The way in which projects are managed and executed is very closely related to the success of the organization, as everything is linked. The strategy is the plan of action that makes it possible to achieve the long-term goal. When this aspect is taken into account, it makes perfect sense for projects to be managed in accordance with the strategy and for it to be aligned with the corporate strategy. The project strategy is important for every company.
How does corporate strategy impact project strategy?
A project strategy will be based on the corporate strategy, which will allow the business to implement its overall strategy. Communication is key, as without it there can be problems and difficulties in understanding what is being done in the project, creating a management failure.
The strategy of a project are all those aspects related to the life cycle of the project, know which review points are key to ensure that the project is well managed.
When the management team of the organization elaborates the corporate strategy it decides what it is going to do and how it is going to do it. An important component in the implementation of projects is important in the way they carry out the strategy they will follow with the project strategy. Strategy means having an action plan, through which measures must be taken to ensure that processes are in place to carry out projects and that objectives are achieved.
A clear direction provided from senior management to ensure that the project is kept on track, with a critical role in the impact of the strategy and the achievement of the organization’s goals. If we have a PMO that manages the project efficiently, with good communication throughout the project, there is a better chance that the strategy will be achieved and that the desired long-term results will be obtained.
Project management is often a central process within the global business model. Programmes and projects enable the organisation to effect change in a managed and controlled manner. Emphasizing that many companies consider that program management involves the management of corporate profits, creating the distinction of project management.
Project management tools and principles that help advance business strategy
Project management tools and principles are important for the effective advancement of business strategy. They help work on the project to keep corporate objectives and strategies aligned. That, from there, tools like TALAIA can help to know who needs to do what and when, so that the milestones can be delivered on time. The control of changes that occur is also important to have them controlled and related to the objectives.
Project portfolio management is important and central to the prioritization of projects and programmes, as well as to the allocation of resources. It is also important to realise that value management is a key aspect of the project strategy, which works to ensure that value is being created through the project. While risk management is also deployed to ensure that all risks to the project strategy and consequently to the overall corporate strategy are identified, assessed, understood and mitigated. With revisions and changes it is possible to affirm that the project strategy works to offer the best possible value with well managed risks.
In conclusion, for a project to be successful it must be executed according to a project strategy aligned with the overall corporate strategy, which will be communicated so that the organization can have controls to ensure that the project is managed in such a way as to meet the objectives.