Business
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Concept
Application of Concept in the Scenario
Reference to Concept in Reading
Align corporate strategy with project management
Harrison Keyes did not align their strategy with projects that need to be completed.
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The company did not clearly define where the company wants to go long-term. Instead the company saw the problem as reduced market share and decided to offer e-books.
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Further benchmarking research would have allowed the organization to understand where e-books were accepted as a preferred style. For example, schools, universities, and institutions that can apply one book over many students or members would be accepted more readily that offering a book to the common public.
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Benchmarking would have also allowed the company to understand how the authors would accept or reject the e-book technology
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Finally, the company could have aligned projects that would have benchmarked and understood the degree of technology needed to publish e-books and provide security for copyrights.
The scenario Selecting and Initiating Projects shared the importance of aligning company long-term strategy with selecting the right projects. Companies must understand their core business and strategy so they choose projects that align and strengthen the company.
During the scenario, the student was able to apply the four activities of the strategic management process:
Review and define the organizational mission.
Set long-range goals and objectives.
Analyze and formulate strategies to reach objectives. Implement strategies through projects (Gray & Larson, 2006).
“In the modern evolving organization, project managers will be from getting the job done to achieving the business results and winning in the market place” (Gray & Larson, 2006)
“Strategic management is the process of assessing вЂ?what we are’ and deciding and implementing вЂ?what we intend to be’ and how we are going to get there” (Gray & Larson, 2006).
“Strategy describes how an organization intends to compete with the resources available in the existing and perceived future environment” (Gray & Larson, 2006).
Four activities of the strategic management process:
Review and define the organizational mission.
Set long-range goals and objectives.
Analyze and formulate strategies to reach objectives. Implement strategies through projects (Gray & Larson, 2006).
“The seven deadly sins of strategy
The strategy is not worth implementing
People are not clear how the strategy will be implemented
Customers and staff do not fully understand the strategy
Individual responsibilities for implementing the change are not clear
Chief executives and senior managers step out of the picture once implementation begins
The �brick’ walls are not recognized
Forgetting to mind the shop- must not loose focus on profitability while implementing strategy” (Corboy, & O’Corrbui, 1999).
Using a project portfolio management system and project alignment.
During the Selecting and Initiating Projects scenario, the student learned that companies must choose the right projects. Company’s have limited resources and must apply their resources to the most important projects. Using a �project score sheet’ allows the company to choose the best projects. In the scenario the factors were investment amount, breakeven point, revenue streams recognized quickly and grow overtime, build new competencies, enhance brand image, and attract new customers (MBA 590, 2007).
The projects in the scenario were strategic projects designed to enhance revenue and market-share (Gray & Larson, 2006).
All of the projects did not meet the organization’s long-term mission.
During the scenario, Friar Tucker International’s focus was to grow three main areas of the business:
Cuisine establishments
Sports entertainment
Family entertainment
The student was able to see while some projects may enhance the company’s sales and earnings, they would not be a good choice because the projects did not help the company reach its long-term objective.
By gaining alignment, Friar Tucker is able to gain buy-in from project stakeholders and team members. Gaining upfront alignment allows the company to avoid conflict and ensures that project delivery meets goals and strategic objectives (Villachica, Stone, & Endicott, 2004).
Using a portfolio management system ensures projects are aligned with strategic goals and prioritized appropriately (Gray & Larson, 2006).
There are three different kinds of projects:
Compliance and emergency (Must do). These projects may include meeting regulatory requirements or replacing factories after a fire or force of nature.
Operational projects are designed to support ongoing operations. These projects could be designed to improve efficiency, reduce costs, or improve performance.
Strategic projects support the organization’s long-term mission. These projects are usually designed to improve market share or improve revenue (Gray & Larson, 2006).
Project alignment is about making sure a project begins with a shared vision of success. Alignment ensures that the project team and the representative members of the larger organization are on the same page. Alignment also includes gaining commitments and buy-in from project stakeholders and