Why Project Managers Need to Understand Business Strategy and the Strategic Management Process?

There are a gazillion companies out there, but some stand out. Whether it is because of their popularity, affiliations, history, profile or service, one factor simply makes or breaks a company; it’s strategy management process.

* Management of the portfolio by means of a set of selection criteria for proposed projects, as well as reallocating, reprioritizing, and/or rescheduling current projects at various phases of the pipeline, (thus the portfolio and project management processes become interconnected, and the portfolio is constantly reevaluated).

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

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.

To summarize,there should be a framework or model which we can use to achieve both strategy formulation and execution excellence. The sequence of steps will help us implement a successful project management.

Also, strategic decision making carried out through the process of strategic management. Like the other terms in business policy, strategic management has also been defined and interpreted differently by various author. There are also differences of opinion regarding the phases of the strategic management process and the elements they contain. These authors include 3 sub processes overall strategic management process. Through the strategy scenario analysis, strategy formulation, strategy implementation, and strategy analysis ( Azhar Kozami, 2005).

Project management is the discipline of using policies and procedures to manage a project from creation to competition. The intent of this paper is to assess the role of a project manager and determine if I am well suited for a career in project management. To achieve this goal, I will be discussing the following areas: job description, general career path, education requirements, salary, career outlook, and the pros and cons. I will also be interviewing a colleague that currently working as a project manager to gain a better understanding of typical duties associated with the role.

Strategic plans are implemented primarily through projects—e.g., a new product, a new information system, a new plant for a new product. The project manager is the key person responsible for completing the project on time, on budget, and within specifications so the project 's customer is satisfied. If the project is not linked to the strategic plan of the organization, resources devoted to the project are wasted and

Using project management offers a business a way for dealing with considerably lowered phase times. With businesses operating internationally projects that can have an effect on the company as a whole are not easy to manage without a proper line of attack. For this, project management would help cross functional teams to be more successful.

Different levels of managers evaluate and make strategic decision from different aspects. They contribute to strategies establishment based on their own areas.

The purpose of this paper is to recommend that Project Management is a concept that focuses on the dynamic characteristics of a multi-facetted organization. In such a changing situation, effective communication is a characteristic that should be stressed and becomes the most important tool for the project manager and team members.

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.

‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment

Project management has been defined as the process that involves the application of different processes, methods, knowledge, experience and skills for purposes of achieving the objectives of the project. On the other hand, a project is always defined as a unique and a transient endeavor that is undertaken to achieve an organization’s planned goals that could be defined on the basis of outputs and benefits. The process of managing a project entails the development of an effective project plan, a process that entails the definition as well as the confirmation of the project goals and objectives. The plan also gives a clear outline of how the project objectives will be achieved, identification of the tasks as well as the quantification of all the needed resources. The plan also plays an important role in developing an appropriate budget for the project as well as the most appropriate timeline that will be taken to complete the project being carried out.

A key activity in project management is assessing project constraints. A project has three limitations: scope, budget and schedule. These limitations are project constraints because they are sensitive to change and have an impact on project risk. Risk is exposure to uncertain outcomes. Project constraints are mutually exclusive. If one constraint changes it affects the others and adjustments may be required to compensate and manage risks. For example, a delay in the schedule can increase the risk that the project will not finish on time. Time is money and delays have a negative impact on the budget. To