Project managment Essay Example | Topics and Well Written Essays - 1000 words

Project managment - Essay Example The processes of formulation, implementation and evaluation form the three key stages that define strategic management process. Activities that are involved in the formulation process include the setting up of firm’s vision and mission, and performing an environmental scan in order to identify the external opportunities and strengths. As regards the process of implementation, activities that are involved include budget preparations, developing a strategy-supportive culture and creating the right organizational culture. The evaluation stage involves measuring and evaluating performance in order to determine the viability of the project. With the ever-changing environmental factors, change is inevitable for any strategy developed. As such, a review of internal and external factors is always necessary as well as taking corrective actions. How project management in integrated into strategic management process Given the high level of importance that has been attached to strategic m anagement process, necessary tools have to be put in place to ensure the success of this process. According to (Macmillan & Tampoe, 2001), turning strategy into reality is not an easy thing. It requires constant investment in management resources. This is where project management comes in. ... It also involves identifying performance management goals and developing a management plan. On the project management side, planning involves stakeholders agreeing to project objectives, scope and plans for carrying out the project which has been formally funded and resourced. The other process that integrates project management into strategic management process is the monitoring process. This process measures and assesses the project performance in order to respond to variances and risks (Macmillan & Tampoe, 2001). This is possible if performance measures have been identified and selected and measurement scorecards developed. Under this process, a re-verification of critical success factors is done as well as re-planning of the project. This may include changes in resource allocation or the scheduling of events and activities. The result of this may be changes in the strategies and objectives of the organization which requires performance reporting. Performance reporting falls on th e performance management side and it involves developing of a communications plan and communicating performance results to stakeholders. How organizational culture influences the selection of a project management structure Culture incorporates beliefs, behaviors, and assumptions shared by individuals within an organization (Hill & Jones, 2012). In trying to explain how organizational culture influences the selection of a project management structure, various factors have to be considered. They include whether or not decision-making is done in command and control environments or by self-directed teams, how functional units work with each other and many other factors. How functional units work with each other