Unit 1 answer key for uploaded assignment questions

¶ … balanced scorecards. Why is it important to have this type of criteria in place? What is the theory of "do no harm"? Why is it important to have this type of criteria in place?

The balanced scorecard is effective in looking at potential challenges from a number of perspectives. The most notable include: learning & growth, internal operations, finance and customers. Learning and growth is when the firm will understand key lesson during the process of growing and is applying them to their overall business model. Internal operations are looking at the policies, practices and procedures. Finance is examining the total number of financial resources that are available in the form of the public markets, loans and lines of credit. Customers involve understanding what is most important to cliental and the way the organization can evolve to meet these objectives. (Brown, 2010) (Martin, 2013)

This criterion helps to provide better perspectives about what is happening within the firm. These findings, allow them to see their overall strengths and weaknesses. It is at this point, when they can adjust their strategy to meet these overall objectives. (Brown, 2010) (Martin, 2013)

The theory of do no harm is focusing on creating win - win situations for everyone. This means understanding what is most important to stakeholders and addressing these issues. Once this happens, is when everyone will be more inclined to participate in these programs and develop a closer relationship from the benefits provided. (Brown, 2010) (Martin, 2013)

This criterion is significant, as it helps organizations to have a sense of purpose. During the process, this motivates employees and managers to do more for stakeholders. Those who are willing to do this, will have the highest chances of succeeding over the long-term by understanding what matters the most to them. (Brown, 2010) (Martin, 2013)

Describe project, program, and project portfolio. Provide some examples of each.

The project is when the strategy is being developed for the organization. This is accomplished by focusing on a number of objectives in conjunction with each other. The most notable include: selection, initiation, planning, delivery / control and closure / delivery to the customer. These areas are important, as they will determine how the project will be completed and what is involved. For example, during the process of developing a new item many technology companies will look at different aspects of the design process. These steps are utilized as a general outline. (Brown, 2010) (Martin, 2013)

The program is concentrating on how various resources will be allocated to the project, the timeline and the total costs. This is when the implementation process is taking place before and after it is delivered to customers. Once this happens, is the point the organization will continue to revaluate it over and over again. A good example of this can be seen with an automobile company remaining in contact with the customer after the sale. This is because they provided them with a warranty for a specific amount of miles or years. At the same time, they need to keep an accurate record of the customers. In case there is any product recalls or defects announced. Their ability to quickly connect with cliental is what gives them an advantage. (Brown, 2010) (Martin, 2013)

The project portfolio is looking at a series of projects the firm is working on. This helps the company to objectively analyze where its resources are going and the long-term effects it is having. For instance, Apple has a larger project portfolio of the different devices they sell (i.e. I Pod, I Pad, I Phone and Mac computers). They will use each one as way to enhance the company's revenues through introducing new innovations in order to keep up with customer demands. Each one of these areas works in conjunction with each other to understand what is happening and the long-term effects it is having on the organization. (Brown, 2010) (Martin, 2013)

Select a project with which you have been involved. Describe the project. What are the benefits and challenges a project team may face?

A project I was involved with was rolling out new services for an Investment Advisory. In this case, the firm focused on introducing low-fee wrap accounts. This is when they will reduce the total amounts of fees by combining trading, management and advice together. In the past, this was utilized to help decrease transaction costs. (Brown, 2010) (Martin, 2013)

However, investors are becoming more independent and may not actively trade their accounts. This means that they want investments which are passive and have lower fees. The advisory introduced a new product which is achieving these objectives. In this case, the firm is selling investors a program with fees of .25% of the total assets under management. It involves utilizing their proprietary products such as exchange traded funds. These investments involve little to no trading and will mirror the performance of the major average it follows. The basic idea is to reduce transactions costs and increase specialization. (Brown, 2010) (Martin, 2013)

The benefits are that the project is redefining the way the firm is reaching out to a variety of investors. This helps them to more effectively compete by having a host of solutions available to them. The possible challenges are resistance from employees. This is because they do not see the advantages of these programs. These areas are troubling, as they can result in the program not being as effective utilizing an all encompassing approach. (Brown, 2010) (Martin, 2013)

Identify and explain the five phases of project management.

The five aspects of the project include: research / development, marketing, distribution, customer support and adapting to changes in the marketplace. Research and development is concentrating on creating a product which is innovative and can address the demands of consumers. This will allow the firm to standout and offer cliental with something more. When this happens, the organization can be the first to introduce it. This will lead to increased sales and it improves their image as the industry leader. (Brown, 2010) (Martin, 2013)