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EXECUTIVE SUMMARY

The main objective of this report is to understand the techniques for evaluating and to attempt to
measure the success of project management. Project management is important to all human
organizations, industrial, governmental and business. Communicate effectively, organize, solve
the problem, decision making and build good teams are important to effective project
management. Implementation of new or improved methods are project in ourselves and require
good project management for our accomplishment. All projects must be well managed during
their planning to achieve the desired results within specific time and cost. A good project
manager should try to solve an issue remember to face on the problems. Experience and personal
development are critical to good project management (manager). If a project managers are not
well known about the criteria of project management, the project will be unsuccessful. Because
the project management discipline is ineffectual and incompletely structure. So, this report points
out why we should understand the requirement of the best project and project management.
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TABLE OF CONTENTS

Page

Executive Summary 1

Table of Contents 2

1. Introduction 3

2. Business Strategy 3

3. Strategic Management Process 4

3.1 Strategy Formulation 4

3.2 Strategy Planning 5

3.3 Strategy Implementation 6

3.4 Strategy Evaluation 6

4. Linkage of Project Management with Strategic Management Process 7

5. Conclusion 8

References 8
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1. Introduction

The professional management of projects requires a disciplined approach to defining, planning,

strategizing, communicating, and controlling a project. It is assuring that the project will
deliver.The PMBOK® says project management is, “The application of knowledge, skills, tools,
and techniques to meet the project requirements.” The benefits derived from practicing good
project management are very valuable.Below is the Successful Projects depiction of the a project
manager's responsibilities during the project processes.

2. Business Strategy

A business strategy typically is a document that clearly articulates the direction a business will
pursue and the steps it will take to achieve its goals. In a standard business plan, the business
strategy results from goals established to support the stated mission of the business. A typical
business strategy is developed in three steps: analysis, integration and implementation.

In the analysis step of business strategy development, one of several methods is used to analyze a
firm’s market, resources, obstacles to success and specific advantages. The goal of strategic
analysis is to identify what a business wants to accomplish, the strengths it can bring to bear on
accomplishing the goal and weaknesses that need to be addressed prior to integration and
implementation. Strategic assessment methodologies can include evaluating the business
environment, gaming various competitive scenarios, determining what market forces are at work
and rating competitors, among others.

Integrating a business strategy usually is one of many steps in a larger business planning process.
A business plan begins with an overall vision. From the vision, a mission statement for the
business is constructed, usually the shorter and more precise the better. A mission leads to
specific goals the business will achieve to accomplish its mission and that in turn leads to
strategy to achieve goals. Specific tactics are usually then developed to support the business
strategy.

This process usually begins with senior managers who then communicate the strategy to
respective teams. Each team is made to understand how the strategy will affect its daily activities.
Taking the business strategy to the lowest level of the company possible helps integrate the
strategy throughout the firm. Business strategy can be applied to small businesses, too.
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Implementation of the business strategy typically follows assessment and integration. Individual
teams in the company, which understand respective roles in bringing the strategy to pass,
implement the specific tactics developed to support the strategy. At the implementation stage,
individual business units or teams often have a subsection of the business strategy on which they
focus.

Business strategies usually include a measurement component as well. The measurement

component of the business strategy is derived from the overall goals established to accomplish
the business mission. Goals are broken down, usually by both business unit and time estimated to
accomplish them. The business strategy includes a component to periodically compare current
progress against goals. Based on how well the business strategy has led to goal achievement, the
strategic analysis process is repeated to adjust the strategy as necessary.

3. Strategic Management Process

Strategic Management Process is an ongoing process of five steps which defines the way an
organization makes its strategy to achieve its goals. Using Strategic Management Process, an
organization decides to implement a selected few strategies along with stakeholders, details the
implementation plan and keeps on appraising the progress & success of implementation through
regular assessment. The five stages of strategic management process are shown in the figure
below.

The process is not a one time implementation but we can think strategic management process as a
loop which keeps on going to achieve the objectives as per the need.

3.1 Strategy Formulation

Given the information from the environmental scan, the firm should match its strengths to
the opportunities that it has identified, while addressing its weaknesses and external threats.
To attain superior profitability, the firm seeks to develop a competitive advantage over its rivals.
A competitive advantage can be based on cost or differentiation. Michael Porter identified three
industry-independent generic strategies from which the firm can choose.
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3.2 Strategy Planning

In today's highly competitive business environment, budget-oriented planning or forecast-

based planning methods are insufficient for a large corporation to survive and prosper. The firm
must engage in strategic planning that clearly defines objectives and assesses both the internal
and external situation to formulate strategy, implement the strategy, evaluate the progress, and
make adjustments as necessary to stay on track.

A simplified view of the strategic planning process is shown by the following diagram:

The Strategic Planning Process

Mission &
      Objectives      

  Environmental  
Scanning

Strategy
    Formulation     

Strategy
 Implementation  

      Evaluation      
& Control

3.3 Strategy Implementation

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The selected strategy is implemented by means of programs, budgets, and procedures.

Implementation involves organization of the firm's resources and motivation of the staff to
achieve objectives.

The way in which the strategy is implemented can have a significant impact on whether it
will be successful. In a large company, those who implement the strategy likely will be different
people from those who formulated it. For this reason, care must be taken to communicate the
strategy and the reasoning behind it. Otherwise, the implementation might not succeed if the
strategy is misunderstood or if lower-level managers resist its implementation because they do
not understand why the particular strategy was selected.

3.4 Strategy Evaluation

Define Is Strategy EvaluationWhen Sally goes to the store to purchase groceries for
dinner, she grabs the items off the shelf, places them in her cart, pays for them and is on her way.
While this may seem like a simple process, the store itself is looking at Sally's simple process in
a complex way. This is what we call strategy evaluation, or the way in which a business
examines the overall well-being of the company and its future goals.

Process of Strategy Evaluation By now, I'm sure you're asking, what do you mean? So, let's
look at how strategy evaluation can occur at a business. This can be broken into a few steps in
order to clarify the process.

The first step is to ask, 'What does the business want to accomplish?' In other words, what
performance goals will be set in order to determine the progress of the business? Some factors to
consider when determining the goals are production costs, net profit, employee turnover rate, risk
taking, and perhaps one of the most important considerations, does the company have the
personnel needed to reach the goals?

The second step is to ask, 'How will the goals be measured?' Business will need to understand the
standard, and then look at how the business compares to that standard.

Third, you'd ask, 'How does the business differ?' For instance, was the performance of the
business above the standard and why? Was the business below the standard, and if so, why? If
the business does fall below the standard, then the business needs to determine the reasons in
order to correct the problem.

Lastly, you'd ask, 'What will the business do to fix the problems?' Do the standards need to be
modified? What factors contributed to the problem and how will they be adjusted?
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Principles of Strategy Evaluation Now that we have explained how strategy evaluation
occurs, the next step is to understand some basic principles to consider while developing a
strategy. There are four terms to study: consistency, consonance, advantage, and feasibility.

Consistency has to do with whether the way the business operates matches the objectives the
business strives for. When a business sets objectives or goals, they can evaluate their daily
operations to see if it has met these goals.

Consonance refers to how well the business reacts to the change of surroundings. If consumers'
preferences change, or a competitive business is built next door, a business needs to be able to
adapt and still be successful.Advantage has to do with whether the business is competitive. If a
consumer purchases products at their business instead of at another store, the business can remain
competitive.

Feasibility is concerned with whether the business has the resources and tools to function. As
times change and technology grows, a company needs to have the resources to still remain
successful.

4. Linkage of Project Management with Strategic Management Process

Project management (PM) and strategy has been a popular research subject in the lastyears.
Killen et al. (Killen, Jugdev, Drouin, & Petit, 2012) observes that as the projectmanagement
community has strengthened its focus on the strategic aspects of projectmanagement, it has also
placed a higher level of importance on Project Portfolio Managementand its relationship with
strategy. Patanakul, Shenhar and Anderson (2012) group theliterature in this area into research
that discusses the significance of project management as asource of strategic advantage to a
company (Longman & Mullins, 2004); research thatproposes methodologies for project selection
and project portfolio management (Patanakul,Milosevic, & Anderson, 2007); and project
management/business alignment (Srivannaboon&Milosevic, 2006). Case study research was
conducted in five companies to explore howproject strategy is used and found that the project
teams applied various forms of projectstrategy, namely, Product Superiority, Customer Intimacy,
and Time-to-Market strategies(Patanakul, Shenhar, & Milosevic, 2012). While this contribution
is relevant to bothpractitioners and researchers, in managing projects of other types, other
strategies may be
used.

5. Conclusion
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In conclusion, the important role of a project management (manager) is to determine the project
cost and time, project planning and project performance. A good project can support business
goal and provide the basis of decision making. The more complete project management, the more
powerful information and communication system.

Reference
Mbaskool.(n.d)Strategic-Management-process,retrievedfrom https://www.mbaskool.
com/business-concepts/marketing-and-Strategy-terms/7247-strategic-management
process.html onFebruary 18,2018
Quickmba.(n.d)Strategy/Strategic-Planning/ retrieved from http://www.quickmba.com
/strategy/strategic-planning onFebruary 18,2018
Wisegeek.(n.d) Business-Strategy, retrieved from http://www.wisegeek.org/what-is-a-business-
strategy.htm onfeb 18,2018
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Nal strategy. The main questions to answer: Which new markets to develop and how to enter
them? How far to diversify? (Thompson and Martin, p. 557[2], Johnson, Scholes, & Whittington,
p. 294[6])
Managers may choose between many strategic alternatives. That depends on a company’s
objectives, results of situation analysis and the level for which the strategy is selected.