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Lecture

COMMERCE 4KF3 Lecture Notes - Executive Sponsor, Brainstorming, White Elephant

by

Department
Commerce
Course Code
COMMERCE 4KF3
Professor
Steve Way

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Chapter 2: Organization Strategy and Project Selection
4KF3
Page 1 of 14
Lecture Notes
Essence of Problem***
Problem: “A discrepancy (or gap) between some current state of affairs and some
desired state of affairs.”
Where you are vs. where you want to be
Problem Solving Process***
The rational decision making process
1. Define the Problem
2. Identify the decision criteria
3. Allocate weights to the criteria
4. Develop the alternatives
5. Evaluate the alternatives
6. Select the best alternative
Problem of Strategy***
Strategic thinking involves three steps;
1. Where are we now?
2. Where do we want to be?
3. How do we get there?
(De Culver, 2000, page 7)
Importance of Strategy
Focus on wrong priorities
Focus on customer instead of market
o Strategy highlights what is really important for an organization
Overemphasizing technology
o Technology is a tool but it is not a solution
Focusing on wrong customers
o Apple vs. RIM
Searching for perfection
o Avoid losing sight of goals

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Chapter 2: Organization Strategy and Project Selection
4KF3
Page 2 of 14
Strategic Management Process
Review and Define
PEST Analysis
o Political, Economic, Social, Technological
Industry Analysis
o No specific process
o Newspapers, financial reports and strategic statements, Bloomberg, corporate
websites
o See what your competitors are doing
Company Analysis
o Financial health and social health
o Market research and surveys
SWOT Analysis
o S,W internal. What are the company’s competencies and what are the issues?
o O,T external. What are the areas of improvement and what might hurt us?
Set LongRange Goals and Objectives
Specific
Measurable
Assignable
Realistic
Timely
Examples
Goal:
Improve financial condition (profitability, liquidity, solvency)

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Chapter 2: Organization Strategy and Project Selection
4KF3
Page 3 of 14
Improve customer service
* These goals provide some strategic direction but they are not SMART. We
wouldn’t know if we achieved these goals.
Objective:
Increase revenues in the Canadian market to $420 million per annum by January
2015.
* This is an example of a strong SMART objective.
Analyze and Formulate Strategies
Evaluate past and current situation
Utilize SWOT information
Identify strategies and figure how to accomplish goals/objectives
Implement Strategies through Projects
Allocate resources
Support strategy and projects
Plan and control projects
Understanding Scenarios
Scenario planning process
o What-if analysis
Assessing Core Business and Industry
Potential Scenarios and Impact
Potential Strategies
Examples
Triggers
Why Project Portfolio Management?
Projects are how organizations change.
Whoever selects projects decides
how your organization will change
what it will become
Implementation gap
Organizational politics
Resource conflicts and multi-tasking
Project Portfolio Process***
1. Establish a project portfolio authority
2. Identify the selection criteria
3. Allocate weights to the criteria
4. Gather information about the projects
5. Categorize and rank projects
6. Screen and Evaluate the alternatives
7. Select the best portfolio of projects
Project Portfolio Management***
Project selection decision outcomes include;
Go
No Go
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