Initiating the Project-2 Reflection and Discussion Forum Week 2 Reflect on the assigned readings for the week. Identify what you thought was the most -

Initiating the Project-2
Reflection and Discussion Forum Week 2
Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

Also, provide a graduate-level response to each of the following questions:

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Initiating the Project-2 Reflection and Discussion Forum Week 2 Reflect on the assigned readings for the week. Identify what you thought was the most

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Suppose you are purchasing a new car, and you decide to use a scoring model to decide among four options. What would be your top three criteria and what would be each criterias relative weight?
If you are a contractor looking for project work, why might you decide not to pursue a particular project opportunity?

[Your post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion].
[Your post should be at least500+ wordsand in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]
[Your posting should
be completed byThursday at 11:59 p.m. EST.]

Assigned Readings:
Chapter 2: Project Selection and Prioritization.
This chapter presents a broad introduction to project management. After completing this chapter, each student should be able to perform the following:
Core Objectives

Explain in your own words the strategic planning and portfolio management processes.
Describe how to select, prioritize, and resource projects as an outgrowth of strategic planning.
From a contractors viewpoint, describe how to secure projects.

Technical Objectives

Compare the strengths and weaknesses of using financial and scoring models to select projects.
Given organizational priorities and several projects, demonstrate how to select and prioritize projects using a scoring model.

Behavioral Objectives

Explain the strengths an organization might possess that could improve its ability to perform projects.

CONTEMPORARY PROJECT MANAGEMENT, 4E
Timothy J. Kloppenborg
Vittal Anantatmula
Kathryn N. Wells

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Project Selection and Prioritization

Chapter 2

Chapter 2 Project Selection and Prioritization

Explain the strategic planning and portfolio management processes.
Describe how to select, prioritize, and resource projects as an outgrowth of strategic planning.
From a contractors viewpoint, describe how to secure projects.
Chapter 2 Core Objectives
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Compare strengths and weaknesses of using financial and scoring models to select projects.
Demonstrate how to select and prioritize projects using a scoring model.
Chapter 2 Technical Objectives
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Explain the strengths an organization might possess that could improve its ability to perform projects.
Chapter 2 Behavioral Objectives
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Strategic Analysis
Guiding Principles
Vision
Mission Statement
Strategic Objectives
Flow-down Objectives
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Strategic Planning Process

Strategic Planning and Portfolio Alignment
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Strategic Analysis
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats)
Elements within the project teams control
Elements over which the project team has little/no control

SWOT Analysis for the Built Green Home at Suncadia
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Breakout session! SWOT analysis
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
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Give students an example project that has been in the news lately and divide them into groups. Have the various groups brainstorm one of the four categories of the SWOT analysis and report to the class when finished.
11

Kate Wells () –

Guiding Principles
The vision is one sentence that describes the organization in the future
Requires extra effort to be achieved
Multiyear goals may require need for a new vision
Mission statement – mechanism for achieving the vision

Triple Bottom Line
Social
Environmental
Economic
Organizations core purpose
Core values
Culture
Beliefs
Primary business
Primary customers
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This approach emphasizes the social, environmental, and economic health of
all of the companys stakeholders rather than a narrow emphasis only on the economic
return for shareholders.
12

Mission Statement Considerations
Purpose

Core values

Beliefs

why an organization exists
how decisions will be made
how people will be treated
what the leaders stand for
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Mission Statement Considerations
Culture

Primary business areas

Primary customers

how members should act
what business the organization engages in
which groups of people need to be satisfied
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Cincinnati Childrens Hospital Medical Center
Vision and Mission
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Strategic Objectives
Means of achieving the vision and mission
Objective setting occurs annually
Describe short- term and long-term results
Describe measures of achievement
Effective objectives are
Specific
Measurable
Achievable
Results-based
Time-specific
SMART
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Internet Society Strategic Objectives
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Flow-down Objectives
Enforce strategic objectives
Implemented through ongoing operations
Projects are the primary method for implementing objectives
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Portfolio Management

Portfolios
Programs
Projects and subprojects
Assess organizations ability to perform projects

Portfolios
Composed of projects, programs, sub-portfolios, and ongoing operations
Seek a balance between:
Large and small projects
High-risk, high-reward and low-risk projects
Quick completion and substantial time projects
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Programs
Include a group of related projects, subprograms, and activities
Last as long as the organization lasts
Projects within a program are of limited duration
Managed at a level above the project manager
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Project managers should attempt to understand how both portfolio and program decisions impact
their projects and then spend most of their efforts focused on their project.
21

The Project Portfolio
A collection of projects grouped to be collectively managed
Portfolio management:

Portfolio of Projects
IDENTIFY
SELECT
PRIORITIZE
RESOURCE
GOVERN
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Projects and Subprojects
A large project may be composed of multiple subprojects
The project manager coordinates subprojects and makes decisions that are best for the overall project
A subproject comes from dividing a project into more manageable pieces
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Portfolio, Program, Project, and Subproject Relationships
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Portfolio of Projects and Operational Work Processes
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Reasons for Project Failure
Not enough resources
Not enough time
Unclear expectations
Changes to the project
Disagreement about expectations

Projects must be aligned with the goals of the parent organization.
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Assess Organizations Ability to Perform Projects

TEAMWORK
Do we have a teamwork attitude, free and open communication, creativity, and empowered decision-making?

PM Process
Do we have a clearly defined project management process?

ASSOCIATES
Do our associates have the right attitudes, skills, and competencies to use the project management process?

LEADERS
Are our leaders at each level willing to take appropriate personal risk?
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Assess Organizations Ability to Perform Projects

FOUNDATION
Does senior leadership establish a strong leadership foundation?

LEADERSHIP
Do individuals and teams exhibit leadership at their respective levels?

EXTERNAL ENVIRONMENT
Do we monitor and understand our external environment?
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Identifying Potential Projects
Social need
Customer Request
Legal requirement
Technological advance
All should participate
Identify twice the projects
Brief description of project
(elevator pitch)

Market demand
Strategic opportunity
Environmental consideration
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Identifying Potential Projects
Summarize the work

Why the project is important

business case why is this project worth the organizations investment?
statement of work what will be done and/or produced?
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Project Selection, Prioritization, and Initiation
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Methods for Selecting Projects
What value does each potential project brings to the organization?
Are the demands of performing each project understood?

Are the resources needed to perform the project available?
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Methods for Selecting Projects
Is there enthusiastic support both from external customers and from one or more internal champions?
Which projects will best help the organization achieve its goals?
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Methods for Selecting Projects
Include financial and scoring models
Projects are investments
Three different approaches
Financial analysis as the primary means of selection
Financial models as screening devices
Financial justification as one factor in a multi-factor scoring model
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Using a Cost-Benefit Analysis Model to Select Projects

Most widely accepted model
Discount the expected future value
Subtract discounted costs from discounted benefits

Divide the cash flow by the initial cash outlay
A ratio above 1.0 means the project is expected to profit

Net Present Value (NPV)
Benefit-Cost Ratio (BCR)

Using a Cost-Benefit Analysis Model to Select Projects

Percentage return expected on the investment
A ratio above the current cost of capital
Higher IRR is better

Time required to pay back the initial project investment
Shorter payback periods are desirable

Internal rate of return (IRR)
PAYBACK PERIOD (PP)
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Using a Cost-Benefit Analysis Model to Select Projects
Financial models ensure the cost and return perspective.

Financial models DO NOT ensure alignment with strategic goals.

Financial Models for Project Selection
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Using a Scoring Model to Select Projects
Scoring models often used when multiple important criteria exist

Identify potential criteria

Determine mandatory criteria

Weight criteria

Evaluate projects

Sensitivity analyses
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Examples of Project Selection Criteria

Project Selection and Prioritization Matrix
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Completed Project Selection and Prioritization Matrix

Evaluate
Rate
Weight
Display
Select

Breakout session!
First, brainstorm criteria you would use to create a scoring model
Next, complete a selection/prioritization model like the one in Exhibit 2.10
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For this breakout session, you can use an example such as buying a new car. You can also see Exercises 1 & 2 in the text for examples of the matrix.
43

Sensitivity Analysis
What would happen if factors were to change?
Some criteria may be deemed more important than others
Add missing criteria or new alternatives
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Revised Project Selection and Prioritization Matrix

Prioritizing Projects
Which projects assigned resources and scheduled to begin first
Scoring models provide input
Other considerations:
Urgency of each project
Cost of delaying the expected benefits
Practical details of timing

Alternative Breaks Project Selection and Prioritization Matrix

Resourcing Projects:
Leaders should start assigning resources from highest priority project down until resources become limited
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Securing Projects
The client perspective
Selection and prioritization process
Make versus buy decision
The contractor perspective
Identify potential project opportunities
Determine which opportunities to pursue
Prepare and submit project proposal
Negotiate to secure the project

Identify Potential Project Opportunities
Perform portfolio alignment exercise
Attend trade shows and professional conferences
Practice customer relationship management
Establish & nurture personal contacts
Link information systems
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Determine Which Opportunities to Pursue
Target projects to pursue
Use SWOT analysis
Determine if project will help achieve contractor objectives
Consider cost to pursue the work
Consider probability of securing the project
Consider capability to perform the work
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Prepare and Submit Project Proposal
Understand the source selection criteria
Consider technical, managerial, and financial factors in contractor selection
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Typical Source Selection Criteria

Schedule
Negotiate to Secure the Project
PM to find a solution to secure project work with enough profit potential
Negotiate money to be paid for a project and…

Contractual terms
Personnel
Quality standards
Reporting mechanisms
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Summary
Selection begins with strategic planning
Use SWOT analysis
Develop mission and vision statements as guiding principles
Use portfolio management to consider:
Resources
Organizational capabilities
Individual capabilities
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Summary
Evaluate potential projects through financial and/or scoring models
Prioritize selected projects for completion
External project may be a better fit
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Prioritizing Projects at LADD
Outcomes not always predictable
Some projects nonnegotiableand would pave way for other, larger projects
Focused on 12 top-ranked projects and quarterly results
PM IN ACTION
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Project Management

Timothy J. Kloppenborg

Vittal Anantatmula

Kathryn N. Wells

F O U R T H E D I T I O N

MS Project 2016 Instructions in Contemporary Project Management 4e

Chapter MS Project

3 MS Project 2016 Introduction
Ribbon, Quick Access Toolbar, view panes, Zoom Slider, Shortcuts, Scheduling Mode Selector

Setting Up Your First Project
Auto schedule, start date, identifying information, summary row

Create Milestone Schedule
Key milestones, zero duration, must finish on, information

7 Set Up a Work Breakdown Structure (WBS)
Understand the WBS definitions and displays
Enter WBS Elements (tasks), Create the outline,
Insert WBS Code Identifier column, Hide or show subtasks detail

8 Using MS Project for Critical Path Schedules
Set Up the Project Schedule

Set or update the project start date, Define organizations working and nonworking time
Build the Network Diagram and Identify the Critical Path

Enter tasks and milestones, edit the timescale, understand and define task dependencies, assign task
duration estimates, identify the critical path, understand the network diagram view

Display and Print Schedules

9 Define Resources
Resource views, max units, resource calendars

Assigning Resources
Basic assignment, modify an assignment

Identify Overallocated Resources
Resource usage and Detailed Gantt views together

Overallocated Resources
Finding overallocated resources, dealing with overallocations

Crashing a Critical Path Activity

10 Develop Bottom-up Project Budget
Assignment costs, task costs, various cost perspectives

Develop Summary Project Budget

12 Baseline the Project Plan
First time baseline, subsequent baselines, viewing variances

14 Using MS Project to Monitor and Control Projects
What Makes a Schedule Useful?
How MS Project recalculates based on reported actuals, current and future impacts of variances, define
the performance update process (who, what, when)
Steps to Update the Project Schedule

Acquire performance data, set and display status date, Enter duration-based performance data,
reschedule remaining work, revise future estimates

15 Close Project
Creating project progress reports, sharing reports, export a report to MS Excel, archive project work,
capture and publish lessons learned

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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.

PMBOK Guide 6e Coverage in Contemporary Project Management 4e
The numbers refer to the text page where the process is defined.
Project management (PM) processes and knowledge areas 1011 Project life cycle 710, 6264
Projects and strategic planning 3337 Organizational influences 102110
Portfolio and program management 3742

PMBOK Guide, 6th ed. Coverage

Knowledge
Areas

Initiating
Process
Group Planning Process Group

Executing Process
Group

Monitoring &
Controlling
Process Group

Closing
Process
Group

Project
Integration
Management

Develop
Project
Charter
6079

Develop Project Management Plan
409410

Direct and Manage
Project Work 459460
Manage Project
Knowledge 192193,
504508

Monitor and Control
Project Work 460462
Perform Integrated
Change Control
229232, 462463

Close
Project
or Phase
503,
508511

Project Scope
Management

Plan Scope Management 211212
Collect Requirements 212216
Define Scope 216220
Create WBS 220229

Validate Scope
500501
Control Scope
475476

Project
Schedule
Management

Plan Schedule Management 246
Define Activities 249253
Sequence Activities 253255
Estimate Activity Durations 255258
Develop Schedule 259267

Control Schedule
476480

Project Cost
Management

Plan Cost Management 329330
Estimate Costs 330341
Determine Budget 342344

Control Costs 345,
476480

Project Quality
Management

Plan Quality Management 401404 Manage Quality
404406, 469474

Control Quality
406409, 469474

Project
Resources
Management

Plan Resource Management 290295
Estimate Activity Resources 290

Aquire Resources
138141
Develop Team 141157
Manage Team 157161

Control Resources 476

Project Com-
munications
Management

Plan Communications Management
188192

Manage
Communications
193199, 465467

Monitor
Communications
467468

Project Risk
Management

Plan Risk Management 360366
Identify Risks 75, 366368
Perform Qualitative Risk Analysis 75,
368372
Perform Quantitative Risk Analysis
372373
Plan Risk Responses 75, 373377

Implement Risk
Responses 464465

Monitor Risks
463464

Project
Procurement
Management

Plan Procurement Management
431433, 438441

Conduct
Procurements
434438

Control Procurments
441

Project Stake-
holder
Management

Identify
Stakehold-
ers 757

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