The Challenge with Projects and Corporate Strategy Execution
Corporate strategy determines the success or failure of any organization--an effective strategy is crucial to the success of every organization. However, simply creating a corporate strategy is not enough; a strategy is meaningless until it is executed. In today’s business world, strategy is executed primarily through projects--the means by which companies improve themselves, develop and introduce new products, develop and implement new processes and procedures.
Projects are also the means by which organizations achieve and maintain a competitive edge. Success of the corporate strategy is directly affected by the quality of the execution, and strategy is executed through projects. The success of the corporate strategy is dependent upon projects delivering their business objectives. Business strategy and project management are tightly woven together.
In 2003, U. S. businesses spent 2.3 trillion dollars on projects. That is an amount greater than the budget of the U.S. federal government in the same year. That figure has only increased in the last 10 years. Projects are essential and pervasive business activities.
Projects are initiated to achieve business results. Most projects have clear business objectives that are focused on improving the business by producing greater profits, increased revenue, greater competitive advantage or other business-related
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