Project Management for Strategic Advantage
Projects can be rewarding and even fun to work on, but if a project doesn’t deliver a tangible net benefit to an organization, all that time, effort, and money invested into it is wasted. And for that reason, many organizations rely on a Project Portfolio Management (PPM) process to help them ensure that each and every project they undertake will achieve the desired and expected results. That seems obvious, straightforward, and maybe even simple, but corporate-level projects can run the gamut of scope and complexity, so adopting a PPM process will help organizations with a vital piece of the puzzle and focus on project management for strategic advantage.
To become a strategic project manager, the focus of the manager must shift from pure efficiency to completing the task and achieving business results to effectiveness. The project definition is not only about the work to be done, but also about the description of the competitive advantage of the product. Through planning and review, and you will be more able to take advantage of project management and win in the market by providing consistent product delivery
More importantly, companies are developing project management for strategic advantage skills that they can use for their strategic advantage in an ever-changing market, especially in today’s business environment.
Additionally, project management for strategic advantage consists of projects that aim to develop organizational competencies and skills that contribute to the company’s sustainable competitive advantage. Also, it is an important part of achieving strategic business objectives, which can only win if strategic business objectives align with the project – the management strategy. Although many companies and project managers implicitly use strategic thinking, integrating strategic planning and management into the overall corporate strategy is a real challenge for many organizations.
Learn how to say “Yes!” or “No!” to projects
It’s okay to say no once in a while. Seriously, it is. But there’s a right and wrong way to do it. Not all projects that are requested should get the green light for a variety of reasons, and sometimes the project itself checks all the right boxes but the timing is bad. A formal project intake process helps organizations determine which projects are right for now, right for later, and in some cases just not right for the business. Being able to make this assessment objectively will foster stronger and more trusted relationships with stakeholders. For projects that do proceed, there is a lot that can change along the way, especially for long-term projects. Budget cuts, changes in strategy, etc. can all influence the direction of a project, and project governance is the process by which you evaluate these challenges to determine if the project can (or should) proceed as planned, be put on hold, or stop it dead in its tracks.
Balancing project resources
Rarely (if ever) will be given a blank check and unlimited resources. It’s even somewhat rare to have dedicated resources working on a project. When resources are split between multiple projects or dividing time between project work on tickets, resource capacity planning helps you balance and align these resources with the needs of the project and other operational needs.
The right strategy, chosen at the start of the project, making it compatible with the business strategy and carefully articulating the four components of the project strategy, will contribute to the project’s success and overall results. A formally defined, articulated, and managed project strategy will add a new dimension to the implementation of a project and bring it closer to becoming a competitive weapon for the organization.
Identify Added Value
Project management for strategic advantage offers great advantages to organizations that help to identify added value. It is time for organizations to review and improve their functions and act as if SPM practices were involved in the selection of projects. There is a need for them to review, enhance or be more strategic in their PM functions and incorporate S PM practices into the selection and project.
The concept of organizational project management focuses on the relationship that exists between project management and program management to implement a strategy. Heerkens (2007) defines strategic project management as a set of practices, procedures, processes, tools, and behaviors that define the interplay of project management and business practices that benefit the organization in advancing an organization’s overall strategic goals.
Enjoying the view
Without monitoring project management for strategic advantage, across the entire project portfolio, on a regular basis, you have a big blind spot. Proper dashboards and reports are your window into what’s happening with all of your projects and allow you to extend a layer of transparency to stakeholders so that everyone can be in the loop on project health, potential risks, and upcoming milestones.
There are several proven techniques and best practices within the company that provide a comprehensive approach to project management for strategic benefits to companies, be it tactical or strategic. Consider tactical considerations and gain control of your environment by improving your understanding of the business environment and its challenges and opportunities.
Program managers focus on understanding and achieving the benefits through a range of projects. They then provide the oversight necessary to ensure that each piece of the project is completed in time to meet the needs of other projects but do not manage the projects themselves. Program managers also work to manage organizational changes and ensure that the benefits transfer to the operations and that processes are in place to maintain the benefits.
Learn more about the corporate advantages of a project management process.
TeamDynamix offers Service and Project Management together on a single cloud-based platform. TeamDynamix transforms IT from order taker to strategic innovator. Organizations in the public sector, education, and healthcare leverage the solution to improve IT maturity, optimize resources, and deliver enhanced end-user service. TeamDynamix offers IT Service Management (ITSM), Project Portfolio Management (PPM), and Enterprise Service Management (ESM) together in one solution. www.TeamDynamix.com