Strategic Management in Project Management

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Introduction A Project is any undertaking that has definite, final objectives representing specified values to be used in the satisfaction of some service or need. The reason why companies undertake projects is because they come up with strategic intent, achieve better results and increase its competitive advantage. Project Success In the past projects success was measured using the “triple constraint”, delivering the project on time, within budget and to specification. Contemporary management of projects has shifted to being measured strategically. Consequently, the evaluation of the success of projects has also changed to incorporate parameters beyond the “triple constraint”. This led to project success being measured in four…show more content…
It classifies projects on the degree of product and process change in the project. Here three types of projects that can be defined: a) Breakthrough projects- where there is extensive product and process change. b) Platform projects- where there is moderate product and process change. c) Derivative projects- there is modest or incremental product and process change. 3. Rogers’ Technology Adoption Life cycle- This is at the marketing strategy level and it targets customers and their characteristics. Here five types of customers are identified based on their expectations. a) Innovators – enthusiasts of new technology. b) Early adopters – visionaries and risk takers. c) Early Majority – the first customers in the mainstream market. d) Late Majority – conservatives who embrace change when it has become an industry standard. e) Laggards – resist change regardless of the pros or cons. Project strategy Is defined as “The perspective, direction and guidelines on what to do and how to do it; to achieve the highest competitive advantage and the best value from the project.” Most of these strategies are derived from the company’s intent or business plans which differ from department to department. Importance of project strategy 1. Helping in better results 2. Increasing value obtained from projects 3. Dynamic guidance of project
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