Strategic Project Management
Strategic project management refers to the application of acquired knowledge, techniques, skills, and methods to support the goal and objectives of the company so the quality of the project outcome adds to the company value in a way that is measurable. It is a process that considers a company culture way of operating day-to-day business activities, employees working environment to increase their productivity with lesser risks.
The most important component of the selection and prioritization of projects. It helps the organization in defining and choosing the project to be undertaken. So, therefore, there is still more to strategic project management.
Strategic project management major goal is to obtain maximum for the company and this can be achieved by carefully selecting, measuring, and managing of project outcomes. All projects that are to be executed by a company must meet a certain standard that has been described by the company to support the strategic goals of the company.
The reason why organizations make use of strategic project is to select the right projects that can be carried out by the company to obtain maximum profits. This looks very simple and easy, but over the years, many organizations have failed to understand the importance of adopting to their company’s projects and that can tell when they are executing projects because the larger percent of the project carried out are unsuccessful.
Organizations that are willing to stay in business and earn profits must ensure that projects that are in line with organization strategic goals must be executed. Organizations can regain their control over their projects by following these four strategies:
• Ensuring all projects are strategically in line with company goals
• Create a strategic culture
• Adopt strategic project management best practices
• Create a standard project measurement system
Organizations can make use of the framework together with fundamental and principles in the selection and implementation of projects. The strategic project management framework is discussed below:
• Strategic alignment of projects - before accepting any project proposal, the organization should make sure the projects are in line with the organization goal and objectives. To do this, the organization management should be actively involved in the careful selection and prioritization of projects as well as the specification of requirements of the project outcome.
• Cultivate a project management culture - It is very important to an organization, so an organization should train employees about the importance of company business, tools, techniques and methodology that can be used to manage the project. Culture aids in creating a spirit of teamwork, accountability, responsibility, and coordination within the organization.
• Create best practices - the organization needs to generate documents for best practices to put down information on the methodologies and techniques used in the selection and management of projects. This document should also be used to store data gathered during and after the project so that knowledge is passed across and for simplicity when they come across similar projects in the future.
• Track and Measure projects and outcomes - One important component highlighted in the book of knowledge is the controlling of project. When controlling projects, the project processes, tracking mechanism, reporting mechanisms, and methodologies are well specified and defined.
Measurement of ROI, ROC, and other valued based measurements are areas that need improvement so that organization can measure and report the value of the project.
• Create Open channels of Communications - This is an important component to successful implementation and practices of strategic project management. Without an effective communication between the project manager and the teams, there is a high probability that the project will fail and might not even be completed within the allocated time.
The framework is simple and straightforward. If an organization were to implement it, it is very effective in managing projects. Implementation of this framework together with a good project methodology, an organization could be certain that the project executed is successful and ensure maximum returns on the project.
It is gaining familiarity in the field of. The main behind this strategy is that the project team must learn how to deal with their business parts of their projects. The strategy will show them how to make a deal and make optimum profits from the project that was executed while still supporting the company goals and objectives. Even though this approach is well known by the personnel, it is not common in the general practice of project implementation.
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