Project Management
- Submitted by: tpvidya
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- Category: Other
- Date Submitted: 01/12/2014 07:05 AM
- Pages: 8
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1.0 Introduction
A strategy is a comprehensive and integrated plan that relates the strategic advantage of the firm to the changes in the environment to fulfill the stakeholder’s expectation. It ensures that the objectives of an organization are achieved through proper execution and configuration of resources (Sontakki, 2009)
Strategic management is the process of determining “what we are?” and executing “what we intend to be and how we are going to get there”. It is the process of defining the organization's mission, vision and objectives, developing plans and policies to accomplish the objectives. It also involves allocation of resources to implement the plan.
Project managers have an important role to bring the business strategy to fruition. Project managers need to understand the business strategy to align their projects to the organization’s strategic objectives. Understanding an organization’s objectives and strategy helps the project managers to make the appropriate decisions and also to be effective project advocates. Aligning projects with the strategic goals is critical for project success, competitive positioning and high performance of the organization. Project managers can effectively manage their projects by understanding the challenges involved in aligning business strategy and project management. Organizations can form a strong alliance between the projects and the business strategy by project portfolio management and strategic planning (Brown & Russell, 2008).
2.0 Project Management
Project management is a strategic imperative that provides an organization with a strategic set of tools that facilitates it to accomplish specific organizational objectives (Larson & Gray, 2011). Project management has emerged as an important discipline as it shortens the product life cycle, utilizes the scarce organizational resources and reduces complexity due to knowledge explosion.
Projects are influenced by the triple constraints theory, the triple...
A strategy is a comprehensive and integrated plan that relates the strategic advantage of the firm to the changes in the environment to fulfill the stakeholder’s expectation. It ensures that the objectives of an organization are achieved through proper execution and configuration of resources (Sontakki, 2009)
Strategic management is the process of determining “what we are?” and executing “what we intend to be and how we are going to get there”. It is the process of defining the organization's mission, vision and objectives, developing plans and policies to accomplish the objectives. It also involves allocation of resources to implement the plan.
Project managers have an important role to bring the business strategy to fruition. Project managers need to understand the business strategy to align their projects to the organization’s strategic objectives. Understanding an organization’s objectives and strategy helps the project managers to make the appropriate decisions and also to be effective project advocates. Aligning projects with the strategic goals is critical for project success, competitive positioning and high performance of the organization. Project managers can effectively manage their projects by understanding the challenges involved in aligning business strategy and project management. Organizations can form a strong alliance between the projects and the business strategy by project portfolio management and strategic planning (Brown & Russell, 2008).
2.0 Project Management
Project management is a strategic imperative that provides an organization with a strategic set of tools that facilitates it to accomplish specific organizational objectives (Larson & Gray, 2011). Project management has emerged as an important discipline as it shortens the product life cycle, utilizes the scarce organizational resources and reduces complexity due to knowledge explosion.
Projects are influenced by the triple constraints theory, the triple...