Bekaert A Cost Analysis Study
Linking Project Management and Business Strategy
By: Benjamin Myers
MGMT 672
Dr. Stuart Childers
Embry-Riddle Aeronautical University
In the modern age of business project management has been adopted by more and more corporations in an effort to spark growth, obtain market share and innovate new products and services in a variety of fields. The technical definition of project management as per the Project Management Institute is “the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets”. Over the past few decades project management has become essential to any businesses corporate strategy, in this paper we will discuss the benefit of project management in business strategy and display the need for this discipline in all aspects of business.
Project Management is a fairly new idea for businesses, most corporations did not label new endeavors for their company as projects at all, mostly they were simply managed through a research and development department with functional department heads involved as needed to move the specialized assignment along. This caused a great deal of communication issues between departments as there was not a clear designation of whom was in charge of any given assignment, these communication issues also resulted in much of the same work assigned to multiple people which means the same job may have been finished twice. Lack of any clear project management also meant that many assignments took a very long time; no one put time tables on these new assignments and it was not uncommon to find new profitable ideas shelved inadvertently due to the lack of organization. The good people at Microsoft detail the implementation very well by stating:
Project management, in its modern form, began to take root only a few
By: Benjamin Myers
MGMT 672
Dr. Stuart Childers
Embry-Riddle Aeronautical University
In the modern age of business project management has been adopted by more and more corporations in an effort to spark growth, obtain market share and innovate new products and services in a variety of fields. The technical definition of project management as per the Project Management Institute is “the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets”. Over the past few decades project management has become essential to any businesses corporate strategy, in this paper we will discuss the benefit of project management in business strategy and display the need for this discipline in all aspects of business.
Project Management is a fairly new idea for businesses, most corporations did not label new endeavors for their company as projects at all, mostly they were simply managed through a research and development department with functional department heads involved as needed to move the specialized assignment along. This caused a great deal of communication issues between departments as there was not a clear designation of whom was in charge of any given assignment, these communication issues also resulted in much of the same work assigned to multiple people which means the same job may have been finished twice. Lack of any clear project management also meant that many assignments took a very long time; no one put time tables on these new assignments and it was not uncommon to find new profitable ideas shelved inadvertently due to the lack of organization. The good people at Microsoft detail the implementation very well by stating:
Project management, in its modern form, began to take root only a few