Contemporary Project Management 3rd Edition Timothy Kloppenborg Solutions Manual Download:http://testbanklive.com/download/contemporary-projectmanagement-3rd-edition-timothy-kloppenborg-solutions-manual/ Contemporary Project Management 3rd Edition Timothy Kloppenborg Test Bank Download:http://testbanklive.com/download/contemporary-projectmanagement-3rd-edition-timothy-kloppenborg-test-bank/ CHAPTER 2 Pro ject Sel ectio n and Pri o ri ti za tio n LEARNI NG OBJECTI VES This chapter pr esents a b road int roducti on to project m ana gement. Afte r c ompl eti ng thi s chapter, each st ud ent sho uld be able to per form t he following: 1. Ex plain in your own w ords the strate gic plannin g and po rtfoli o mana gem ent processes. 2. C ompare stren gths and weakness es of usin g fina ncial and scorin g models to select projects. 3. Describe ho w to select , priorit iz e, and resourc e projects as an out gro wt h of strate gic plannin g. 4. Given or ganiz ati onal priorit ies and sever al proje cts, demons trate how to s elect and prio ritiz e projects us ing a scorin g model. 5. From a contractor â€™s viewpoint , describe ho w to secure p rojects.
TEACHI NG STRATEGI ES Gener all y the first t hing I do in thi s chapter is to ask t he students about their ex ampl e projects. M ost of the student teams wi ll not have met with t heir sponsors yet. I encou ra ge them to do so as soon as poss ibl e. I ask t hem t o tell m e wh y the a genc y s elected this particular proj ect. Oft en the y are not a war e. I use that as the basis for thi s chapter. R emi nd the students that while the conc epts behind m an y p roject m ana gem ent t echniques are the s ame for all or gan iz ati ons, t he mechanics of how the y ar e per formed can var y widel y. P roje ct selecti on , for ex ampl e , can b e ver y sim ple in a small or gan iz ati on or highl y structured in a lar ge r or ganiz ati on. Nev ert heless, all or ganiz ati ons shoul d use the idea of startin g with s trat egi c plannin g, identif yin g potential proje cts, us ing app ropriate criteria, and choosi n g the set of projects t hat help
t he or ganiz ati on best t o ac hieve it s goals. In p racti c e, howe ver, some or ganiz ati ons decide one p roject at a ti me wit hout looki ng at t he bi g picture . Tell the students t hat i n man y cases the y m a y hav e li mi ted involvement i n project selecti on and prioriti z ati on decisi ons, but those decisi ons wil l have a major im pact on their projects, s o the y ne ed to understand both ho w the decisi ons we re ma de and the rati onale behind t hem. One topi c that lends it self to a quick bre akout s ess ion i s S W OT anal ysis . I li ke to gi ve a scenario fo r a loc al gover nment organiz ati on, sports organiz ati on, or compa n y that is in the news and chall en ge t he students t o brainst orm a few str en gths, weakn e sses, opportuni ti es, and threats . I will ask each t eam t o report on one o f those fo ur ar e as. I then ask t he students how thi s knowledge can h elp t hem decide which p rojects t he y want to pursue. This i ntroduces the conc ept of mul ti ple criteri a decisi on -makin g. I then introdu ce the mis si on st atements for both ou r universit y and our coll e ge o f busi ness. I ask t he stude nts what t he y can tell m e about t he mi ssi on or vision st atements
for their pr esent or ganiz a ti ons (Man y of ou r MBA students work full t im e and man y o f our under gr aduates wo rk part ti me.) . W e then discuss how thi s knowledge can be h elpful in selecti ng p rojects t hat will help achieve the visi on and mi ssi on. Often, students do not claim to know their or ga niz ati onal vi sion and mi ssion. I en cour a ge them t o find those statements and tr y to understand how the y shoul d guide b ehavior. S how both Ex hibit s 2.5 and 2.6 to get st udents t hinki ng about wh at a portf oli o reall y means. I rel ate a p roject portfoli o for an or ganiz ati on to a personal finan cia l portfolio since most students have had financ e and c an r eme mber diversif yin g. Eith e r to foll ow -on one of the e arlier b reako uts, o r as a standalone b r eakout, I ask st udents t o brainst orm potential projects of e ach t ype shown in Ex hibi t 2.6 for a pa rticular compan y o r othe r organiz ati on. You can e ven use your own unive r sit y. S ince our entrep reneu rsh ip m ajors need to t ake pr oject m ana gement, I remi nd them that a vast m ajorit y of wo rk in yo un g or ganiz ati ons i s project based. Quickl y p resent Ex hibi t 2.8 to emphasiz e tha t net present value (NPV) is th e most comm onl y used fin ancial model in project selecti o n, but t hat ot her methods are av ail able. For anoth er br eakout, give a scen ario f aced b y an organiz ati on (real or ficti ti ous). Ask students t o first brainst orm potenti al criteria for s e lecti ng proj ects i n that si tuation. The students t hen weight t he projects on ea ch crite ri on . W hen the y r eport out, a sk t hem t o give the rati onale b ehind t heir decisi ons. Ask t he students t o use a scoring mod el t o select a nd prioriti z e pro jects. Demons trate with Ex hibit s 2.11 and 2.12 . Ex ercise 1 or 2 coul d be used for thi s br eako ut. Alternati vel y, with s ome prior setup of gen erati n g several poss ibl e proje cts, a conti nuati on of the scen a rio of the local or ganiz ati on described in t he pr ev i ous bul let could be used to add auth enti cit y. Y et another alt er nati ve is t o have the stud ents i n groups select a t ype o f ca r to buy. The y will need to deci de on the selecti on c riteri a first. I li ke to poi nt out Ex hibi t 2.13 (Alternati ve Br eaks P roject S i te Selecti on). I emphasiz e both how thi s is an ex ample of selecti n g proje cts based upon mul ti ple crite ria and that we will have numerous pl ac es throughout t he course where we will demons tra te points with thi s same int egr ated proj ect.
LECTURE AND W ORKSHO P OUTLINE 2.1 S trategic pl an n in g process The compan yâ€™s le ade rship performs st rat e gic plan ning to set di re cti on. S trategic anal ysis
Inte rnal and ex ternal anal ys is us ing S W OT. Guiding principl es Visi on (prefe rred future s tate) and mi ssi on (what we s tand for and how w e will operate ) statements, p erh aps purpose and v alues al so. S trategic obj ecti ves Annual go als t o help achi eve visi on and mi ssi on. Flow-down obje cti ves In la r ger o r ganiz ati ons a n ex pansion on st rategic objecti ves. 2.2 Por tf oli o man a ge me n t
S ince projects ar e invest ments, ensuring the b est set of projects i s sele cted . P ortfoli o A coll ecti on of proje cts or pro grams and oth er wor k that are group ed to geth er to facil it ate ef fe cti ve mana gement of that work to m e et st rate gic business obje cti ves. P rogr am A group o f rel ated proje c ts m anaged in a coo rdina ted wa y to obt ain bene fits and control not avail able from m ana gin g them indi viduall y. S ubproject A smaller portion of the overall proje ct cre ated w hen a proje ct i s subdi vided in to more mana ge able compo nents or pieces . Assess or ganiz ati onâ€™s abi li t y to p erform p rojects Understandin g the t ype a nd amount of projects t he organiz ati on can succ ess full y perform. Id enti f y potential project s S ystemati call y and entre preneuri all y by ever yon e in t he organiz ati on. Methods for proje ct selec ti on Based upon o r ganiz ati onal prioriti es, including fin ancial and othe r consi der ati ons. Using a cost -ben efit anal ys is model to s elect proj e cts C omparing ex pected p roject costs wit h benefits oft e n b y usi n g n et present v alue anal ysis . Using a s corin g model to select proje cts W hen mul ti ple criteria such as ti mi ng, risk, and re source ne eds ar e im porta nt i n selecti on decisi ons. P riorit iz ing projects Once sele cted det ermini ng wh en ea ch proje ct wil l start and how con flicts wil l be resolved. R esourcin g proje cts After the prio rities of ea c h project has be en dete r mi ned, leaders should st a rt assi gnin g r esourc es from the highest priorit y proj e ct down unti l resource avail abil it y li mi ts addit io nal projects. 2.3 S ecu rin g p rojects C li ent compan y pe rspecti ve of findin g contra ctors to perform and contra ctor compan y persp ecti ve of f indi ng projects t o pe rfor m. Id enti f y potential project opportuni ti es C ontractor companies us e man y methods t o unco ve r possibl e projects. Determi ne which oppo rt unit ies to pursue Decide wh ether to pursu e all projects or onl y sel e ct projects. P repare and subm it proje ct proposal P roposals often include t echnical, m an a gement, a nd financial consi de rati o ns. Ne goti ate to secu re the p roject Both parti es ne ed to a gr e e to t erms that make sens e.
CHAPTER REVI EW QUESTI ONS â€“ SUGGESTED ANSWERS
1. List and des cribe each st ep in t he strate gic planni ng pro cess (obje cti ve #1, pp.28 -31). S trategic anal ysis – anal yz e strengths and weakn es ses withi n the organiz ati on and opportuni ti es and threats ex ternal t o the organiz ati on. Guiding principl es – cre a te statements of or ganiz a ti onal vi sion, mi ssion, purpose and/or values to guide d ecisi on - making. S trategic obj ecti ves – oft en annual plannin g to est abli sh short and long te r m result s that will support guidi ng p rincipl es. Flow-down obje cti ves – opti onal for lar ge o r com plex organiz ati ons t o ensure that appropriate go als ar e esta bli shed. P ortfoli o ali gnment – sel ecti ng a set of proj ects to support organiz ati ons ’ goals. 2. Name at l e ast four thi ngs a mi ssi on st atement sho uld i nclude. (objecti ve #1 , p.30) The mi ssi on st atement sho uld i nclude the or ganiz a ti on’s purpose, beli efs, c ore values, cult ure, primar y busi ness , and prim ar y custom e rs. 3. W hat does the strate gic anal ysis acron ym S W OT stand for? (objecti ve #1, p.28) S trengths, we aknesses, o pportunit ies, and threats . 4. W hat i s the most widel y acc epted finan cial model for selecti n g proj ects? (objecti ve #2, p.36) Net present v alue (NPV) is t he most widel y ac cept ed model as all the other models, t hough offerin g addit ional pe rsp ecti ve, hav e more w eakn esses. 5. W hat are som e adv a ntages and dis advant a ges of using a financial mod el for sele cti ng projects ? (object ive #2, pp.37 -38) Financial models are us e ful in ensuring th at select ed projects m ak e sense fr om a cost and return pe rspecti ve, but th e y do not t ak e int o ac cou nt a compan y’s strat e gic goals, s o objecti ves, ti mi ng, resou r ce ne eds, and risk shoul d often be consi de red also . 6. W hat are som e adv a ntages and dis advant a ges of using a s corin g model for selecti n g projects? (objecti ve #2, p p.38-40) S coring models all ow le a dership teams t o perfo rm sensit ivi t y anal ys es —that is , to ex ami ne what would happen to t he decisi on if facto rs affe cti ng it were to ch an ge. Th e y ar e more ti me-int ensive tha n financial models. 7. W hat are som e com mon reasons for p roject f ail ure? (objecti ve #3, p.33) • Not enough resour ces • Not enough ti me
• Unclear ex pectations • C hanges to t he project • Disagreem ent about ex pectations
8. W ho shoul d be invol ved in t he second part of ali gning proje cts wit h the fir mâ€™s goals, whi ch is i denti f yin g potential pr ojects? (objecti ve #3, p.35) All parts of the or ganiz at ion sh ould help identif y potential projects. 9. If there is a conflict between r esourc e ne eds f or two projects, who d eci des which one gets the needed resour ce s first? (objecti ve #3, p.41) Gener all y thi s is determi ned b y th e project spon s o r; under espe ciall y im por tant circumst anc es, the decisi on ma y r equire th e lead er ship t eam.
10. In a proje ct scorin g mode l, wh y is e ach de cisi on cr it eria giv en a w eight? (objecti ve #4, p.38) The wei ghts ar e assi gned accordin g to e ach criteri onâ€™s relative im portan ce. Therefore,the moreimportantcriteria will have a gre ater eff ect on the outcome than crite ria deemed l ess im portant. 11. W hat purpose do sensit ivi t y anal yses s erve in us in g sco ring mod els t o choose projects ? (objecti ve #4, p.39) Allows deci sion m akers t o ex ami ne what would happen to t he de cisi on if factors af fe cti ng it were to ch an ge. 12. If seve ral proje cts have c lose scores as th e result o f a scorin g model, wh at c an be done to break the virtu al t ie? (objecti ve #4, p.39) The group c an use other criteria or dis cussi on to break a ti e. 13. W h y mi ght a contracto r c ompan y p erfo rm a S W OT anal ysis prior to bi dding on a pot enti al project ? (objecti ve #5, p.42) A quick SW OT anal ysis could be used to decid e whether to pursu e a pote nti al project. Decisi on makers can also ask how well a potential project wil l help achiev e their objecti ves. If th e y d etermi ne a p roject wil l he lp achieve their obj ecti ve s, the nex t consi derati ons ar e the co st t o pursue the work and the probabil it y of su cces sfull y sec uri ng the project given the li kel y comp eti ti on. A compan y f requentl y consi de rs ris ks bot h of pursuing and not purs uing a potential proj ect. Finall y, do es the compan y hav e the capabil it y to p erform the work if it is award ed? 14. W h y is i t i mportant for a cont ractor to und erstand the source sel ecti on crite ria a cli ent uses to decide to whom the y will award a p roject ? (objecti ve #5, p.43)
B y underst anding what a cli ent i s look ing for, a co ntractor c an demons trat e his compan yâ€™ s capabil it ies in t erms of the specif ic job propos ed, t hus i ncreasin g his chan ce s of being selected fo r the work. 15. Name five thin gs th at m a y b e ne goti ated b etween a cli ent compan y a nd a contra ctor compan y. (objecti ve #5, p.44)
• Amount of mone y to be paid • C ontractual terms • S chedule • P ersonnel • Quali t y S tandards • R eporting Me chanism s
DI SCUSSI ON QUESTI ONS – SUGGESTED ANSWERS 1. How mi ght t he int er nal and ex ternal parts of a S W OT anal ysis a ffe ct one another? (objecti ve #1, Anal yz in g) The int ernal an al ysis ( ele ments wit hin t h e project t eam’s control) consi sts of asking wh at st ren gths and we aknesses t he or ganiz ati on possesse s in i tself. The ex ternal anal ysis (elemen ts over which the proje ct team has li tt le or no control) consi sts of asking what opportuni ti es and threats a re pos ed b y comp eti tors, suppl iers, custom ers, re gulator y a gencies, te ch nologies, and so on. To gether, these two can give a compan y an idea of what i ts competi ti ve advanta ge is relative t o others in t he market an d where the y shoul d go from h ere. 2. Describe t h e int era cti on between visi on and mi ssi on st atements. (objecti ve #1, Appl yin g) The visi on is normall y a descriptio n of a desir ed f uture state of the o r ganiz ati on that ma y take mul ti ple ye ars of eff ort to achieve. Th e mi ssi on st atement sho uld evolve from t he visi on and be a means t o achieve it . 3. How is a compan y’s portfoli o si mi lar to and different from a fin ancial portfoli o? (objecti ve #1, Evaluating) A portfolio is “projects, programs, s ubportfolio s, and operati ons m an a ged as a group to achieve str ate gic busines s obj ecti ves.” P roject po rtfoli os are sim il ar to fina ncial portfolio s. In a finan cial portfolio , e fforts ar e made to di ve rsif y investm ents as a mean s of lim it ing risk. Howeve r, ev e r y investm ent i s selected wit h the h ope that it wi ll yi eld a po sit ive return. The returns on ea ch investm e nt are ev aluated indi viduall y, and th e enti re po rtfo li o is evaluated as a whole. 4. W hat i s the best wa y for an or ganiz ati on to prioriti z e among selected p rojects? Does it var y among o r ganiz ati ons? (objecti ve #2, Anal yz in g)
There are s ever al wa ys t o priorit iz e among sele cted projects, and th e meth od(s) used ma y var y from or ganiz ati on to organiz ati on. If usin g a scorin g model, furth er discussi on and/or addit ional criteria c an be used to prioriti z e among projects wit h si mi lar scor es. Ex ecuti ves ma y h ave pet proj ects, de spit e the scoring mod el r esult s. And sometim es a single consi derati on (such as ti mi ng the debut of a new s ystem) outw eigh othe r c riteria and le ad to project prioriti z ati on.
5. Describe thr ee dif fer ent wa ys decisi on make rs might sele ct projects whi le consi derin g both financial and non -financi al factors. (objecti ve #2, R ememberin g) (i) Financial anal ysis can b e the onl y method of s elec ti ng projects. (ii) Fin ancial anal ysis can b e a scre enin g devic e to qualif y potential p rojects fo r consi derati on usi ng a sco ring model to m ake s elec ti on decisi ons. (iii) Financial consi derati ons can be on e fa ctor in a mu lt ifactor scorin g model u sed to select proje cts. 6. W h y is ali gnin g pote nti al projects wit h the par ent organiz ati on’s go als t he first s tep in avoidi ng proje ct fail ur e? (objecti ve #3, Anal yz ing) Alignin g potential projec ts wit h the parent or ganiz ati on’s go als m akes it far likelierthata projectwillreceivesupp ort from compan y de cisi on makers. This bu y-inorgoodwillcan greatlyimpacttheli keli h ood of a proje ct succe edi ng. 7. W h y is i t good pra cti ce for o r ganiz ati ons t o identif y twic e as man y pot enti al projects as the y plan to im plement? (objecti ve #3 , understandin g) S ome potenti al projects m a y not be a good fit . A n y comp an y that ac cepts practi call y ev er y potential project wil l probabl y w aste some of it s r esources on p rojects t hat do not s upport i ts organiz ati onal goals. 8. S uppose you a re pur c has ing a new car, and yo u decide to use a s corin g model to decide among fo ur opti ons. W hat would be your top thre e criteri a and wh at would be ea ch crite ria’s relative wei ght? (objecti ve #4, evaluatin g) Ex ampl e: Appearanc e —5 (on 1-5 scal e of importance ) MP G—3 C ost —2 9. Under wh at circumst a nces shoul d a sele cted pr oject t ake pr eced enc e ov er other sel ected projects? (objecti ve #4, anal yz ing) If a proje ct i s ur gent, i ts dela y would be ex tremel y costl y eit he r financi all y or in terms of hoped-for b enefits, or it i s mandated b y the gove r nment or other controll in g bod y. 10. If you ar e a c ontract or looking fo r project wo rk, wh y mi ght you de cide not t o pursue a particular proj ect opportu nit y? (objecti ve #5, s ynth esis ) You might decid e not t o pursue an opportuni t y if yo ur compan y had no st r ate gic adv anta ge and/or was li kel y to be o utbi d b y a comp eti tor; yo u do not have the resou rc es
to compl ete the project ac cordin g to i ts performan ce criteria; or i f being award ed thi s contr act would i nhibi t yo ur chanc es at ot her wo rk that i s a bett er fit fo r your compan y. 11. W hat are the four main areas o f competen c y a cli ent compan y is l oo king for in a project mana ger? How can you best demonst rate these c ompetencies to a potentia l client? (objecti ve #5, appl yin g)
Technical, M ana geme nt, Financial, Op erati onal; s how ex ampl es/refer enc es for previous work; come up with a ris k mana gement plan, etc.
PMBOK ÂŽ Gui d e Ques ti o ns 1) A collection of proj ects, pr og r am s, and operat ions m anag ed as a group t o achieve st r at eg ic obj ectives is called a: a) Pr ocess b) Portf olio c) Subpr og r am d) Lif e cycle Answer: b Pag e 32 in t ext book Pag e 9 PMBO K 5th Edit ion 2) Pr oj ect s m ay be under t ak en as a r esult of any of t he f ollowing st r at eg ic r easons except: a) Social need b) Mark et dem and c) Execut ive discr etion d) Envir onm ent al considerat ions Answer: c Pag e 35 in t ext book Pag e 10 PMBO K 5th Edit ion 3) A nar r at ive descr iption of product s, ser vices or r esult s t o be delivered by t he proj ect is a: a) Req uest f or inf orm ation b) Business case c) Proj ect st at ement of work d) Elevator pitch Answer: c Pag e 35 in t ext book Pag e 68 PMBO K 5th Edit ion
4) Pr ogram m anag ement helps det erm ine t he opt im al approach f or m anag ing inter dependent proj ect s in or der t o achieve benef its and contr ol. Pr ogr am m anag ement act ivit ies m ig ht include all of t he f ollowin g except : a) Alig ning org anizational and str ateg ic d ir ect ion b) Manag ing shar ed client r elationships c) Resolving issues and chang e m anag em ent d) Resolving r esour ce constr aints
Answer: b Pag e 32 in t ext book Pag e 9 PMBO K 5th Edit ion 5) A pr oj ect st at em ent of work ( SOW ) would use or include inf or m at ion f r om each of t he f ollowing sources except: a) Pr oj ect char t er b) Str ateg ic plan c) Business need d) Pr oduct scope descr ipt ion Answer: a Pag e 35 in t ext book Pag e 68 PMBO K 5th Edit ion 6) All proj ect s should be alig ned wit h t heir org anization’s str ateg ic plan, which includes t he org anization’s vis ion, g oals, and obj ect ives. W hich of t hese is t he def init ion of a vision st atem ent ? a) Conveys a larg er sense of org anizational pur pose, and is bot h inspir ing and g uiding . b) Descr ibes shor t and long t er m r esult s along wit h m easur es t o det er m ine if t hey have been achieved. c) I ncludes t he org anization’s core pur pose, core values, belief s, cult ur e, pr im ary business, and pr im ar y custom er s. d) I s SMART : specif ic, measurable, achievable, result s - based, and t im e - specif ic. Answer: a Pag e 29 in t ext book Pag e 10 PMBO K 5th Edit ion 7) W hich g r oup wit hin t he org anization is r esponsible f or int eg r at ing dat a and inf orm ation f r om corporat e st r at eg ic pr o j ect s, and using cor por at e m easurem ent syst em s to evaluat e how st r at eg ic obj ectives ar e being f ulf illed? a) Chief I nf orm ation Of f icer b) Pr oj ect Manag em ent Of f ice c) Proj ect Sponsor s d) O per at ions Manag ement Answer: b Pag e 32 in t ext book Pag e 11 PMBO K 5th Edit ion
8) T he document t hat includes t he necessar y inf orm ation t o det erm ine whet her a pr oj ect is wort h t he r eq uir ed investm ent, and is used f or decision m ak ing by upper m anag ement , is called t he: a) Pr oj ect Scope St at ement b) Pr oj ect Char t er c) Business Case
d) Case St udy Answer: c Pag e 35 in t ext book Pag e 69 PMBO K 5th Edit ion 9) T he aut hor not es t hat cont r act ors seek ing ext ernal cust omer s should also use a proj ect selection / portf olio alig nm ent process. Once an ext ernal custom er and cont r act o r have r eached a consensus on t he init ial intent ions f or the contr acted work, t heir under st anding is document ed in: a) A st at ement of work (SOW ) b) A business case c) An ag r eem ent d) A str ateg ic alliance Answer: c Pag e 44 in t ext book Pag e 70 PMBO K 5th Edit ion 10) A business case t ypi cally cont ains inf orm ation r eg ar ding t he business need and a f inancial analysis. W hich f inancial m odel divides t he cash f lo w by t he init ial cash outlay? a) Benef it - Cost Ratio ( BCR) b) I nter nal Rate of Return (I RR) c) Net Pr esent Value ( NPV) d) Payback Period ( PP) Answer: a Pag e 37 in t ext book Pag e 69 PMBO K 5th Edit ion
EXERCI SES â€“ SOLUTI ONS 1. C ompl ete the following s coring mod el. S how all your work. Tell which p ro ject you would pick first, s econd, thi rd, a nd last. How confident a r e you with each choice? If you la ck confidenc e re gardin g an y of you r choic es, what w ould you pr efe r to do abo ut i t?
P roject\ Crite ria & W eight Criteri a 1
Criteri a 2
10 Pro j e ct A
Criteri a 3
W eig hte d To ta l Sc o re
Pro j e ct B Pro j e ct C Pro j e ct D
Pr oj ect\ Cri teri a & W ei ght
Cr it eri a 1 Cr it eri a 2 Cr it eri a 3
W ei ght e d Tot al Sc or e
10 6 4
Pr o j ec t A
Pr o j ec t
3 12 56
B Pr o j 1 ec t C
Pr o j ec t D
5 20 78
4 16 44
I would select P roject A first. I am qui te confiden t about that se lecti on si nce P roject A scored consi d erabl y hi gh er than all others. Th e se cond project t o be s electe d is P roject B, but P roject C is i n a virtual t ie, so I would pref er t o discuss t he relative mer it s of each, perhaps consi d erin g addi ti onal â€œ tie-breakin gâ€? crit eria, be fore makin g the fi nal selecti on.
P roject D is a dist ant fou rth, so if given the abil it y to perform t hre e proje cts, I would be ver y comfortable with A, B, a nd C . 2. C ompl ete the following s coring mod el. S how all your work. Tell which p ro ject you would pick first, s econd, thi rd, a nd last. How confident a r e you with each choice? If you la ck confidenc e re gardin g an y of you r choic es, what w ould you pr efe r to do abo ut i t? P roject\ Crite ria & W eight
Criteri a 1 Criteri a 2 Criteri a 3
W eig hte d To ta l Sc o re
10 7 3 Pro j e ct A 1 3 4 353 Pro j e ct B 543
Pro j e ct C
Pro j e ct D
P roject\ Crite ria & W eight
Criteri a 1 Criteri a 2 Criteri a 3
10 7 3
Pro j e ct A
W eig hte d To ta l Sc o re
10 21 12 43
353 Pro j e ct
B Pro j e
30 35 9 74 543
50 28 9 87
231 ct C Pro j
20 21 3 44
e ct D
I would pick Proj ect C fi rst and P roject B s econd. I feel confident i n thos e selecti ons as the scores a re quit e diff erent than the others. I would be hard pr essed to sele ct a third project without addit ional information. P rojects A and D are in a vi rtual t ie.
3. P retend yo u ar e the lead e rship team for a ph arma c euti cal compan y that is i n a difficult financial si tuation due to patents t hat have ex pired on two of you r most prof it able drugs. Brainst orm a li st of c riter ia b y whi ch you would s elect and prio ritiz e projects. W eight t he criteria. Answers wil l var y. Th e criteria d eveloped would appl y to proje cts t hat either ar e starti n g with a new compound ( e nti rel y ne w dru g which ma y tak e a lon g ti me to get t o market), a variati on on a compound that is alread y pa rtiall y st udied (gett ing a vari ati on of a dru g to market soon er ), or the pu rchase o f a dru g another compan y has full y or pa r ti all y develop ed (perhaps gett ing the d ru g to m arket m uch quicke r) . S ome criteria mi ght i nclude: speed in gett in g a n ew pharm aceu ti cal t o market, probabil it y of su ccess, cost of the project, and sim il arit y with t he compan yâ€™ s ex ist ing products ( ali gnment). Th e wei ghti ngs c an also va r y, but st udents s hould be prepared to ex plain the logic behind wh y the y chos e the wei ghts t he y did. S peed in gett in g a d rug to m a rket shou ld be one of the hi ghl y rated cr it eria. 4. P retend yo u ar e the lead e rship team of a manu fact uring comp an y that is cur rentl y chall en ged b y low - cost competi ti on. Brainst orm a li st of c riter ia b y whi ch you would s elect and priorit iz e projects. W eight the criteria. Answers wil l var y. P roje cts m a y includ e cost redu cti on im provement proje cts and new product developm ent pro jects. C ost wi ll certainl y be one of the hi ghe r rat e d criteria. Oth ers ma y includ e probabil it y of success and ali gnmen t with current produ cts an d/or organiz ati onal st rate g y.
EXAMPLE PROJ ECT The primar y thi n g studen ts can do in t his chapter r egardin g their ex ampl e project i s to d iscover wh y the o r ganiz ati on selected the proj ect. Thi s invo lves learnin g enou gh o f the or g aniz ati onâ€™s visi on and mi ssi on to understand how the p roject will help achieve both. R emi nd st udents t hat ex ecuti ves consi der proje cts t o be investm ents (of mone y, wo rkers tim e, or both) and the y want to have confiden ce the y will get a good r eturn on thei r investm ent. I gene r all y do not hav e an assi gnment fo r this, but have a class dis cussi on. I tell t he students I w ant t hem t o be able to articulate how the p roject will be of value to the or ganiz ati on. This not only gives the students a gr eat st art on w riting the busi ness case se cti on in t he project ch arte r ( C hapt er 4), but i t also st arts to help the students devel op a strong att achment to their project. Thi s c an lead to m ore student work on the proje ct and t o discussi ons regardin g p assi on for a proj ect and h ow that helps when projects go throu gh diffic ult periods.
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Published on Sep 20, 2017
Download: http://testbanklive.com/download/contemporary-project-management-3rd-edition-timothy-kloppenborg-solutions-manual/ Contemporary Pr...