Better Ways to Manage Projects in Business

Good Essays
Nowadays due to competition, economic pressure and mostly rapid technology changes, better ways to manage projects are being researched. Many projects are still managed ineffectively but a new trend called strategic project management is on the rise within the discipline of project management. The general idea about strategic project management is that project management teams must learn how to satisfy the business aspect of their project and support their company’s business strategy and sustainability while considering the time, budget and operational goals. Even though this approach is gaining popularity it has not become explicit in project implementation. The main aim of this paper is to provide a full definition and implementation of the project strategy concept. Following the new trend, the project objective is not just to build the product but also to build it in a form that will create competitive advantage. A good project strategy creates this advantage well. Project strategy should be about winning, creating value, effectiveness and efficiency. It is a construct that helps project managers and organizations initiate, plan and execute projects with the aim of getting business result and longer term sustainability. Furthermore, project strategy can be defined as the project perspective, position, and guidelines for what to do and how to do it, to achieve the highest competitive advantage and the best value from the project. - The perspective (“Why”): This defines the reason and the motivation for the project it includes business background, business objective and strategic concept. - The position (“What”): This defines the end product of the project it includes product definition, competitive advantage/value and success... ... middle of paper ... ... there are still implications and questions that need to be addressed in the future. The movement from the traditional approach to the strategic approach requires a shift in mind-set of project teams and stakeholders. In order to promote project management as a strategic activity, the concept of project strategy must to be well understood, defined, articulated, and managed and continuously refined in a formal way. Each project team will have to select the right strategy at project initiation, make it compatible to the business strategy, carefully articulate the components of project strategy, adjust it according to learning feedback loops, and manage the project according to the specific strategic components. Finally, further research should be conducted to improve the concept of project strategy, making it more applicable to the dynamics of the modern organization.
Get Access