Project Management Feasibility and Drivers

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What should be a primary consideration for an organization when selecting projects?

The individual preferences of project managers

The popularity of the project among employees

The alignment of projects with the overall strategic direction (correct)

The historical success rate of similar projects

Why is it important for organizations to have a selection process for projects?

To systematically evaluate projects against critical criteria (correct)

To allow for random selection of projects based on availability

To support the continuation of pet projects regardless of cost

To ensure every project can be started without additional analysis

What type of impact should projects ideally have when selected?

Either positive financial impact or non-financial benefits, or both (correct)

No specific impact requirement is needed for project selection

Only a positive financial impact for the organization

Only non-financial benefits for the organization

What is a potential issue highlighted in Mohammed's review of project portfolios?

There is a disconnect between project cost and strategic direction Signup and view all the answers

What might Mohammed propose to improve the project selection process?

A robust selection process that incorporates financial and non-financial criteria Signup and view all the answers

What is a 'pet project' in the context of project selection?

A project that is favored without clear strategic alignment Signup and view all the answers

Which approach to project selection combines both financial and non-financial analyses?

Hybrid selection approach Signup and view all the answers

What aspect of project management is emphasized as crucial in determining which projects to choose?

Strategic rationale Signup and view all the answers

What does BBBEE stand for in the context of public procurement?

Broad-Based Black Economic Empowerment Signup and view all the answers

Which type of legitimacy refers to an organization doing what is socially acceptable?

Moral legitimacy Signup and view all the answers

What is the main purpose of a project's code of conduct and ethics?

To enhance the contractor's reputation and stakeholder legitimacy Signup and view all the answers

What is an example of an unreasonable requirement in a project?

Ensuring brand exposure through record-breaking athlete performances every week Signup and view all the answers

In the context of project management, why is it important for organizations to work with suppliers that have good BBBEE credentials?

To enhance the overall BBBEE status of the organization Signup and view all the answers

Which type of legitimacy focuses on conforming to established rules and regulations?

Conformance legitimacy Signup and view all the answers

How does adopting an ethical code of behavior affect a project management contractor's reputation?

It helps protect their reputation and improve bidding success Signup and view all the answers

Which of the following describes a potential issue during the project management process?

Customers may have unrealistic expectations and demands Signup and view all the answers

What is an example of an internal factor that can drive projects within an organization?

Organisational competencies Signup and view all the answers

How can the strategic intent of an organization influence project initiation?

By aligning projects with the organization's vision and values Signup and view all the answers

What can trigger the need for project management according to a review of current business practices?

Examination of internal processes and systems Signup and view all the answers

Which of the following external factors can drive projects according to the SWOT analysis?

Economic climate Signup and view all the answers

What is a potential benefit of having a culture of organization-wide project management?

More distinguishable and manageable projects Signup and view all the answers

What type of projects may emerge from an organization's strategic intent related to societal goals?

Socially and environmentally responsible initiatives Signup and view all the answers

Which aspect of the economic climate could influence project management practices?

Availability of disposable income Signup and view all the answers

Which of these is NOT a driver of projects derived from internal factors?

External economic trends Signup and view all the answers

What is the primary limitation of the unweighted 0-1 factor model?

It assumes all criteria are of equal importance. Signup and view all the answers

In which scoring model are criteria assessed on a rating scale?

Unweighted factor scoring model Signup and view all the answers

How does the weighted factor scoring model differ from the previous models?

It assigns a weighting to each criterion. Signup and view all the answers

What is the outcome for projects assessed using the unweighted factor scoring model?

A qualification result of 'yes' or 'no'. Signup and view all the answers

What common feature is shared by all the scoring models discussed?

They are relatively simple to use. Signup and view all the answers

What do the weighting factors in the weighted factor scoring model typically sum up to?

100% Signup and view all the answers

Which model addresses the issue of fine grading or scoring of criteria?

Weighted factor scoring model Signup and view all the answers

What is a disadvantage of the unweighted 0-1 factor model compared to other models?

It fails to account for the relative importance of criteria. Signup and view all the answers

What is the primary role of external customers in project commissioning?

They request proposal bids from project management organizations. Signup and view all the answers

What does an RFP document commonly specify?

The customer's needs and expectations for a project. Signup and view all the answers

What acronym should be used to ensure project objectives are clearly defined?

SMART Signup and view all the answers

Which of the following best describes the Statement of Work (SOW)?

A description of the tasks the project contractor must perform. Signup and view all the answers

What is a key requirement for a project objective to be effective?

It needs to be unambiguous and clear. Signup and view all the answers

How does the project contractor typically respond to a customer's RFP?

By submitting a proposal with proposed solutions. Signup and view all the answers

What would an effective project objective for constructing a house typically include?

Specific timelines and measurable outcomes. Signup and view all the answers

Which sector can external customers belong to?

Both public and private sectors. Signup and view all the answers

Study Notes

Project Feasibility and Selection

Organizations are limited in resources, money and expertise, making project selection crucial.
A robust selection process is needed to ensure projects align with an organization's strategy.
Projects should have positive financial impact or non-financial benefits, or both.

Internal Drivers of Projects

Organizational Competencies: Organizations have unique skills, resources, and capabilities which enable them to excel in certain areas.
Strategic Intent: Projects can be driven by an organization’s vision, mission, and values, such as socially and environmentally responsible initiatives.
Review of Current Business Practices: Internal process improvements, new systems, and process refinements can be implemented through project management.

External Drivers of Projects

Economic Climate: Favorable economic conditions create opportunities for organizations to expand their operations through project management.

Selection Models

Unweighted 0-1 Factor Model: Simple model where criteria are assessed as either "Qualifies" or "Does not qualify," with projects selected based on a predefined threshold of "Qualifies".
Unweighted Factor Scoring Model: Allows for finer scoring of criteria than the 0-1 model using a rating scale. Projects exceeding a predetermined score are selected.
Weighted Factor Scoring Model: Assigns weightings to criteria based on their relative importance to the organization. The weighted scores are then added to determine the overall score.

External Project Commissioning

External customers, such as organizations from the private, public, or non-profit sectors, can commission projects.
Request for Proposal (RFP) documents outline the project requirements and are used to solicit bids from potential project management organizations.
Organizations can compete for projects by submitting proposals that include proposed solutions for each task listed in the Statement of Work (SOW).

Legitimacy and Ethics

Project management organizations should demonstrate moral, cognitive, and conformance legitimacy, meaning they act socially acceptable, make logical business sense, and comply with regulations.
Ethical behavior helps protect an organization's reputation and increases chances of being shortlisted for projects.
Customers may present unreasonable requirements or expectations for project contractors.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz explores the various factors influencing project feasibility and selection within organizations. It covers internal drivers such as organizational competencies and strategic intent, as well as external drivers like the economic climate. Gain insights into how to align projects with organizational goals effectively.