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Strategic Project Management A Competitive Edge

Recently, several the world's top project management organisations have taken major initiatives to illuminate executive management in regards to the strategic value and benefits of project management. The emphasis is to move from specific project management to organisational project management, which these organizations maintain is a strategic advantage in a competitive economy.

In this essay, Ed Naughton, Director-general of the Institute of Project Management and present IPMA Vice-president, asks Professor Sebastian Green, Dean of the Faculty of Commerce and Professor of Management and Marketing at University College Cork (previously of the London Business School), about his views of strategic project management as an automobile for competitive advantage.

Ed: What do you issue proper Project Management is?

Prof. Green: Strategic project management may be the management of these jobs which are of crucial importance to enable the business as a whole to own competitive advantage.

Ed: And what defines a competitive advantage, then?

Prof. Green: There are three characteristics of getting a core competence. The three characteristics are: it gives value to customers; it's not easily imitated; it opens up new opportunities in the future.

Ed: But just how can challenge management produce a competitive advantage?

Prof. Green: You can find two elements to project management. One part is the actual collection of the type of projects that the enterprise engages in, and subsequently there's implementation, how a projects themselves are maintained.

Ed: Competitive advantage - the significance of choosing the projects - it is difficult to define which projects must be selected!

Prof. Green: I think that the choice and prioritisation of tasks is something that has not been done well within-the project management literature because it is basically been thought away through reducing it to economic analysis. The strategic imperative gives you another way of prioritising projects because it is saying that some projects may not be as successful as others, but when they add to our experience relative to others, then that is going to be important.

Therefore, to just take an illustration, if a company's competitive advantage is introducing new services more quickly than others, pharmaceuticals, let us say, finding product to market more quickly, then your projects that allow it to acquire the product more quickly to market will be the most critical types, even if within their own terms, they don't have higher productivity than various projects.

Ed: But when we are going to select our jobs, we've to determine what're the parameters or measurements we're going to select them against that give us the competitive edge.

Prof. Green: Completely. The organisation needs to know which activities it is engaged in, which are the critical ones for it then and competitive advantage, that drives the choice of projects. If you are interested in geology, you will seemingly desire to check up about purchase prof brummer. Companies are not excellent at doing that and they could not even understand what those actions are. They'll believe that it is every thing they do because of the energy system.

Ed: If an organization formulates its strategy, then what the project management group says is that project management may be the method for providing that strategy. Therefore, when the organisation is great at doing project management, does it have any strategic advantage?

Prof. Green: Well, I suppose that returns to this matter of the difference between the type of projects that are plumped for and the way you manage the projects. Demonstrably selecting the type of projects depends upon having the ability to link and prioritise projects according to an understanding of what the potential of a company is relative to others.

Ed: Let's suppose that the approach is set. So that you can provide the strategy, it's to be broken down, decomposed into some tasks. For that reason, you need to be proficient at doing project management to provide the strategy. Now, the literature says that for a business to be proficient at doing tasks it's to: put in project management procedures, train people on how best to apply/do project management and co-ordinate the efforts of the people trained to work to procedures in and integrated way utilizing the concept of a project company. Discover further on our favorite related article - Click here: christopher brummer. Does taking these three methods deliver a competitive advantage with this enterprise?

Prof. Linkedin.Com/Company/Asea Llc includes extra info about why to deal with it. Green: Where project management, or how you manage projects, becomes a source of competitive advantage is when you may do things better than the others. The 'better than' is through the ability and sense and the information that is accumulated over time of managing projects. There's an experience curve effect here. Two organisations will be at various points in the experience curve regarding knowledge they've built-up where the rule book is limited to manage those items of tasks. You'll need management sense and knowledge since however good the rule book is, it will never deal fully with all the complexity of life. You've to manage down the ability curve, you've to manage the learning and knowledge that you've of the three areas of project management because of it to become proper.

Ed: Well, then, I believe there is a niche there that has to be resolved as well, in that we've now developed a competency at doing project management to do projects, but we've not aimed that competency to the selection of projects which may help us to offer this competitive edge. Is project management able to being copied?

Prof. Green: Not the softer elements and not the develop-ment of tacit understanding of having run many, many projects over time. So, for instance, you, Ed, have significantly more understanding of how-to run jobs than others. That is why people stumbled on you, because while you both might have a typical book such as the PMBoK or the ICB, you've developed more experiential knowledge around it.

Basically, it may be copied a specific amount of just how, however not whenever you align the smoother tacit understanding of experience into it. Visiting www manatech com possibly provides tips you might use with your sister.

Ed: Organisational project management maturity models are a hot topic at this time and are directly linked to the 'knowledge curve' effect you mentioned ear-lier - how should we view them?

Prof. Green: I really believe in moving beyond painting by quantities, moving beyond the basic idea that a business is totally plastic and you can encourage this set of capabilities and methods and text book practices and that's all you should do. In a way, exactly the same difficulty was experienced by the developers of the knowledge curve. If you show the knowledge curve to organizations o-n cost, it is almost as though, for every single doubling of volume, cost reductions occur without you having to do anything. What we realize is nevertheless, that the experience curve is a potential of the possibility. Their' realisation depends on the ability of professionals.

Ed: Are senior executives/chief executives within the mind-set to understand the potential benefits of project management?

Prof. Green: Until recently, project management has promoted it self in technical terms. If it was offered in terms of the integration at general management, at the power to manage across the characteristics financing process procedures with thinking, then it would be much more attractive to senior managers. So, it's about the mixing of the difficult and the gentle, the practices together with the thinking and the experience that produces project management so effective. If senior executives don't embrace it at this time, it's not since they're wrong. It's because project management has not sold it self as efficiently as it should've done.

Ed: Do we must offer to senior executives and chief executives that it will provide competitive advantage for them?

Prof. Green: No, I do believe we must demonstrate to them how it does it. We need to go in there and really show them how they are able to use it, not just in terms of providing assignments on time and within cost. We need to show them how they can use it to over come resistance to change, how they can use it to enhance capabilities and actions that lead to competitive edge, how they can use it to enhance the tacit knowledge in the company. There is a whole range of ways that they are able to utilize it. They need to note that the evidence of the end result is better than the way they are currently doing it..