Risk Management

Strategy Connection

Key Concepts and Interests

Most of the time, the foundational source of many project failures is the absence of strategic clarity. In fact, strategy does not always have the influence anticipated and the original objectives are often dissolved as the strategy transfers into implementation. Unfortunately, project managers find the preliminary momentum is disoriented before the anticipated benefits are grasped.

A reoccurring concern seems to be that project management is not as dependably successful as it should be in distributing bottom line progress when conducted in the business environment. In addition, when projects are finalized and completed on time and in congruence to the financial plan, the outcome is often less successful than the business necessitated or expected (Anderson & Merna, 2003, p. 388).

Through research, it became aware that most project managers acknowledge that managerial styles and strategies in their own culture are difficult enough to handle effectively. Therefore, interest in this topic derives from the reexamination of the studies of failure or poor performance in projects and how it relates to the various cultures and corresponds to strategy implementation. The conclusion of research conveys the causes often originate in poor management particularly at the front-end during strategy formulation, rather than poor downstream execution (Anderson & Merna, 2003, p. 389). Nevertheless, it is incredibly important and crucial to the success of an organization to communicate the real purpose behind every project and the organization's strategy.

Explanation

The term project management strategy is used to mean a strategy for the management of a project to differentiate the concept from a project strategy which usually refers to a high level plan for achieving a given project's objectives (Anderson & Merna, 2003, p. 390). In working with organizations big and small, in the public and private sectors, in the Unite States and globally, in engineering positions and corporate environments, and even in deliberate and functioning project circumstances the ability to communicate how their projects deliver value, is essential in making the strategic connection.

Without being able to communicate how a significant project contributes to the strategic objectives of the organization, many project managers struggle with effective outcomes and struggle with switching from their reliable tactics to their logistics procedures (Moran & Youngdahl, 2008, p. 33) It is imperative for project managers and their managers to clearly communicated the value the project is expected to add to the organization to each team member, at the beginning of every new project. Through various approaches, the link and connection to projects and an organization's strategy can be made. First project executives need to be clear on the business strategy including corporate objectives, business unit objectives, mission statements, and vision (Moran & Youngdahl, 2008, p. 34).

Nevertheless, when linking projects to strategy, it can be useful to think about the various forms of value that projects can contribute. Most forms of value can ultimately be woven into the overarching umbrella of strategic value,

...