Implementing Strategy Flashcards
Define a portfolio
A collection of projects/programmes used to structure and manage investments at an organisational or functional level to optimise strategic benefits or operational effieciency
Why do you group projects and programmes?
Groupings can be based on - geography, capability, market placement
Portfolios should be designed to maximise return on investment (ROI)
Aid control of costs and benefits, high/low risk, novel/repeat projects
What is a programme?
A group of related projects or change activities that together achieve beneficial change for the organisation
Why group projects into a programme?
- Allows oversight of priority and resources
- Potential for economies of scale
- Coordinated senior stakeholder management & communication
- Easier propagation of lessons learned
What is a project?
A project is a unique, transient endeavour, undertaken to achieve a planned objective.
What are the key attributes of a project?
- Unique
- Timebound
- Specific costs
- Scope
- Uncertainty
- Dynamic Team (Specialist roles)
- Acceptance criteria
How can Project Management be described?
The application of processes, methods, knowledge, skills and experiences to achieve the project’s objectives.
