Strategy Execution Framework Quiz

Study Notes

Strategy Execution Framework

Utilizes project, program, and portfolio management, as well as organizational enabling practices to consistently and predictably deliver organizational strategy
Produces better performance, results, and a sustainable competitive advantage
Advances organizational capability by linking project, program, and portfolio management principles and practices with organizational enablers to support strategic goals

Project Management

Application of knowledge, skills, tools, and techniques to project activities to meet project requirements
Managing a project includes: requirements identification, addressing stakeholder needs, managing stakeholders, setting up and maintaining communications, balancing competing project constraints
Constraints include: scope, quality, schedule, budget, resources, risk, and customer satisfaction

Project Constraints

Constraints limit project options and are set by management, but managed by the PM
Used to evaluate competing demands
Changes to one component will affect the others

Reasons for Project Authorization

Market demand
Customer request
Strategic opportunity or business need
Technological advance
Social need
Legal requirement
Environmental consideration

Project Management Office (PMO)

Supports project managers by managing shared resources, identifying and developing methodology, best practices, and standards
Coaches, mentors, trains, and oversees project managers
Monitors compliance and develops organization process assets
Coordinates communication across projects

Types of PMO Structures

Supportive: provides templates, best practices, training, and access to information and lessons learned from other projects
Controlling: requires compliance with methodologies or specific templates, forms, and tools
Directive: directly manages projects

Project Management Approaches

Predictive (Waterfall): sequential approach, most planning is done up front
Adaptive (Agile, Scrum, etc): iterative approach, embraces change, fosters collaboration, and encourages frequent stakeholder engagement
Lean: focuses on maximizing efficiency, seeks to eliminate waste, and places high value on customer needs
Six Sigma: focuses on quality and consistency, sometimes used in conjunction with Lean
Critical Path Method (CPM): focuses on which activities yield the greatest benefit

The Project Manager

The person assigned by the performing organization to lead the team responsible for achieving project objectives
Possesses the authority necessary to accomplish the project work
Needs to possess knowledge, performance, and personal effectiveness competencies to be effective
Interpersonal skills include: leadership, team building, motivation, communication, influencing, decision making, political and cultural awareness, negotiation, trust building, conflict management, and coaching

Organizational Structures

Projectized: the company is organized by projects
Functional: the company is organized by areas of specialization (e.g., accounting, marketing, etc.)
Matrix: a hybrid of functional and projectized structures

Organizational Structures Advantages and Disadvantages

Functional: centralized resources, more support from functional, clear career paths, efficient project organization
Disadvantages: more than one boss, no "home" when project is over, no PM career path
Matrix: improved PM control over resources, more support from functional, efficient project organization
Disadvantages: more than one boss, no "home" when project is over, no PM career path
Projectized: clear PM control over resources, efficient project organization, team members report to only one supervisor
Disadvantages: no "home" when project is over, no functional career path

Stakeholders

An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a project
Can be positively or negatively affected by the project outcome
Must be identified to determine project requirements
Have varying levels of responsibility that can change over the course of the project

Description

Test your knowledge on a framework that utilizes project, program, and portfolio management along with organizational enabling practices to deliver organizational strategy effectively. Explore how it links management principles with organizational enablers to support strategic goals.