Unit 2 Flashcards
What is environmental scanning?
Responding to changes in the external environment
What are the strategic management process activities
Review and define the organizational mission
Set long-range goals and objectives
Analyze and formulate strategies to reach objectives
Implement strategies through projects
What are the problems with project portfolio management?
Implementation gap
Organization politics
Resource conflicts and multitasking
What is contained in the design of a portfolio management system?
Classification of a project
Selection criteria depending upon classification
Sources of proposals
Evaluating proposals
Managing the portfolio of projects
What are the limitations of the payback model?
Ignores the time value of money
Assumes cash inflows for the investment period and not beyond
Does not consider profitability
List the two multi-criteria selection models
Checklist
Multi-weighted scoring
T/F The checklist model allows for comparisons with other potential projects
F, multi-weighted scoring allows comparisons with other potential projects
What are white elephant projects?
Showed promise at one time but are no longer viable
What are pearl projects?
Revolutionary commercial opportunities using proven technical advances
What are bread-and-butter projects?
Evolutionary improvements to current products and services
WHat are oyster projects?
Technological breakthroughs with high commercial payoffs
