LEB-PGDBA: Project Management Maturity Models - Project Risk Analysis and Management - Managing Business Strategy Assessment Answer

Code: LEB-PGDBA

 Managing Business Strategy Assessment Answer

 Task 1. What tools relating to business strategy will you be using to assess the current weaknesses or identify the organisation’s strengths which will be helpful to have you formulate a new corporate strategy or strategies. 2. Examine existing vision and mission statements for the said organisation and provide a new and improved vision and mission statements aligned to the new strategic direction and corporate goals for the organisation. 3. Undertake both internal and external environmental analysis for your organisation 4. Using those analysis and findings, justify your newly crafted and formulated corporate strategy or strategies to sustain and improve competitive advantage for your organisation. Conduct online research, and give some examples of projects using each of the risk mitigation strategies (accept, minimize, share, or transfer). How successful were these strategies? In hindsight, would another approach have been better? 2. Projects seldom go according to plan in every detail. Elaborate how can project managers identify when costs are varying from the budget and manage those variations. 3. Find the Future Time Orientation scale online. After completing it, determine whether you have a future time perspective, present time perspective, or past time perspective. What are the implications for the types of tasks you enjoy performing? How will your preferences lead to strengths and weaknesses in managing projects? 4. “Project management maturity models provide organisations with assessment frameworks, enable benchmarking, and indicate areas where the organisation can improve.” Critically evaluate this statement. 5. Explain the Project Risk Analysis and Management (PRAM) process. Assessment 2

1. Consider a project with which you were involved. Did any critical success factors emerge as clearly the most important for project success? Why?
2. Consider the common problems with project cost estimation and recall a project which you have been involved. Which of these common problems did you encounter most often? Why?
3.  In what way can critical chain project management improve project performance?
4. Think of an example when your stakeholders didn’t agree on a project. How did you proceed?
5.  Discuss how project portfolio management helps companies to understand and mitigate risks.

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