Relationship between Project Management and Business Strategy
Project management is the activity and process of motivating, planning, controlling and organizing resources in order to achieve a set of goals. A project is a provisional endeavor intended to produce an exceptional product, result or service (Anderson and Merna 387). A project is undertaken in order to meet a set of objectives and bring beneficial transformation or value addition. The main difficulty of project management is the ability to achieve all the goals for any project that has been assigned. The challenge is intensified when one is trying to achieve the goals while adhering to the constraints that had been preconceived (Anderson and Merna 389). The challenges range from time, scope, budget and quality to the secondary constraint of optimizing the allocation of required inputs, and their integration to the objectives that have been pre-defined.
On the other hand, a business strategy also known as strategic management is the science, craft and art of formulating, evaluating and implementing functional decisions tha...
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling and Controlling. Hoboken, NJ: Wiley.
Kerzner, 2013 defines project management as “The planning, organising, directing, and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives. In this report, I will discuss risks, deliverance and management of a real-life project and the decisions and actions of project managers and stakeholders.
Project Management is quickly becoming a field of study and importance in the business world. A search on the Internet of the title “Project Management” yields hundreds or results including forums, training manuals and job openings for related positions. Project Management is a broad term referencing the necessary steps taken by management to ensure a product is feasible before and during implementation. According to Project Management Learning Objectives, the steps to achieve success in this area include: testing and measuring products, evaluating and managing the product cycle, comparing costs and benefits, measuring product worth, economic analysis, product analysis, teambuilding and leadership, and budgeting and cost control (Project Management Outline). Project Managers oversee many different areas of the business and are responsible for project success.
Meredith, J. M. (2009). Project Management A Managerial Approach. Hoboken, NJ: John Wiley & Sons, Inc.
Patanakul, P., & Milosevic, D. Z. (2010). They are business leaders at Spotlight Corporation. In D. Z. Milosevic, P. Patanakul, & S. Srivannaboon, (Eds.), Case studies in project, program, and organizational project management (pp.409-416), Hoboken, NJ: John Wiley &
A project is a temporary endeavour undertaken to create a unique product or service. They are goal oriented, have a definite start and finish time, must be done within cost, schedule and quality parameters. Projects involve the coordinated undertaking of interrelated activities (Project Management: Achieving Competitive Advantage). According to Tom Peters, “Projects, rather than repetitive tasks, are now the basis for most value-added in business”. Based on this, it is clear that projects are of utmost importance to businesses in both the service and the manufacturing industries.
A project is a defined as a temporary endeavor undertaken to create a unique product, service, or result (Larson, 2014). The characteristics of a project in the context of project management include an established objective, a defined life span with a start and finish, the involvement of a collection of different departments and other professionals, non-static with innovations of new ideas/processes, a clearly defined budget and specified requirements (Laron, 2014).
Project management is the application of skills, knowledge, and techniques to perform projects efficiently and effectively . It is a strategic competency for organizations to enabling them to link results of project to business goals and will be better compete in their markets.
Project Management is a systematic method of planning and guiding projects from beginning to the end in order to achieve a specific task/ goal. It is the application of knowledge and techniques that supports project activities through five stages. In today’s competitive global market, project management plays a crucial role in delivering optimal results consistently. Thus, this report offers an analysis and evaluation of the principles, various practices and applications used in project management.
“Project management is the application of knowledge, skills, tools, and techniques to organisational and project activities to achieve the aims of an organisation through projects” (PMI, 2003).
"The strategy formulation can develop competitive advantage only to the extent that the process can give meaning to workers in the trenches." —David Hurst (David, 2011). Strategic management can be defined as the art and science of formulation, implementation, and evaluation of cross-functional decisions that enables an organization to achieve its objectives. So, strategic management focuses on integration management, marketing, finance, operations, R&D and information systems to achieve organizational accomplishment. Strategic management is all about gaining and maintaining competitive advantages. When an organization can do something that rival cannot do, or owns something which competitor desire, that is referred as competitive advantage.
project management is to achieve all of the project goals and the objectives while honouring
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.