Project Management

In Pursuit of the Fourth 'I': Ultimate Business and Project Management Strategy

PMI West Bengal Chapter, and

Strategic Business Management has two components: strategy formulation and strategy implementation. Projects (and programs) are subsets of the portfolios aligned toward meeting strategic business objectives. Thus effective leadership in project management more often depends on two similar components: invention and innovation. While invention could be a unique or novel device, method, composition or process, innovation is the application of better solutions to meet existing or new project requirements and/or needs and, as an extension, strategic business requirements.

In this article, with the help of theory, literature and real life examples, the authors try to explain innovation in construction projects while differentiating the same from invention. The article also discusses another “I” word: improvisation, which some consider as a “bridge over difficulties.” It is not uncommon for even experienced managers to often confuse between the three I’s.

While managing the triple constraints might be viewed as the immediate measure of project success (or failure), the ultimate success in a project (and thereby program, portfolio and business as a whole) depends on the project leadership acting as effective change agents guiding the project through a process of betterment. The process of moving from the existing state to a better state is …

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- Janis Joplin