CH02_Project Management W2025

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16 Terms

1

Mission

The reason the organization exists.

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2

Strategy

How the organization plans to achieve its mission.

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3

Project Priority System

A process needed for prioritizing projects by their contribution to the strategic plan.

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4

Implementation Gap

The disconnect between top and middle-level managers which leads to projects being implemented that are not in line with strategic objectives.

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5

Sacred Cow

A project that is advocated by a powerful, high-ranking official.

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6

SMARK Objectives

Specific, Measurable, Assignable, Realistic, Time related objectives.

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7

Phase Gate Model

A series of gates that a project must pass through to be completed, ensuring investment in worthwhile projects.

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8

Net Present Value (NPV)

A method that uses management’s minimum desired rate of return to compute the present value of all net cash inflows.

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9

Payback Model

Measures the time the project will take to recover the project investment.

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10

Checklist Models

Use a list of questions to review potential projects and determine their acceptance or rejection.

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11

Multi-Weighted Scoring Models

Evaluate project proposals using several weighted selection criteria.

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12

Bread-and-butter projects

Involve evolutionary improvements to current products and services; low risk, modest commercial value.

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13

Oysters

Involve technological breakthroughs with tremendous commercial potential; high risk and high value.

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14

Pearls

Represent revolutionary commercial advances using proven technology; low risk but more costly.

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15

White elephants

Projects that showed promise at one time but are no longer viable.

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16

Project Screening Process

Evaluates proposals for balance and assigns project managers to develop detailed implementation plans.

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