Business Strategy And Project Management

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

With the exceptional growth in technology, the present day projects are often large and complex involving a significant risk. So, a Project Management Methodology enables the delivery organization to handle these projects comprehensively, systematically and in an integrated manner, which results in strategic, tactical and operational benefits.

In the current business environment, the demand for project managers is ever growing. In short, project management is a provisional project constrained by time, cost and scope (A guide to the project management body of knowledge, 2013). Between the immense organization, optimization, and communication assets skilled project management brings to a project, it is easy to see why project management is a booming field of study. Furthermore, project management can be both financially and personally rewarding when long term milestones and goals come to fruition.

Project management provides reasonable scientific solutions in order to overcome difficulties and achieve success. Each project has a variety of objectives have to achieve, these objectives are vary and can be for organization objectives or for social objectives. However, the project objectives could face some obstacles could be lead to limited success. The attempt to discover the factors of project success and project failure was not easy task for both scholars and expertise. These definitions can provide a close understanding and explanation for these terms. Many project management literatures have variety definitions of project success. (Adinyira, 2012) pointed out that Pinto and Slevin (1988) defined the success as delivering projects on proper time, cost and quality. Others like westerveld, elizabith have different ideas regarding the success that are related to the judge of stakeholders and organizational management. However, nowadays success become more complex issue to determine, it is not only meeting the costs and time it is belonging to the typology and sector of the project

In study conducted by Aubr, Hobbs & Thuillier (2007), disparity existed between business strategy and project plan. They identified it as project strategy, which projects failed to identify. According to Freeman, (2010), business strategy and project management were not aligned as the project plan had not been aligned with the business strategy. Because of misalignment, the business strategy is not clear and therefore, the project manager initiates the project without considering the business strategy. In recent times,

Essential components to achieve excellence in project management can vary dependent upon the project, as a “One size fits all” tactic does not usually apply. While there are agreed upon theories, processes or life cycles of projects in the project management profession, the factors which determine the success of particular projects differ. Often, a feeling of effectiveness or achievement may outweigh budgeting and timing issues, for both the project team and the client, however upper management may not be satisfied with the outcome overall, resulting in a strange culture dynamic.

Project management is becoming more and more important in the development of the any country. Many organizations have used project management techniques to assist in reducing the failures and increasing success in implementation of projects. Although there is an increasing of awareness in project management by different organizations, projects continue to fail.

In the first paragraph of chapter 2 ‘Project Management’, the traditional way of project management is explained. The basic idea behind the traditional approach is that projects are relatively predictable and the goal is optimization and efficiency in following a project plan to finalize the project within the triple constraint (Spundak, 2014). The traditional approach emphasizes that a uniform way of doing project management is the main reason for why it was introduced; however, prescribing that the same methods and techniques could be applied to all projects in the same way, especially when companies are getting more innovative, is not quite realistic anymore. ‘Projects become progressively complex, with a higher number of tasks and complex interrelations, while the traditional project management approach is based on mostly hierarchical and linear task relations and cannot properly reflect all complexity and dynamics of today’s projects’ (Williams, Thomas, & Hodgson, 2006).

In order to achieve their business objective, project management and the used methodology are key factor which will be responsible for the success or failure of this project.

41. Corporate Strategy and Project Management: the relationship between them and implications for the management of an international project.

Project management is ovary found in many scenarios. It is a universal practice that comprises few basic concepts. In essence, every project in the world will require project management. Project management has different sides and variations. Nonetheless, the basic principles are the same for the different varieties. It is important to note that each variation has unique features. These features are used to address unique problems and conditions as specified by each domain. Two types of project management exist. The two are traditional project management and modern project management.

Project management is one of the highest responsibilities in any organization. For CEO’s the major priority is transformation of business along with this the organizations should be ready to cater these changes as a part of growing or building their organization. A great deal of effort planning and proper execution in the given time, cost and scope constraints is essential for any projects success. This implies that even under crucial competency and banal times the organization must emerge with an exceptional project management be it in any sector like project construction, software development, improvement of customer experience , roll out an enterprise IT and so on everything falls under a methodological process one after the other in any business transformation. These major changes in organization cannot take place by business heads or project managers just through the means of normal communication modes like meetings, phone calls and Emails ect.for any organization in this rapid changing time to market, business agility.so in order to set of tools execute project success the project manager and project management team should be provided a set of tools or applications and cloud services for capital planning, budget control, risk management and analysis , project tracker and analytics etc which can be adopted for project management as per the needs of the project.

Businesses use project methodology to lower costs and save resources. Fully customizing a project, versus having no methodology at all, can make a firm’s project success rate soar from 66 percent to 82 percent. A project manager (PM) identifies what tasks will help a firm meet its goals, and assigns responsibility for completing those tasks. It is important to choose a project management methodology (PMM) that fits needed criteria, but to also customize that methodology to specific company and project needs. There are many available methodologies, and Fortune 500 companies use these practices every day to bring new ideas to life.

three main industries that practise project management is conducted. This paper focusses on the application of

Project managers occupy a unique and often precarious position within many firms. Possessing little formal authority and forced to operate outside the traditional organizational hierarchy, they quickly and often belatedly learn the real limits of their power. It has been said that an effective project manager