Business Strategy And Project Management - 1653 Words

1. 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 from competition for market share, new technology innovations, new regulations from the government, changing needs and preferences of consumers. The project management processes, tools, and the trained professionals are helping today’s organizations†¦show more content†¦3. Munns.K.A, Bjeirmi.F.B (1996).The role of project management in achieving project success, International Journal of Project Management Vol. 14, No. 2, pp. 81-87, 1996. According to the author Munns.K.A, Bjeirmi.F.B (1996), organizations are using different techniques to manage projects. The perception of project management is varied from company to company and country to country. For example, government projects will have different control mechanisms compared to the private sector commercial projects. In private sector the return on investment in financial terms is a priority, and social benefits are the main focus for federally funded projects. Political influences and bureaucrats interferences in the execution and outcome of projects are rampant in public funded initiatives. As the author Munns.K.A, Bjeirmi.F.B (1996) argued, the role of different project management techniques to implement projects successfully has been widely established in areas such as the planning and control of time, cost and quality. Projects are unique and short term to achieve a specific goal, and need a separate team of skilled resource. According to the author Munns.K.A, Bjeirmi.F.B (1996), It is difficult to execute a project with regular and functionally hierarchical organizations. In traditional and hierarchical