| Know the Lingo?
Do you speak project management? See if you can define the following term and then check below to see if you are correct.
- Balanced Scorecard
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| Words of Wisdom |
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"Activity is not achievement."
- Unknown
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Related Industry Info
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- Information Week
- Projects@Work
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About PM focus
PM focus is a free, quarterly publication of Project Managers, Inc.
For more information about the firm, please visit our website:
www.projectmgrs.com.
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Taking a Good Team and Making It Great
By Lisa Cawley - Program/Project Manager
As project managers,
we are generally provided the opportunity and the complete responsibility for delivery
of a project. We often do not have input in the selection of our team members,
nor do we have any administrative authority over them. So, given this
reality, how can we take a sometimes disparate, more often over allocated group
and turn it into a highly self-motivated team? Read the article.
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McIsaac to Present at 2008 PMI Global Congress
Karen McIsaac, Founder and Managing Director of Project
Managers, Inc., has been selected to present at the PMI Global Congress North America
to be held October 18 - 21 in Denver,
Colorado.
Considered the premier event for project management professionals, the 2007
Congress drew more than 4,000 attendees. This year's Congress will feature
General Colin Powell, former U.S. Secretary of State, as the keynote speaker.
McIsaac's presentation, "Vendors May Cost You More than Your Project: How
to Avoid Vendor Risk" will help attendees understand the impact of poor
vendor management and provide ways to mitigate the risk. Attendees will learn to
work successfully with vendors in the event that they become non-performers and
to recognize when termination is the only alternative. Click here to learn more.
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Fact or Fiction? 
Project Procurement Management is one of
the PMI Knowledge Areas.
FACT! According to the
Project Management Body of Knowledge (PMBOK) Year 2000 Edition, "Project
Procurement Management includes the processes required to acquire goods and
services and attain project scope from outside the performing
organization."
There are several considerations that drive looking for external vendor support
during a project. For instance, your organization is in unchartered waters,
faces credibility challenges, lacks internal resources needed to meet project
deadlines, etc.
A chart in the PMBOK depicts the various steps from planning the purchase
through contract closure. This is not a complex chart and the messaging is
clear - plan for vendor procurement and management!
For more information on procurement management and the risks you and your organization
face by not managing vendors, click here. |
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Answer: Know the Lingo
A Balanced Scorecard is a method of measuring an
organization's performance using four perspectives: financial, customer,
internal business process and learning and growth. These perspectives form the
framework for the Balanced Scorecard and help to ensure a "balanced"
set of measures. Each perspective contains objectives and measures which
are derived from the organization's vision, goals and strategies, thus aligning
strategic planning with the measures for the organization.
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