Friar Tucker International Benchmarking
Team B
Melissa Matthews
University of Phoenix
Friar Tucker International Benchmarking
In a global economy where changes and trends can have profound effects on different industries, the ability of a firm to identify a strategy that enables it to expediently adapt to those changes can be critical factor in its ability to survive. The reality is that many organizations fail to develop a process that clearly aligns project selection to the strategic plan. This results in poor utilization of the organization’s resources and may prevent the organization from accomplishing its objectives (Gray & Larson, 2005). Additionally, many organizations fail to formally assess the potential risks associated with certain projects prior to selection. Organizational politics may also play a significant role in the project selection process. “A major factor that influences project selection, funding, resources, or priority is the extent of individual and organizational politics,” (University of Phoenix, 2008, p. 1). The culture of the organization dramatically influences the impact that organizational politics may have on the project selection process. Finally, once a project has been selected it is important to develop a formalized Work Breakdown Structure and Project Network with which to monitor and manage the execution of the project. Friar Tucker International is a hospitality services chain with revenues in excess of $300 million. Recent growth has been dramatic, but several projects have been accepted that are not in alignment with the company’s strategic objectives. A recognized risk assessment process does not exist within the company.&nbs ...