bottom-up initiation of projects? Does it discourage some projects? Why?
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An open, published priority system ensures projects are selected on the basis of their contribution to the organization. If the priority system is not open, squeaky wheels, strong people, and key departments all get their projects selected for the wrong reason. Bottom-up is encouraged because every organization member can self evaluate their project idea against priorities - and so can everyone else in the organization. To some, this approach may look intimidating but rarely is in practice, it does discourage projects that clearly will not make positive, significant contributions to the organization vision.
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