Essay on "Project Management"

Essay 6 pages (2018 words) Sources: 2

[EXCERPT] . . . .

A good project priority system supports the management efforts and develops a culture in which every member of the organization contributes to the goals of the organization (Gray, & Larson, 2011).

Management of a particular portfolio requires two inputs from the senior management. First, top managers provide guidance in establishing selection that aligns with the present organization strategies. Secondly, the management must decide annually how they wish to balance the company's resources like capital and employees. The project office and the priority team are responsible for the publication of the priority of every project, and ensuring the process is free and open of power politics. The priority team needs to scrutinize important projects in terms of their strategic value and their fit with the portfolio of projects being implemented.

Several symptoms characterize organizations struggling because of unclear priorities and strategy disconnect. There are conflicts that frequently occur among managers and cause lack of trust. There are frequent meetings to renegotiate or establish priorities. Workers are working on multiple projects and often feel inefficient. In most cases, resources are not adequate. The implementation gap refers to the lack of consensus and understanding of organization strategy among middle and top managers.

Organizational politics

Politics exist in every company and can have significant influence on which the projects receive high priority and funding. This is true when the process and criteria for selecting projects are not aligned and are ill defined with the mission of the company. Project selection is based on the power and persuasiveness of people advocating projects. Products with short product life cycles, participation in the implementation and strategic planning include participation from all levels of the firm (Gray, & Larson, 2011).

With accelerating uncertainty and changes in the world, some organizations are forced to supplement strategic planning with scenario planning. Scenario planning is a process that is structured to think about future possible environments that would have an impact to disrupt business, and then developing strategies to compete in these altered environments. The keys to attempt to forecast industrial changes and stay in a proactive mode are known as SWOT analysis. This is the assessment of the internal and external environments and it entails the threats, strengths, opportunities, and weaknesses.

From this kind of analysis, critical issues and strategic alternatives are identified.

These alternatives are compared with available resources and current portfolio, strategies are then selected which should support the basic objectives and mission of the organization. The critical analysis of strategies includes asking of questions. Strategy formulation ends with cascading projects or objectives assigned to lower departments, divisions, or individuals. Implementation of strategies requires action as well as the completion of tasks. Multiple objectives place conflicting demands on the firms' resources. Strategy is the system of formulation, developing and finding a doctrine that will ensure long-term success (Kvint, 2009).

References

Dinsmore, P.C. et al. (2005). "The right projects done right!" John Wiley and Sons. p.35

Gray, C.F. & Larson, E.W. (2011). Project management: the managerial process. McGraw-

Hill/Irwin

Ireland, L.R. (2006) "Project Management." McGraw-Hill… READ MORE

How to Reference "Project Management" Essay in a Bibliography

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