Week 2 dated 23 June 2006 - Chapter 2 Organization Strategy and Project Selection
Organization Strategy and Project Selection Organization strategy and project selection said about the following items.
1. Strategy Management Process
2. The Need for an Effective Project Portfolio Management System
3. Portfolio Management System
4. Appling a Selection Model
1. Strategy Management Process; the typical sequence of activities are outline and description as follows:
1.1. Review and define the organizational mission (what we are now?); identify the scope of organization in term of product and service provides focus for decision making when shared by organizational mangers and employees (everyone aware the organization’s mission – include organizational philosophy, key technologies, public image, contribution to society which relates directly to business success). Mission statement will revise when nature of businesses changes or shifts. Use SWOT analysis for setting new goals and objectives.
· Internal environment to find strengths and weaknesses of organization
· External environment to find opportunities and threats of organization.
1.2. Set long-rang goals and objectives (what do we intend to be?)
· Objectives translate the organization mission into specific, concrete, measurable terms.
· Organization objectives set targets for all levels of the organization.
· Objectives answer in detail where a firm is headed and when it is going to get there.
· Typically, objectives for the organization cover markets, products, innovation, products, innovation, productivity, quality, finance, profitability, employees and consumers. Objectives should be as operational as possible and should include a time frame, be measurable, be an identifiable state, and be realistic.
· Each level below the organizational objectives should support the higher level objective in more details.
1.3. Analyze and formulate strategies to reach objectives by portfolio (collect) of strategic choices; formulating strategy answers the question of what needs to be done to reach objective includes determining and evaluating alternatives that support the organization’s objectives and selecting the best alternative.
1.3.1. Realistic evaluation of the past and current position of the enterprise includes an analysis of “who are the customers” and “what are their needs as they see them”.
1.3.2. Assessment of the …
· Internal environments (to find strengths and weaknesses of organization – core competencies such as technology, product quality, management talent, low debt and dealer networks)
· External environments (to find opportunities and threats of organization – force for change such as technology, industry structure and competition)
1.4. Implement strategies through projects (Tools – BSC)
1.4.1. Completing tasks requires allocation of resources, which typically represent funds, people, management talents, technology skills and equipment. Implementation of project is treated as an “addendum” rather than an integral part of the strategic management process.
1.4.2. Implementation requires a formal a formal and information organization that complements and supports strategy and projects. Authority, responsibility and performance all depend on organization structure and culture.
1.4.3. Planning and control systems must be in place to be certain project activities necessary to ensure strategies are effectively perform.
1.4.4. Motivating project contributors will be a major factor for achieving project success.
1.4.5. Area receiving more attention in recent years is prioritizing projects, although the strategy implementation process is not as clear as strategy formulation, all managers realize that success is impossible if without implementation
2. The Need for an Effective Project Portfolio Management System
3. Portfolio Management System
4. Appling a Selection Model Strategy is implemented through projects.
Every project should have a clear link to the organization's strategy.Every project should contribute value to the organization's strategic plan, which is designed to meet the future needs of its customers.
Ensuring a strong linkage between the strategic plan and projects is a difficult task that demands constant attention from top and middle management.
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