Week 14 Module 12 Strategic Planning and Project Management

Organic strategic planning

A strategic planning process that defines the organization's vision and values and then identifies projects and initiatives to achieve the vision while adhering to the values.

Issues-based strategic planning

A strategic planning process that begins by identifying and analyzing key issues facing the organization, setting strategies to address those issues, and identifying projects and initiatives that are consistent with those strategies.

Strengths, Weaknesses, Opportunities, Threats (SWOT) matrix

A simple way to illustrate what a company is doing well, where it can improve, what opportunities are available, and what environmental factors threaten the future of the organization.

Michael Porter's Five Forces Model

A model that identifies the bargaining power of suppliers and buyers, the threat of new entrants and substitute products, and the existing industry competitors, which determine the level of competition and long-term profitability of an industry.

Goals-based strategic planning

A multiphase strategic planning process that involves analyzing an organization and its environment, defining strategies, and executing initiatives to help an organization meet its long-term goals and objectives.

vision/mission statement

A statement that communicates an organization's overarching aspirations to guide it through changing objectives, goals, and strategies.

mission statement

A statement that concisely defines an organization's fundamental purpose for existing.

vision

A concise statement of what an organization intends to achieve in the future.

core value

A widely accepted principle that guides how people behave and make decisions in the organization.

strategy

A plan that describes how an organization will achieve its vision, mission, objectives, and goals.

objective

A statement of a compelling business need that an organization must meet to achieve its vision and mission.

goal

A specific result that must be achieved to reach an objective.

Projects

A temporary endeavor that creates an actionable plan, allowing organizations to achieve their goals and objectives.

Innovation

The application of new ideas to the products, processes, and activities of a firm, leading to increased value.

Tangible benefits

A benefit that can be measured directly and assigned a monetary value.

Intangible benefits

A benefit that cannot directly be measured and cannot easily be quantified in monetary terms.

continuous improvement

A form of innovation that involves constantly seeking ways to improve business processes and add value to products and services.

Reengineering

The radical redesign of business processes, organizational structures, information systems, and values of the organization to achieve a breakthrough in business results.

process redesign

The radical redesign of business processes, organizational structures, information systems, and values of the organization to achieve a breakthrough in business results.

Organizational culture

The major understandings and assumptions for a business, corporation, or other organization.

Culture

A set of major understandings and assumptions shared by a group, such as within an ethnic group or a country.

Organizational change

The way in which for-profit and nonprofit organizations plan for, implement, and handle change.

soft side of implementing change

The work designed to help employees embrace a new information system and way of working.

change model

A representation of change theories that identifies the phases of change and the best way to implement them.

technology acceptance model (TAM)

A model that specifies the factors that can lead to better attitudes about an information system, along with higher acceptance and usage of it.

diffusion of innovation theory

A theory developed by E.M. Rogers to explain how a new idea or product gains acceptance and diffuses (or spreads) through a specific population or subset of an organization.

project

A temporary endeavor undertaken to create a unique product, service, or result.

core competency

Something that a firm can do well and that provides customer benefits, is hard for competitors to imitate, and can be leveraged widely to many products and markets.

Project management

The application of knowledge, skills, and techniques to project activities to meet project requirements.

project stakeholders

The people involved in the project or those affected by its outcome.

sponsoring business unit

The business unit most affected by the project and the one whose budget will cover the project costs.

Project scope

A definition of which tasks are and which tasks are not included in a project.

quality

The degree to which a project meets the needs of its users.

Schedule management

A set of activities that includes defining an achievable completion date that is acceptable to the project stakeholders, developing a workable project schedule, and ensuring the timely completion of the project.

Scope management

A set of activities that include defining the work that must be done as part of a project and then controlling the work to stay within the agreed-upon scope.

project schedule

A plan that identifies the project activities that must be completed, the expected start and end dates, and what resources are assigned to each task.

project milestone

A critical date for completing a major part of the project, such as program design, coding, testing, and release (for a programming project).

project deadline

The date the entire project should be completed and operational—when the organization can expect to begin to reap the benefits of the project.

slack time

The amount of time an activity can be delayed without delaying the entire project.

predecessor tasks

A task that must be completed before a later task can begin.

critical path

All project activities that, if delayed, would delay the entire project.

work breakdown structure (WBS)

An outline of the work to be done to complete the project.

Gantt chart

A graphical tool used for planning, monitoring, and coordinating projects; it is essentially a grid drawn on a timescale that lists activities and deadlines.

network diagram

A diagram outlining the relationships among all of the project's tasks. [cite

Cost management

A set of activities that includes the development and management of the project budget. [cite

Quality planning

The determination of which quality standards are relevant to the project and determining how they will be met. [cite

Quality control

The evaluation of the progress of the project on an ongoing basis to ensure that it meets the identified quality standards. [cite

Quality assurance

The checking of project results to ensure that they meet identified quality standards. [cite

Quality management

A set of activities designed to ensure that a project will meet the needs for which it was undertaken. [cite

Project resource management

A set of activities designed to identify, acquire, and manage resources for a project. [cite

forming-storming-norming-performing adjourning model

A model that describes how teams develop and evolve. [cite

project steering team

A group of senior managers representing the business and IS organizations that provide guidance and support to a project. [cite

project champion

A well-respected manager with a passion to see a project succeed and who removes barriers to the success of the project. [cite

project sponsor

A senior manager from the business unit most affected by a project and who ensures the project will indeed meet the needs of his or her organization. [cite

Project risk

An uncertain event or condition that, if it occurs, has a positive or a negative effect on a project objective. [cite

subject matter expert

Someone who provides knowledge and expertise in a particular aspect important to the project. [cite

technical resource

A subject matter expert in an IS topic of value to the project. [cite

Communications management

The generation, collection, dissemination, and storage of project information in a timely and effective manner. [cite

risk management

A deliberate and systematic process designed to identify, analyze, and manage project risks. [cite

risk owner

The individual responsible for developing a risk management strategy and monitoring the project to determine if the risk is about to occur or has occurred. [cite

Procurement management

A set of activities related to the acquisition of goods and/or services for the project from sources outside the performing organization. [cite

make-or-buy decision

The act of comparing the pros and cons of in-house production versus outsourcing of a given product or service. [cite

Fixed-price contract

A contract in which the buyer and provider agree to a total fixed price for a well-defined product or service. [cite

Cost-reimbursable contract

A contract that requires the buyer to pay the provider an amount that covers the provider’s actual costs plus an additional amount or percentage for profit. [cite

Time and material contract

A contract that requires the buyer to pay the provider for both the time and materials required to complete the contract. [cite

stakeholder management

A set of activities that involves identifying, engaging, communicating with all the people, groups, or organizations who are or could be impacted by a project. [cite

business process reengineering (BPR)

The radical redesign of business processes, organizational structures, information systems, and values of the organization to achieve a breakthrough in business results. [cite

tangible benefit

A benefit that can be measured directly and assigned a monetary value. [cite

Project integration management

The coordination of all appropriate people, resources, plans, knowledge, and efforts to complete a project successfully. [cite

intangible benefit

A benefit that cannot directly be measured and cannot easily be quantified in monetary terms. [cite

predecessor task

A task that must be completed before a later task can begin. [cite

process resource management

A set of activities designed to identify, acquire, and manage resources for a project. [cite

project stakeholder

The people involved in the project or those affected by its outcome. [cite