Fluent Essays

Reflect on the assigned readings for Week 2 and then type a two page paper regarding what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding. Define and describe what you thought was worthy of your understanding in half a page, and then explain why you felt it was important, how you will use it, and/or how important it is in project management. After submitting your two page paper as an initial post in the Reflection and Discussion Forum, then type at least two peer replies in response to your classmates posts (200 word minimum each).Essay Question: Describe the advantages and limitations of scoring models in project selection.The assignment is to answer the question provided above in essay form. This is to be in narrative form. Bullet points should not to be used. The paper should be at least 1.5 - 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to project management. This does not mean blogs or websites. This source should be a published article in a scholarly journal (Journal of Project Management) or a professional journal (such as PMIs Project Management Journal). This source should provide substance and not just be mentioned briefly to fulfill this criteria. The textbook should also be utilized. Do not use quotes. Do not insert excess line spacing. APA formatting and citiation should be used. chapter_2_project_selection_and_prioritization.pptx Unformatted Attachment Preview CONTEMPORARY PROJECT MANAGEMENT, 4E Timothy J. Kloppenborg Vittal Anantatmula Kathryn N. Wells © 2019 Cengage Learning. All Rights 1 Chapter 2 Project Selection and Prioritization © 2019 Cengage Learning. All Rights 2 Chapter 2 Project Selection and Prioritization © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 3 Chapter 2 Core Objectives • Explain the strategic planning and portfolio management processes. • Describe how to select, prioritize, and resource projects as an outgrowth of strategic planning. • From a contractor’s viewpoint, describe how to secure projects. © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Chapter 2 Technical Objectives • Compare strengths and weaknesses of using financial and scoring models to select projects. • Demonstrate how to select and prioritize projects using a scoring model. © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Chapter 2 Behavioral Objectives • Explain the strengths an organization might possess that could improve its ability to perform projects. © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Strategic Planning Process • Strategic Analysis • Guiding Principles • Vision • Mission Statement • Strategic Objectives • Flow-down Objectives © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Strategic Planning and Portfolio Alignment © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Strategic Analysis • SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) • Elements within the project team’s control • Elements over which the project team has little/no control © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. SWOT Analysis for the Built Green Home at Suncadia © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Breakout session! SWOT analysis STRENGTHS WEAKNESSES OPPORTUNITIES THREATS © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Guiding Principles • The vision is one sentence that describes the organization in the future Triple Bottom Line • Social • Environmental • Economic • Requires extra effort to be achieved • Multiyear goals may require need for a new vision • Mission statement - mechanism for achieving the vision Organization’s core purpose Culture Core values Primary business Beliefs Primary customers © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Mission Statement Considerations • Purpose • Core values • Beliefs why an organization exists how decisions will be made how people will be treated what the leaders stand for © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Mission Statement Considerations • Culture • Primary business areas • Primary customers how members should act what business the organization engages in which groups of people need to be satisfied © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Cincinnati Children’s Hospital Medical Center Vision and Mission © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Strategic Objectives • Means of achieving the vision and mission • Objective setting occurs annually • Describe short- term and long-term results • Describe measures of achievement Effective objectives are Specific Measurable Achievable Results-based Time-specific © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Internet Society Strategic Objectives © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Flow-down Objectives • Enforce strategic objectives • Implemented through ongoing operations • Projects are the primary method for implementing objectives © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Portfolio Management • Portfolios • Programs • Projects and subprojects • Assess organization’s ability to perform projects © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Portfolios • Composed of projects, programs, sub-portfolios, and ongoing operations • Seek a balance between: • Large and small projects • High-risk, high-reward and low-risk projects • Quick completion and substantial time projects © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Programs • Include a group of related projects, subprograms, and activities • Last as long as the organization lasts • Projects within a program are of limited duration • Managed at a level above the project manager © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The Project Portfolio • A collection of projects grouped to be collectively managed • Portfolio management: Portfolio of Projects IDENTIFY RESOURCE PRIORITIZE SELECT GOVERN © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Projects and Subprojects • A large project may be composed of multiple subprojects • The project manager coordinates subprojects and makes decisions that are best for the overall project • A subproject comes from dividing a project into more manageable pieces © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Portfolio, Program, Project, and Subproject Relationships © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Portfolio of Projects and Operational Work Processes © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Reasons for Project Failure • Not enough resources • Not enough time • Unclear expectations • Changes to the project • Disagreement about expectations Projects must be aligned with the goals of the parent organization. © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Assess Organization’s Ability to Perform Projects TEAMWORK Do we have a teamwork attitude, free and open communication, creativity, and empowered decision-making? PM Process Do we have a clearly defined project management process? ASSOCIATES Do our associates have the right attitudes, skills, and competencies to use the project management process? LEADERS Are our leaders at each level willing to take appropriate personal risk? © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Assess Organization’s Ability to Perform Projects FOUNDATION Does senior leadership establish a strong leadership foundation? LEADERSHIP Do individuals and teams exhibit leadership at their respective levels? EXTERNAL ENVIRONMENT Do we monitor and understand our external environment? © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Identifying Potential Projects Strategic opportunity • All should participate • Identify twice the projects • Brief description of project Social need • (“elevator pitch”) © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Technological advance Identifying Potential Projects • Summarize the work statement of work – what will be done and/or produced? • Why the project is important business case – why is this project worth the organization’s investment? © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Project Selection, Prioritization, and Initiation © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Methods for Selecting Projects What value does each potential project brings to the organization? Are the demands of performing each project understood? Are the resources needed to perform the project available? © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Methods for Selecting Projects Is there enthusiastic support both from external customers and from one or more internal champions? Which projects will best help the organization achieve its goals? © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Methods for Selecting Projects • Include financial and scoring models • Projects are investments • Three different approaches • Financial analysis as the primary means of selection • Financial models as screening devices • Financial justification as one factor in a multi-factor scoring model © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Using a Cost-Benefit Analysis Model to Select Projects Net Present Value (NPV) • Most widely accepted model • Discount the expected future value • Subtract discounted costs from discounted benefits Benefit-Cost Ratio (BCR) • Divide the cash flow by the initial cash outlay • A ratio above 1.0 means the project is expected to profit © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Using a Cost-Benefit Analysis Model to Select Projects Internal rate of return (IRR) • Percentage return expected on the investment • A ratio above the current cost of capital • Higher IRR is better PAYBACK PERIOD (PP) • Time required to pay back the initial project investment • Shorter payback periods are desirable © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Using a Cost-Benefit Analysis Model to Select Projects • Financial models ensure the cost and return perspective. • Financial models DO NOT ensure alignment with strategic goals. © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Financial Models for Project Selection © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Using a Scoring Model to Select Projects • Scoring models often used when multiple important criteria exist 1. Identify potential criteria 2. Determine mandatory criteria 3. Weight criteria 4. Evaluate projects 5. Sensitivity analyses © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Examples of Project Selection Criteria © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Project Selection and Prioritization Matrix © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Completed Project Selection and Prioritization Matrix • Evaluate • Rate • Weight • Display • Select © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Breakout session! • First, brainstorm criteria you would use to create a scoring model • Next, complete a selection/prioritization model like the one in Exhibit 2.10 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Sensitivity Analysis • What would happen if factors were to change? • Some criteria may be deemed more important than others • Add missing criteria or new alternatives © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Revised Project Selection and Prioritization Matrix © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Prioritizing Projects • Which projects assigned resources and scheduled to begin first • Scoring models provide input • Other considerations: • Urgency of each project • Cost of delaying the expected benefits • Practical details of timing © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Alternative Breaks Project Selection and Prioritization Matrix © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or servic ... Purchase answer to see full attachment