Introduction to Project Management Schwable 5th Edition Ch.2

Selecting a project

1. Focusing on competitive strategy and broad organizational needs 2. Performing net present value analysis or other financial projections 3. Using a weighted scoring model 4. Implementing a balanced scorecard 5. Addressing problems, opportunities, and directives 6. Considering project time frame 7. Considering project priority

Four-Stage planning process for project selection

1. Strategic planning 2. Business area analysis 2. Project planning 4. Resource allocation

Strategic Planning

Involves determining long-term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trends and projecting the need for new products and services. 1. Mission 2. Vision 3. Goals

Mind mapping

Is a technique that uses branches radiating out from a core idea down in a visual mind map format, you can often generate more ideas than by just creating lists.

SWOT Analysis

Strengths Weaknesses Opportinieis Threats

ROI

is the result of subtracting the project costs from benefits and then dividing by the costs.