e2_shortnotes_ em revision kit

8/10/2019 E2_Shortnotes_ EM Revision KIT

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Concept of strategy

formulation

Competitive

Environments

Development in Strategic

Management

Alternative approaches to

strategy formulation

Strategic

Analysis

Principals of project

Management

Project stages Project and

Stages

Enterprise

Management

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WHAT IS STRATEGY??

M I S S I O N

A D V A N T A G E

E N V I R O N M E N T

S T A K E H O L D E R S

D I R E C T I O N

O B J E C T I V E S

L O N G T E R M

A N A L Y S I S


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Corporate

Business

Functional

What?

Competitive

advantage

Action plans

purpose

How ?

Support


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Rational strategic planning process Objectives become increasingly

SMARTAll embracing

StrategicGeneral

Analysis

Specific

Detailed targets

Strategic

Implementation targets

Implementation

Action targets

Mission

Goals

Objectives

Strategies

Tactics

Operational

Plans

SpecificMeasurable

AttainableRelevant

Time- bound


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Advantages and disadvantages of the rational

(Formal Approach)

Identifies key issues

Goal congruence

Long term view

Improves stakeholder perception

Provides basis for strategic review

Bureaucratic and inflexible

Strategies emerge

Costly and time consuming

Inappropriate in dynamic markets

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Alternatives to the rational approach

Logical incrementalism

Small

Steps

Emergent

intended deliberate realised

emergen

t

unrealised

Resource based

view

Threshold Core

Basic Unique

Easy to Hard to

copy copy

competencies

resources


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Mission and Objectives

Mission

Goals

Objectives

Critical Success Factors

Key Performance Indicators

Overriding purpose

General Intention

S.M.A.R.T

Things that must go right

Measurable targets


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Stakeholders

Those persons and organizations

that have an interest in the strategy of an organization.

Minimaleffort

Keepinformed

Keepsatisfied

Keyplayers

low interest high

High

po

wer

low

Mendelowspower/interest matrix


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Assessment of the competitive environment

Internal Analysis

Porters Value Chain

Resources audit

Corporateappraisal

(SWOT)

External

analysis

Porters

diamond

Porters

5

forces

PE

S

T

E

L


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Internal analysis

Resources

audit

WHAT WE

ARE GOOD AT

WHAT WE

HAVE

COMPETENCIES

RESOURCES

THRESHOLD

CORE

BASIC

UNIQUE

Minimum requirement to

operate within a market

The basis for competitive

advantage

Similar to competitors/

easy to copy or obtain

The more unique, the

stronger the competitive

position

Value chain

Support activities

Inbound

logistics OperationsOutbound

logistics

Marketing

and Sales Service


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External analysis

Power ofbuyers

New

entrants

Power ofsuppliers

Substitutes

Rivalry

Porters 5 Forces

P

E

S

T

E

L

OLITICAL

CONOMIC

OCIAL

ECHNOLOGICAL

COLOGICAL/ENVIRONMENTAL

EGAL

Demand conditions

Strategy, structure and

rivalry

Factor conditions

Related and supporting

industries

Portersdiamond


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Contemporary thinking on strategy

distributors

finance

suppliers

manufacturers

Network organizations

Complex

forms

Strategic

alliances

Complex forms merges

Sub

contracting

hierarchy solution

In house

Transaction

cost view

outsourced

hierarchy

solution

Asset specificity

Monitoring

the contract

Drafting and

enforcing

contracts


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ENTERPRISE MANAGEMENTStrategic Management and the competitive Environment

Exam Tips

There is no one single best way of doingstrategic planning. When evaluating which

approach is most appropriate in an exam

question, make sure you justify your choice by

reference to the details in the scenario.

Make sure you know the models for

internals and external analysis and be able

to apply them to the given scenario

Look at the whole organization in thelonger term. Aim to achieve sustainable

competitive advantage, considering

stakeholders and ensuring a good fit with

the environment.

Be able to discuss what critical success

factors or objectives an organisation

should set in order to achieve its

strategic goals


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Past exam questions

Around 30% of the exam paper will come from the strategic management section. Populartopics are discussing the approaches to strategy and the various analysis techniques. The

following questions are from the E2 paper, but most of the old syllabus p5 questions are

also worthwhile reviewing.

Rational approachMT (specimen)

Levels of strategy (May 10)

StakeholdersOD (specimen)

Competitor analysisFX (May 10)

5 ForcesCN (specimen)

SWOTPC (Nov 10)

Porters diamond SCO (Nov 10)

Examiners comments (from May 10):

Not enough breadth of knowledge

Lack of theoretical knowledge

A general lack of preparation

Rememberall parts of the syllabus are

examinable


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CORPORATE GOVERNANCE,SOCIALRESPONSIBILITY AND ETHICS

Enterprise Management


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Social

Responsibility

Ethics

Corporate

Governance

People

Profit

Planet

Corporate

Governance

Social

Responsibility

and Ethics

LevelsApproaches

Professional ethics

OECD

Agency Problem


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ENTERPRISE MANAGEMENTCorporate governance, social responsibility and ethics

Corporate governance

Owned by

shareholders

Run by

Directors

Companies are

Corporate governance is the

system by which companies are

directed and controlled

The OECD 5 principles of corporate

governance

Right of shareholders

Equitable treatment of shareholders

The role of stakeholders

Disclosure and transparency

Responsibility of the board


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Ethics

Ethics can be define as

The discipline dealing with what is

good and bad and right and wrong

or with moral duty and obligation.

Many ethical dilemmas involve aconflict of interest between stakeholder

groups.

Approaches

Integrity based

Compliance based

Professional advisors

Code of conduct


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ENTERPRISE MANAGEMENTCorporate governance, social responsibility and ethics

Objectives

Corporate

Group

Individual

Levels of ethics:

C

O

P

P

I

T

ONFIDENTIALITY

BJECTIVITY

ROFESSINAL

ROFESSIONAL COMPENCE AND

DUE CARE

NTERGRITY

ECHNICAL STANDARDS

Professional Ethics:


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ENTERPRISE MANAGEMENTCorporate governance, social responsibility and ethicsSocial responsibility

Corporate social responsibility (CSR)

Corporate social responsibility is one

aspect of business ethics and is

concerned specially with the ways in

which an organization exceeds the

minimum obligations to stakeholders

specified through regulation and

corporate governance.

Triple bottom line reporting

Profits

Planet

People


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Exam tips

Corporate governance is viewed as how directors run companies.

Know the main corporate governance rules and be able to identify problems

in a given scenario, and explain why the y are a problem.

Ethical policy should outline what activities the organization deems to be

acceptable

Corporate social responsibility is the deliberate inclusion of the public into

the corporate decision making, and the honoring of a triple bottom line:people, plant and profit.

Pros and cons of CSR


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Past exam questions- corporate governance, social responsibility

and ethics

Around 30% of the exam paper will comefrom the management of relationshipssection, of which corporate governance,social responsibility and ethics makes upa small part. All 3 areas have beenexamined in the past.

The following questions are from the E2paper, but most of the old syllabus P5questions are also worthwhile reviewing.

Corporate governanceSP Co(specimen)

A scenario based question requiringstudents to identify and discuss thecorporate governance issues. It isimportant to notice the verb discuss ,it isnot enough to simply list the issues.

CSR-PW (May 10)

A popular CSR question requiring adiscussion on the pros and cons ofadopting a CSR approch .there is anargument against CSR as it is costly inthe short term , but it may give the

organization sustainability in thelonger term. Be able to present abalanced argument.

Rememberall parts of the syllabus areexaminable


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Management of relationships

organizational cultureEnterprise management


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Organizational

Culture

LEVELS

CLASSIFICATION

MANAGING

WHAT IS

CULTURE?

INFLUENCE


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Organizational culture

culture can be defined as the way we do things around here(Handy)

LEVELS OF CULTURE(SCHEIN)

Artifacts andcreations

Values and beliefs

basic assumptions

Seen, heard and

observed

Identified from stories

Deeply embedded

Influences on culture

Size

Technology Diversity

Age

History

Ownership


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Models for categorizing culture Deal and Kennedy

Power

Person Role

Task

Handyscultural

types




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Natural cultureHofstede identified 5 dimension along which natural culture seems to vary

How much people

accept an unequal

distribution of

power

How much people

value long

standing rather

than short term

values and

traditions

How much people prefer looking

after themselves rather than

looking after others

How much

people values

rules and

stability over

risk and

adventure

How much peopleprefer male values

(power, achievement,

assertiveness etc.)

over female values

(relationships,

sensitivity, concern

etc.)

Power

distance

Long term

orentaion uncertainty

Masculinity/femininity

Individualism/ collectivism

National

culture




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Exam tips- organizational culture There are a number of

models and theories on

culture . It is important that

students are main familiar

with them. The main ones

are:

Handy

Schein

Deals and Kennedy

Hofstede

There are others

Ensure you can explain the

influences on culture, be

able to identify different

cultures from a scenario

and be able to suggest

changes to existing cultures.

Hofstedes model can be

useful when companies are

considering expanding their

operation overseas.




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Past exam questions-organizational culture

Around 30% of the exam paper will come from the management of relationships section, of

which culture makes up a small part. Culture has been a popular exam topic

The following question is from the E2 paper, but most of the old syllabus P5 questions are

also worthwhile reviewing

cultureKCC (may 10)

A scenario based question requiring students to identify the original culture of an

organizational and to comment on the changes to the culture as the organization has

grown.

The question mentioned role culture, whichsuggested the handy model. It is important to

be familiar with the models in the texts are they

are often used to enhance answer.

Rememberall partsof the syllabusare examinable




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Management

and

leadership

Classical

theories

Leadership

Human

relations

school

Definitions




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Management and leadership definitions:

POWERability to expert influence

AUTHORITYright to expert influence

RESPONSIBILTYobligation to performs

DELEGATIONtasks passed to another to

perform (note: the authority is

delegated with the task, but the

responsibility cannot be delegated)

LEADERSHIPinfluencing others to actin a particular way

French and Raven defined 5

source of power:

Reward

Coercive

ReferentExpert

Legitimate




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Scientific management

TAYLOR

WEBER

CLASSICAL

THEORIES

FAYOL

14

principles

of

managem

ent

A fair days work for a fair days pay

Cooperation

Well trained employees

Work study method

Specialisation

Rules and regulations

HierarchyBureaucratic

management

Administrative

management

Division of work

leadership

Order

Unity of command


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Human relation schoolHygiene factors

Prevent dissatisfaction

Environment Wages

supervision

motivators

Prevent dissatisfaction

Responsibility Advancement

recognition

HERZBERG

Human

relations

schools

Maslow

Mayo

Experimenter effect

Increased motivation HAWTHORNE

EXPERIMENT

MOTIVATIONAL /

HYGIENE FACTORS


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Management and leadership

The role of the manager (fayol)

Forecasting and planning

Organizing

Co- ordinating Commanding

controlling

The role of the leader

Encouraging

Motivating

Developing Inspiring

creating

A leader is one who gets

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Leadership

NO ONE RIGHT WAY

Contingency

theories

(Adair)

Likert

McGregor

Lewin

Tannenbaum

and schmidt

Black and

Mouton

Leadership

Types of

leader

Style

theories

Trait theories

charismatic

traditional

situational

appointed

functional

physical personality social



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Leadership

LIKERTExploitive

AuthoritativeParticipative

LEWIN Authoritarian DemocraticLaissez-

faire

McGregor Theory X Theory y

Tannenbau

m and

Schmidt

Tells

delegate

s

Abdicate

s

Blake and

Mouton(9,1) (1,1)(9,9)

Dictatorial inclusive little or no

management




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LeadershipLEWIN

Democraticmanager makes

decisions with group participation

Laissez-fairemanager leaves

group alone

Authoritarianleader tells group

what to do

PRODUCTIVITY

MOST PRODUCTIVE

NEXT MOST PRODUCTIVE

LEAST PRODUCTIVE

SATISFACTION

MOST SATISFIED

NOT SATISFIED

LEAST SATISFIED

Mc GREGOR theory X

Managers assumes people donot want to work, dislike

responsibility and cannot be trusted.

Theory Y

Managers assume people want towork, are motivated and seek self

achievement.


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Wi d B i A dWi d B i A d


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Tannebaum and Schmidts leadership continuum

Dictatorship Abdication

Area of freedom for managers

Increase

Area of freedom for subordinates

Increase

Able to make

unchallenged

decisions

Persuade

workers

to accept

Presents

decisions

invite

questions

Present

draft

decision

Present

problem

decision after

worker input

Gives limits

all

discuss

group

decides

Group

decides and

discuss on

their own

Manager .

Manager .

Tells Tells andsells

Tells and

talks

consults Involve Delegates Abdicates



Wi d B i A dWi d B i A d


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Blake and Mouton managerial grid

TeamCountry club

Middle road

Impoverished Taskoriented





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Adair action centered leadership

Task

needs

Group

maintenance

roles Communicating

Team building

Disciplining

Peace keeping

Standard

seeking

Task roles

Initiating

Information

seeking

Diagnosing

Opinion seeking

Evaluating

Decision making

Individual

maintenance roles Goal setting

Feedback

Counseling

developing

Individua

l needs

Group

needs




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Exam tips- management .

and leadership Ensure that you

understand the concepts

of power, authority,

responsibility, leadership

and delegation.

Thinks about the different

theoretical perspectives

on management ;

consider their application

and relevance to the

question you are

attempting

Consider the

challenge of the

global business

environment and

how this impacts a

manger .

Do not be afraid of

giving your opinion as

long as it is relevant

to the question.


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Management of relationships-

relationships in the working

environment

Enterprise management





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Management

of

relationships

Negotiation

Mentoring

Finance

function

Teams

Conflict

Communication

Meetings

Problems

Methods

Belbin Tuckman





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Stages of group formation

TUCKMAN

FORMING

DORMING(RECENTLYADDED

PERFORMING

NORMING

STORMING


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Belbin-team roles

Belbin-teamroles

shaper

plant

Monitor

evaluating

Resource

investigator

Companyworker

leader

finisher

Team

worker





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conflictConflicts is any personal divergence of

interests between groups and individuals

Types of conflict

horizontal

Between groups and departments at the same level

Symptoms of

conflicts

hospitality

Lack of co-

operation

frustration

Time

wasting

v

er

t

i

c

a

l

Betweenindividuals

and group at

different

levels in the

hierarchy





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Managing conflict-The Thomaskilmann conflict mode

instruments (TKI):

Depersonalising conflict and resolving

Avoiding Accommodating

Competing Collaborating

low

High

Low High

Cooperativeness

Assertiven

ess

yy




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Communication

Unclear message

Omitting information

Using jargon/inappropriate

wording

Inappropriate medium used

Sending mixed messages

Sending too much information

Using emotive words noise

Barriers to good communication Negotiation

preparation

opening

bargaining

closing

yy




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Meetings

Effective meetingCorrect

attendees

Suitable time

and location

Clear purpose Discussion

Summarise

results

Publish

minutes

yy




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The finance function

The

finance

function

Information for

decision making

BP( business

process

outsourcing)

SSC(shared

service

centers)

External

stakeholders

Strategic decision making Focus on value adding activities

Authorities

Investors

External auditors

SpecializationConsistency

Internal outsourcing

Cost reduction

Access to external

expertise




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Monitoring

Benefits of mentoring

improved motivation

Development of skills

Less staff turnover

Faster careerprogression

Mentor

A guide

A trainer

An

advisor

A sounding

boardA tutor




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Exam tips

Remember individuals join groups in order to satisfy

some important need.

A team is a small number of people with

complementary skills who are committed to a

common purpose. Ensure you understand how groups forms and the

various roles that may exist within a team.

Think about the importance of good communication

and the ability to negotiate in all situations.


E tiWisdom Business Academy


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Exam tips

Around 30% of the exam paper will come from the management of

relationships section, of which management and leadership makes up a

considerable part. This part of the syllabus includes teams ,conflicts

,communication and negotiation. All these areas have been examined many

times.

The following question is from the E2 paper, but most of the syllabus P5

question are also worthwhile reviewing .All questions are scenario based. Conflict/team leading-RM (specimen)

This question required students to identify and

discuss the nature and sources of conflict and to

suggest how effectively lead a team.

Outsourcing the financedepartment/negotiation-T4M (May 10)

This required students to explain the pros and

cons of an outsourcing proposal and discussion

on how the negotiation for this should be

handled. This was a 25 mark questions lot of

depth was required in the answer.

Conflicts-LS (Nov 10)

This required students to

compare and contrast the

main sources of conflict in

an organization.

REMEMBERall parts of

there syllabus are

examinable55




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Management of relationships-

management controlEnterprise management




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Management control

fairness

levels

Discipline and

grievance

Control

systems

Humanresources

Staff appraisal Health & safety

6 As TARA

Diversity

Equal opportunities




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Management control

control is a primary management task and is the process of ensuring

the operation proceed according to plan (Lucey)

Levels of control

Strategic

Tactical

Operational

Emphasis on strategic planning, setting the control

environment and monitoring achievement of and

compliance with plans and policies.

Emphasis on tactical planning, establishing the control

procedures and monitoring achievement of plans and

policies

Emphasis on control of structured and

repetitive activities




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Management control

Control system

T

A

R

A

ARGET

CTUAL

EVIEW

CTION

A

Effective control system -6As

acceptable

appropriateaffordable

adaptable

Action orientedaccessible




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Aspects of management control

Managementcontrol

Health andsafety

Grievance

DisciplineSelf

appraisal

Mentoring

Fairness

To ensure the organization acts in a

fair and nondiscriminatory

manner

To provide support, aid

development and improve

knowledge and work

practices.

To improve the efficiency and

effectiveness of the organization

and to develop and motivate

employees.

To provide and maintain risk

free work place.

To achieve a change in

the behavior of

employees

To provide a mechanism foremployees to raise

problems or concerns.




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Discipline

The aim of disciplinary

procedures is to improve rather

than punish.

The process

Written

warning

Oral

warningInformal talk

Suspension

Demotion

or transfer


ENTERPRISE MANAGEMENT Management of relationships Management ControlWisdom Business Academy


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Grievance

Discuss with grievance with a colleague,

HR or union representative

Grievance taken to immediate boss

Escalated upwards, HR informed

Colleague, HR or union representative

permitted to be involved

Time limits set to resolve issues

ENTERPRISE MANAGEMENTManagement of relationshipsManagement Control

Unfairly appraisedOverlooked for

promotion

Being bullied Discriminatedagainst

A grievance occurs when an employee feels

that they are being wrongly treated by

colleagues or supervisors

Right to appeal to

industrial tribunal




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Health and safely at work Act 1975 (HASAWA)

Applies to all organisations employing 5 or more people

Organisation must

Prepare and regularly

revise a written statementof their H&S policy

Ensure policy is

implemented

Bring the policy to

the notice ofemployees

Provide training

information andsupervision




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Staff appraisal

Benefits to Organization

Fair process for reward

Identifies candidates for promotion

Helps asses the competence of of staff

Identification training needs

Improve communication

A basis for HR planning

Provides clear targets

Monitors requirement and induction

process

Benefits to employees

Feedback about performance

Basis of remuneration

Opportunity to discuss future

prospects

Identification training and

development needs

Identifies work of merit done in

period

Provides formal opportunity for

discussion

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Equity

EqualOpportunity

Diversity

Disadvantages groups

Proactive actionNo discrimination

Expectations

commitment

Maximizing potential

Relevant to all

Fair reward




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ENTERPRISE MANAGEMENTManagement of relationshipsManagement ControlExam tips

Consider an organisation divided into 3

hierarchical levels: Strategic, Tactical andOperational and within these decision

making levels, Control will need to be

decided.

An element of operational control is

individual control to ensure that they areworking hard and effectively.

Methods used to control their behavior

include: Employment contracts, appraisals,

supervision, health and safety and

disciplinary procedures.

Students tend to be familiar with

many of the control topics from their

own experience. Students should bring

their own knowledge and experience

to their answers.




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Past exams questions

Around 330% of the exams paper will come from the management of relationship

section, of which management control makes up a considerable part. This part of thesyllabus includes a variety of control topics: Staff appraisal, health and safety,

mentoring, discipline, grievance and fairness. Most these topics have been examined at

some point.

The following questions is from the E2 paper, but most of the old syllabus p5 questions

are also worthwhile reviewing.

MentoringP co (Nov 10)

A short scenario base question requiring students to

identify the process and benefits of mentoring. As

with many topics in this section, students tend to befamiliar with much of the material from their own

experiences. Should be used in this type questions.

Remember - all parts ofthe syllabus are

examinable




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PROJECT MANAGEMENTEnterprise Management


ENTERPRISE MANAGEMENTProject ManagementWisdom Business Academy


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j g

Project initiation

Project

Management

Project Planning

and tools

Reasons

for

projects

Feasibility

Risk Analysis

LifecycleModels

Constraints

WBS

GANNT

Milestones and

gates

Software

CPA/PERT

histogram

Project Execution

control andcompletion

End of project

review

Success or

failure

Post

completion

Audit

Project

Management

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ENTERPRISE MANAGEMENT Project Management

Projects

A project is a unique undertaking to achieve a specific objective. It has defined beginningand end. It has resources allocated to it.

Once complete, it should become integrated into business as usual.

TIME

COSTQUALITY

Other constrains:

Legal

Ethical

Environmental

political





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Discover What gives the current system life?Dream What might be? Envisage the results of

the project

Design What is the ideal solution? Design

elements and assemble them.

Deliver Plan for continuous improvement

Models 4-D and 7S

System

Skills

SharedValues

Staff

Structure

Strategy

Style

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Models - PMBOK

1. Project integration management

2. Project scope management

3. Project time management

4. Project cost management

5. Project quality management

6. Project human resource management

7. Project communications management

8. Project risk management

9. Project procurement management





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Corporate or program management

Directing a project

Managing a project

delivery

Planning

Controlling a

stage

Managing

stage

boundaries

Closing a

project

Initiating a

project

Starting up a

project

Project

mandate

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ENTERPRISE MANAGEMENTProject Management

Project Lifecycle




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Project Sponsor

Project owner

Project Customer

Project manager

Project team

Project

proposals,

schedules

status reports

Project brief

Allocation of

Funds, terms of

Or reference

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Not preparing The projects Financialplan could caused disastrous Losses:

N - Negotiation PProblem Solving

PPlanning and control C - Communication

TTechnical Awareness D - Delegation

PPeople Skills (motivation) CChange managementFFinancial Awareness L - Leadership

Role of Project manager

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j g

Project Teams

The

Project Manager

must

Control the team

Select the team

Ensure the teams

effectiveness

Manage the team

Build the teamMotivate the team

Communicate with

the team

NOTE: Tuckmansmodel of team development, Belbinsmodel of team roles and

leadership theories are relevant here.




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Feasibility

Time/Risk

etc.EconomicTechnical Operational /

Social

Reject

Feasibility study

report

Accept

Project plansProject roles

Feasibility

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Accept Reduce

Transfer Avoid

Likelihood

Low High

Low

High

Impact (Effect)

Risk assessment




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Varioustools, techniques and reports are used throughout

projects, particularly at the planning stage.

Initiation Planning Execution/control Completion

SWOT WBS Progress report End of project review

Feasibility study CPA PRINCE 2 Final report

PID PERT EVM Post completion audit

Risk assessment GANNT

Histogram

Milestones/Gates

PQP

Project software is used throughout the project




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Work breakdown structure (WBS)

Work breakdown structure

Work packages

Statements of work

Product breakdown structure

Cost breakdown structures

Break project down to manageable parts

Specifies work to be done

Who is responsible

Products required

Costing all of the above- Forms the BUDGET




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10

02 8

105

3

418

18

26

26

6

14

A B E

8 10 8

C D

6 4

CPA or network diagram

Critical path: A, B, E

Est. duration: 26

Float on C or D of 8




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How to draw a CPA

EET

LET

1Milestone

Activity

Critical path

EET = earliest event (start) time for the next activity

LET = Latest event (start) time for the next activity




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GANNT chart

A

B

C

E

Current time 16

A

B

C

D

E

4 8 12 16 20 24 28




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Project management software

The planning and control of theproject will be assisted through the

use of project software. The type of

output being produced will vary

depending on the package being used.

They are used in a variety of ways

Planning

Estimating

Monitoring

Reporting

Examples include MS project and

project Kickstart.

Other tools

Scenario/ PERTconsider one ormore sets of circumstances that

might occur.

Milestone and GatesOne of the

main reasons for constructing a

network diagram is to improvecontrol and to facilitate this, a

number of milestones can be

identified. This shows how far the

project has progressed and how far it

has to run.

HistogramA stacked bar chart

showing the amount and timing for a

resource or range of resources.

85

Project control



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Project control

Agreeplan/

risk set

budget

Produce

baselineplan and

risk

analysis

Manage

plan

Raise

issues/changes

Evaluateprogress

Update

plan

Review

updated

plan

Revise

plan

Collate risk

issues,change and

progress

date

Team

meeting

Mmentreview

meeting

Operational

feedback

session

Update

plan

controls

Publish

progress

report

Phase

reviewboard

Operational

feedback

session

Once only Daily Weekly Phase




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What do you control ?

A project control system enables the recognition of a problem before they become

too difficult to solve.

How elaborate a control system is depends on the size and scope of the task to be

managed, as well as the size and distribution of the team working on it.

Methods of control/ review:

Weekly progress and review

Earned value management

PRINCE 2

Post completion audit review


Completion



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Completion

End of project

End of project review

Post completion audit

File all documentation

Final payments to suppliers

Formal handover to customer

Disband project team

Produce final report

Ensure project completion as defined

Compare outcome againts PID

Evaluate performance of project:oTime

oCost

oQuality

Effectiveness of process

Review the success of the project

Receive users feedback

Highlight any issues with the project

Benefits delivered?

Learn from experience

Carried out several

months later




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Was it a success or a failure?

Success

Many organizations view project management as a strategic competence, from

which they can gain competitive advantage. Excellence means continuous

improvement. An example of this is PMMM, the project management maturity

model. Given as an accreditation about how well a company has managed its

project.

Failure

Why some projects fail??

- Lack of user input - Scope creep

- Long time scales - Lack of testing

- Vague requirements - Business change




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Exam tips

Ensure you are familiar with the various PM models: 4D, 7S, PRINCE 2 and

PMBOK

Be able to identify the project stakeholders and be able to use the Mandelow Matrix

to manage them.

Know the project managers role and the skills required

Know the models of the team development, team roles and leadership theories.

These apply equally to projects.

Be familiar with the range of PM tools, use them and the benefits of using each of

them.

Know project life cycle



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