What is the Analytic Hierarchy Process (AHP)?

AHP is a decision-making method that breaks down complex decisions into smaller parts, allowing for a structured comparison of projects based on criteria.

What is the purpose of the Project Portfolio Matrix?

The Project Portfolio Matrix classifies projects based on their commercial potential and technical feasibility to help prioritize investments.

What are the four types of projects in the Project Portfolio Matrix?

1. Bread and Butter: Low-risk, high-return projects. 2. Pearls: High-risk, high-reward projects. 3. Oysters: High-risk, high-return, but difficult to implement. 4. White Elephants: Low-risk, minimal return projects.

What is the significance of strategic alignment in project selection?

Strategic alignment ensures that projects support the overall goals and vision of the organization, maximizing value and resource utilization.

What is a Simplified Scoring Model?

A Simplified Scoring Model assigns scores to projects based on criteria, with weights reflecting the importance of each criterion to determine the best project.

What is the difference between Discounted and Undiscounted Payback Period?

The Discounted Payback Period accounts for the time value of money, while the Undiscounted Payback Period does not, often leading to a shorter payback time.

What is the role of financial models in project selection?

Financial models like NPV, Payback Period, and IRR help evaluate the potential profitability and feasibility of projects.

What is the importance of engaging elements in presentations?

Engaging elements, like jokes or relatable examples, help maintain audience interest and make complex concepts more accessible.

How can organizations overcome challenges in portfolio management?

By ensuring better alignment of projects with strategic goals, effective resource allocation, and fostering a culture of innovation.

What is the Portfolio Selection Process?

The Portfolio Selection Process involves defining selection criteria, analyzing individual projects, and adjusting the portfolio based on outcomes.

What is the significance of the Learning Objectives in project management education?

Learning Objectives outline the expected outcomes for students, guiding them on what they should be able to do by the end of the course.

What does the term 'commercial viability' refer to in project evaluation?

Commercial viability refers to a project's potential to generate revenue and profits, assessing factors like ROI and market share.

What is the purpose of prescreening in the project selection process?

Prescreening filters proposed projects to eliminate those that do not meet basic requirements or align with company objectives.

What is the impact of scarce resources on project management?

Scarce resources can hinder the successful implementation of multiple projects, leading to delays and compromised quality.

What is the role of stakeholder input in the AHP process?

Stakeholder input helps ensure that different perspectives are considered when assigning weights to criteria in the AHP.

What is the key takeaway regarding project selection models?

No project selection model is perfect; they provide a snapshot of reality and rely on both objective and subjective factors.

How does the Project Portfolio Management process relate to strategic goals?

PPM ensures that the selected projects align with the organization's strategic goals, maximizing value and resource efficiency.

What is the significance of the 'Engaging Element' in a presentation?

Engaging elements help to capture the audience's attention and make the content more relatable and memorable.

What is the importance of evaluating project outcomes in portfolio management?

Evaluating project outcomes helps organizations assess whether projects are meeting their goals and delivering expected benefits.

What is the purpose of resource allocation in project management?

Resource allocation ensures that selected projects have the necessary financial, human, and technical resources for successful execution.

What does the term 'flexibility' refer to in project selection criteria?

Flexibility refers to the ability of a project selection model to adapt to changes or improvements during the project lifecycle.

What is the significance of the 'Checklist Model' in project evaluation?

The Checklist Model provides a straightforward way to evaluate projects against agreed-upon criteria, facilitating quick decision-making.

What is the role of the 'Portfolio Adjustment' phase in project management?

The Portfolio Adjustment phase involves modifying the project portfolio based on new information or changes in strategic direction.

What is the importance of understanding risk issues in project selection?

Understanding risk issues helps organizations assess the feasibility and potential challenges associated with each project.

What is the purpose of the 'Project Development' phase in portfolio management?

The Project Development phase involves executing and managing selected projects to ensure they are delivered on time and within budget.

What is the significance of the 'Market Potential' in project evaluation?

Market potential assesses a project's ability to capture a significant portion of the market, influencing its attractiveness for investment.

What is the role of 'strategic fit' in project selection?

Strategic fit ensures that a project aligns with the company's overall strategy, enhancing its chances of success.

What is the importance of 'engaging elements' in educational presentations?

Engaging elements help maintain audience interest and make complex concepts more relatable and easier to understand.

What is the significance of the 'Portfolio Completion' phase?

The Portfolio Completion phase evaluates the overall performance of completed projects, determining if they met their goals.

What is the role of 'methodology selection' in project management?

Methodology selection determines the approach used to manage projects, ensuring that the right processes and techniques are applied.

What is the importance of 'communication' in successful project portfolio management?

Effective communication ensures that all stakeholders are aligned and informed, facilitating better decision-making and collaboration.

What is the significance of 'organizational changes' in project selection?

Organizational changes can impact a company's ability to execute projects, requiring careful consideration during the selection process.

What is the role of 'financial models' in project evaluation?

Financial models provide quantitative assessments of a project's potential returns, helping to inform investment decisions.

What is the importance of 'project evaluation' in portfolio management?

Project evaluation assesses whether projects are achieving their intended outcomes and delivering value to the organization.

What is the significance of 'risk assessment' in project selection?

Risk assessment helps identify potential challenges and uncertainties associated with a project, guiding decision-making.

What is the role of 'engaging elements' in presentations?

Engaging elements, such as jokes or relatable examples, help maintain audience interest and make complex concepts more accessible.

What is the importance of 'flexibility' in project management?

Flexibility allows organizations to adapt to changes in the market or project conditions, ensuring continued alignment with strategic goals.

What is the significance of 'project screening' in the selection process?

Project screening evaluates potential projects against established criteria to identify the most promising candidates for investment.

What is the role of 'stakeholder involvement' in project selection?

Stakeholder involvement ensures that diverse perspectives are considered, enhancing the decision-making process.

What is the importance of 'resource allocation' in project management?

Resource allocation ensures that selected projects have the necessary support to be executed successfully.

What is the significance of 'project alignment' with strategic goals?

Project alignment with strategic goals maximizes value and ensures that resources are used effectively.

What is the role of 'project completion' in portfolio management?

Project completion involves evaluating the success of projects and determining their impact on the overall portfolio.

What is the importance of 'market analysis' in project evaluation?

Market analysis helps assess the potential demand and profitability of a project, guiding investment decisions.

What is the significance of 'project prioritization' in portfolio management?

Project prioritization ensures that resources are allocated to the most valuable and strategically aligned projects.

Project Selection and Portfolio Management Flashcards

Student preview

113 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is Project Portfolio Management (PPM)?

Back

PPM is the process of selecting, supporting, and managing a collection of projects to ensure they align with a company's strategic goals.

2.

FLASHCARD QUESTION

Front

What are the key objectives of Project Portfolio Management?

Back

The key objectives are to prioritize projects, allocate resources effectively, and regularly review and adjust the portfolio.

3.

FLASHCARD QUESTION

Front

What are the six criteria for a useful project selection model?

Back

1. Realism 2. Capability 3. Flexibility 4. Ease of Use 5. Cost Effectiveness 6. Comparability

4.

FLASHCARD QUESTION

Front

What is the Net Present Value (NPV)?

Back

NPV calculates the difference between the value of future cash inflows and outflows, discounted to present value. A positive NPV indicates a project adds value.

5.

FLASHCARD QUESTION

Front

What does the Payback Period measure?

Back

The Payback Period measures how long it will take for a project to recover its initial investment from the cash flows it generates.

6.

FLASHCARD QUESTION

Front

What is the Internal Rate of Return (IRR)?

Back

IRR is the discount rate that makes the NPV of a project zero. A higher IRR indicates a more attractive project.

7.

FLASHCARD QUESTION

Front

What are the common challenges in Portfolio Management?

Back

1. Conservative technical communities 2. Out-of-sync projects 3. Unpromising projects 4. Scarce resources

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