CaseStudy3_KeflavikPaper_Santiago

docx

School

Atlantic Cape Community College *

*We aren’t endorsed by this school

Course

143

Subject

Management

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by MegaLyrebird2552

Title: Case Study 3.1 Keflavik Paper Company Name: Destinee Santiago Course ID: Intro to Project Management Keflavik Paper Company presents a good example of dangers of excessive reliance on one screening technique (in this case, discussed cash flow). How might excessive or exclusive reliance on other screening methods discussed in this chapter lead to similar problems? In this chapter discusses various screening methods like checklists, a simplified scoring model, a profile model, and an Analytical Hierarchy Process. Excessive reliance on other screening methods, like market analysis or competitive analysis, could lead to similar problems. Considering multiple factors for a well-rounded evaluation might be a good idea. Various criteria are listed down below and checked against the organization’s requirements in the checklist model. One of the main issues with this model is that the criteria is marked as high, medium, and low, this is subjective in nature. In this model the relativeness is lacking and is becoming a major flaw. Before deciding on the project ranking, each criterion is weighted based on its importance to the organization. The weight that is given to one criterion and how much one criterion is more important than the other, which is a problem. When it comes to the profile model, decision making criteria are limited to the risk and return (Pinto, 2015). In Analytical Hierarchy Process, making a decision between the negative and positive can mislead the organization’s goal. Assume that you are responsible for maintaining Keflavik’s project portfolio. Name some key criteria that should be used in evaluating all new before they are added to the current portfolio. To have successful project portfolio management, it’s important to have a collection of the project. This will help achieve the organization's goal. In the case of Keflavik’s project portfolio, a certain criterion must be used before adding any kind of project to the current portfolio cost, top management, the risk associated with each project, opportunity, strategic fit, and balance in the portfolio. A good mix of the projects in the current portfolio is important for organizational success and achieving a higher competitive advantage in the market (Pinto, 2015). It’s important to ensure that all of the new projects in the portfolio must have low cost, easy communication, and paced transition. What does this case demonstrate about the effect of poor project screening methods on a firm’s ability to manage its projects effectively? In the Keflavik Paper Company case, having a poor screening method that was severely affected made a very bad effect on the company’s performance. They have had many projects come in late and over budget. The main goal of any organization is always having room for

improvement for the company’s performance and profitability. Having a poor project portfolio management demonstrates that the firm is not equipped in terms of resources and planning to manage the portfolio. They are incapable of prioritizing the projects in their portfolio. The certain firm's ad hoc approach or perspective to project selection demonstrates that even taking on projects that could yield strong cash flows may injure the organization due to its inability to manage them well. References

Pinto, J. K. (2018). Project Management: Achieving Competitive Advantage (5th ed .). Pearson Education, Inc.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

Daniel Sanchez MOD 2 OBLD 371 Research Project.docx

04_Example of Completed - TASK 1 - C928.docx

C962 APA Task Template.docx

Daniel Sanchez Leader Self-Assessment MOD 7 OBLD 371.docx

ch2 OB quiz.docx

ch 5 OB quiz.docx

Benefit Selection Activity.docx

MGT 341 - Final Paper (1).docx

TrendLinesCaseStudy (4).xlsx

Sexual Harassment Worksheet Ethics.docx

week 2 Ethical Case Study (1).docx

Business Strategy Midterm.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

Practical Management Science

Operations Management

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:Cengage,

Understanding Management (MindTap Course List)

Management

ISBN:9781305502215

Author:Richard L. Daft, Dorothy Marcic

Publisher:Cengage Learning

Marketing

ISBN:9780357033791

Author:Pride, William M

Publisher:South Western Educational Publishing

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing