Fluent Essays

Journal Article Analysis Each student will select one of the key terms presented in the module and conduct a search of Campbellsville University’s online Library resources to find 1 recent peer-reviewed academic journal article (within the past 3 years) that closely relates to the concept. Your submission must include the following information in the following format: DEFINITION: a brief definition of the key term followed by the APA reference for the term; this does not count in the word requirement. SUMMARY: Summarize the article in your own words- this should be in the 150-200 word range. Be sure to note the articles author, note their credentials and why we should put any weight behind his/her opinions, research or findings regarding the key term. DISCUSSION: Using 300-350 words, write a brief discussion, in your own words of how the article relates to the selected chapter Key Term. A discussion is not rehashing what was already stated in the article, but the opportunity for you to add value by sharing your experiences, thoughts and opinions. This is the most important part of the assignment. REFERENCES: All references must be listed at the bottom of the submission--in APA format. Be sure to use the headers in your submission to ensure that all aspects of the assignment are completed as required. Any form of plagiarism, including cutting and pasting, will result in zero points for the assignment .    The following terms for your research:   Balanced scorecardJANUARY-APRIL 2020 DOI NUMBER: 10.19255/JMPM02212 JMPM Issue #22 | Vol.07 Num.04 Measuring PMO Performance – Application of the Balanced Scorecard in a Collaborative Research Context Simon P Philbin London South Bank University Rajneet Kaur Imperial College London, United Kingdom Abstract: This article provides a discussion and analysis of the successful deployment by a university-based project management office (PMO) of the balanced scorecard as a performance measurement tool. The research study builds on a supporting literature review on the balanced scorecard along with background material on collaborative research projects. This is followed by a case study investigation of the design and implementation of the scorecard for a university PMO over a 4-year period. Various managerial insights have been generated that have value to project management professionals engaged in the roll-out of a performance measurement system to support the management of research projects. There is a need to carefully adapt scorecard metrics to the academic requirements regarding the management of a portfolio of research projects. Furthermore, although data collection is necessary for the sustained use of the scorecard to support team operations, it is also essential to consider the people or social dimensions when utilizing the scorecard approach. The article also includes specific details on how scorecard’s key performance indicators have been derived through distilling strategic objectives into operational requirements. Keywords: Project Management Office, PMO, Balanced Scorecard, Performance Measurement, University JAN-APR 2020 JOURNALMODERNPM.COM 2 Measuring PMO Performance … Introduction The PMO (project management office) is an organizational unit that is established in order to standardize how projects are managed and to secure efficiencies through generating best practices from the delivery of a portfolio of projects (Desouza and Evaristo, 2006). The PMO approach to project management has been deployed in different sectors, such as construction information systems (Ward and Daniel, 2013), the public sector (Esquierro et al., 2013), and research administration (Wedekind and Philbin, 2018). This is because many organizations increasingly deliver activities according to projects; indeed, projects as temporary organizations can be viewed as a production capability, as a unit for allocating resources to change initiatives, and as a unit for managing uncertainty (Turner and Müller, 2003). We can also consider that projects may be delivered for clients as part of funded contracts as well as there being internally commissioned projects, such as those associated with business and digital transformation. While projects and project management are highly prevalent in the modern organization, some projects continue to encounter difficulties, for instance, inAPRIL 2020 39INTERNAL AUDITOR oard and management stakeholders want internal audit to demonstrate greater business acumen. They want auditors to have a broad understanding of the organization, as well as anticipate how to help the organization achieve its objectives. That means auditors need to see beyond their area of expertise and responsibility. They must be agile to act proac- tively and congruently with the organization’s way of doing business. By recognizing these expectations, internal audit can show that the department is an excellent place to develop business acumen. FIT BUSINESS NEEDS Organizations expect all senior managers to have the busi- ness acumen to lead their areas of responsibility and support broader organizational success. Managers should be able to anticipate and act on ways to add value to the organization and its stakeholders. Likewise, internal audit needs to identify the best ways for the function to develop business acumen that fits the organization’s needs. It can’t take a one-size-fits-all approach, B Internal audit can incorporate elements of the Balanced Scorecard approach to build its ability to anticipate and meet the organization’s needs. Audit With Basil Orsini Acumen BUSINESS ACUMEN -S TR IZ H - / SH U TT ER ST O CK .C O M AUDIT WITH ACUMEN APRIL 2020 though, because business acumen will vary by industry, type of business, and the kind of service a business unit pro- vides. For example, internal audit will require different aspects of business acumen than business lines, such as sales and production, or support ser- vices such as fi nance and security. Moreover, internal audit’s assur- ance role in relation to other assurance roles within the organization impacts the kind of business acumen it needs. Developing business acumen can enhance internal audit’s risk-based coverage of the organization’s main lines of business, as well as the fi rst two lines of defense. In developing business acumen, internal audit should not be seen as narrowly focused rule-followers who avoid innovation and taking risks. Chief audit executives (CAEs) should ensure the audit staff understands the capabilities of the organization’s fi rst two lines of assurance, as well as the business’ main products and services. Their strategy for establishing business acumen should involve human resource activities, such as hiring, promotions, and career planning, as well as profes- sional development activities. ENABLED BY THE STANDARDS Internal audit’s use of business acumen must reinforce, and not compromise, auditors’ professional competence. The International Standards for the Profes- sional Practice of Internal Auditing place great importance on risk-based plan- ning — multiyear, annual, and engage- ment — to ensure that services are strategic and add value. Having busi- ness acumen enables internal audit to proactively plan and adapt all forms of audit acti