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Engagement (Strategy (The path an organization designs to achieve its…

- - - - Accept/reject/categorize
      - Plan & assign resources
      - Review/prioritize
      - Execute & support projects
      - Identify projects
      - Monitor & communicate progress
      - Review & adjust portfolio
    - - Describes the process of value creation through a series of cause-and-effect-linkages among objectives in the Four Balanced Scorecard perspectives
      - Strategy translation process
        
        Create the strategy map: how do we express our strategy?
        
        Objective: to develop a comprehensive integrated model of the strategy that pulls together the many diverse components of the plan
        
        Barriers: typical strategies are built by different groups in different parts of the organization. They are not integrated
        
        Enabling tools:
        
        Strategy map (cause and effect)
        
        Strategic objectives
        
        Strategy map: describes the way the organization intends to create value for its stakeholders. There is a cause-and-effect logic: creation: top-down, bottom-up test of the strategy maps feasibility. We will enable our people t deliver the strategic processes that provide a satisfying customer experiene that meet our shareholders expectations. The strategy map enable firms to simultaneously manage short, intermediate, and long-term value-creating processes. It consists of four elements
        
        Customer perspective: includes customer outcome measures and metrics for targeted customer segments. The value proposition is the heart of the strategy. It describes how the company will differentiate itself fin the eyes of the customer and the context for the rest of the strategy
        
        Process perspective: identifies the critical few business processes that will satisfy the customer and financial objectives. The strategy map should identify the key processes that are needed to realize the strategy so managers and employees can focus on continually improving them
        
        FInancial perspective: describes the tangible outcomes of the strategy using familiar metrics. These outcomes or lagging indicators signal whether the strategy is working to deliver tangible results to shareholders
        
        Learning and growth perspective: identifies the jobs (human capital), systems (information capital) and climate (organization capital) that support the value-creating processes
        
        Startingpoint: value gap. By constructing a strategic map based on a collocation of strategic themes, executives can seperately plan and manage each of the key elements of the strategy and yet still have them operate coherently. The themes that cross functions and BUs that support the boundaryless approach needed for succesful strategy execution
        
        Create the measures and targets: how do we measure our strategy?
        
        Objective: to convert strategic direction statements into measures and targets that can be linked to the management system
        
        Barriers: lower-level objectives and targets are not aligned with the higher-level goals
        
        Enabling tool:
        
        Balanced scorecard (measures, targets, gaps)
        
        Balanced scorecard sets the objectives and is the underlying idea below the strategy map
        
        Based on the four perspectives of the strategy map the strategic themes, measures, targets and initiatives are written down. Each strategic theme needs to be examined in detail.
    - - No proper risk assessment in the portfolio
      - No understanding of portfolio trade-offs
      - Poor resource balance across the portfolio
      - Tendency of senior managers to change priorities as a project is being implemented
      - Inconsistent processes and a lack of coordination of resources among departments
      - Dissimilar systems for measuing and managing the portfolio, financial impact and proper project execution
    - - Global/distribued teams create the need for collaboration
      - Lack of available skilled resources needed for projects
      - Increasing risk exposure across project portfolio's
      - Increased competition forces companies to lower or freeze prices
- - - - Establish the environment
      - Prioritize project work & determine the resource capacity based on 1
      - Optimizde project portfolio based on 2
      - Master the project portfolio based on 3