Wednesday, May 6, 2020

Project Management Strategy - 2211 Words

Introduction Project Management is all about managing your tasks and goals with the best use of available resources within a fixed frame of time. To achieve the fixed time, the project manager would need the proper coordination of all possible inputs required to carry out the task successfully. One of such inputs is the project management maturity model which allows for improvement of project management processes and systems (Crawford, 2006). Project management maturity is the progressive development of an enterprise-wide project management approach, methodology, strategy, and decision-making process. The appropriate level of maturity will vary for each organization based on specific goals, strategies, resource capabilities, scope, and†¦show more content†¦Such positioning is possible with strategic management because this process improves preparedness for unexpected internal or competitive demands. Therefore, an organizational strategy is an all-encompassing approach for f ormulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives. For an organizational strategy to be successful, however, the organization should: †¢ Clearly see the need for change †¢ Be firmly committed to the idea of changing the business planning process †¢ Assure that the strategic management process has credibility with everyone involved †¢ Make sure that final plans are realistic and reflect actual resources and capabilities †¢ Train all participants in the procedures essential to the strategic management process †¢ Develop concise and well-organized plans One of such strategy is the implementation of Six Sigma methodology in the organization. Six Sigma is a methodology that combines the gradual and continuous improvement with radical redesign. The process of Six Sigma begins by measuring the statistical variability within a process. This means that the causes of error can only be determined if you understand the critical requirement of either the internal or external customer. Six Sigma processes are designed to reduce process variability. Six Sigma helps the organization to achieve improved process flows and betterShow MoreRelatedBusiness Strategy And Project Management1653 Words   |  7 Pages1. Srivannaboon.S, Milosevic.Z.D (2005). A two-way influence between business strategy and project management. According to the authors Srivannaboon.S, and Milosevic.Z.D (2005), the alignment of project management with the corporate strategy is critical to achieve the company’s short term and long term goals. The main objective of project management is to guide the company towards its goals within the set time frame and cost. In today’s globalization, business leaders are facing many challenges fromRead MoreCorporate Strategy and Project Management4535 Words   |  19 Pages------------------------------------------------- 41. Corporate Strategy and Project Management: the relationship between them and implications for the management of an international project. Introduction This paper draws attention to the detached relationship between the corporate strategy and project management. Solutions offered by various researchers to align both of them are discussed and examine how they could be proposed for the management of international project, in particularly for the construction industryRead MoreProject Management Challenges Strategies and Project Selections836 Words   |  4 PagesMBA/MIS Project Management Chapters 1 and 2 Project Management Challenges Strategies and Project Selections 1. Two new software projects are proposed to a young, start-up company. The Alpha project will cost $150,000 to develop and is expected to have annual net cash flow of $40,000. The Beta project will cost $200,000 to develop and is expected to have annual net cash flow of $50,000. 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