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quaintluna746   , 33

from Stillmore


Strategic Project Management A Competitive Edge

Recently, numerous the world's major project management firms took important initiatives to show executive management regarding the strategic value and benefits of project management. The emphasis is to move from individual project management to organisational project management, which these companies preserve is a strategic advantage in a competitive economy.

In this essay, Ed Naughton, Director-general of the Institute of Project Management and current IPMA Vice President, requires 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 proper project management as a car for competitive advantage.

Ed: What do you issue strategic Project Management is?

Prof. Green: Strategic project management is the management of these projects which are of crucial importance to help the operation as a whole to have competitive advantage.

Ed: And what becomes a competitive advantage, then?

Prof. Green: You can find three characteristics of getting a core competence. The three characteristics are: it adds value to customers; it is maybe not simply imitated; it opens up new opportunities in the future.

Ed: But how can challenge administration produce a competitive advantage?

Prof. Green: You can find two aspects to project management. One aspect is the actual choice of the sort of projects that the company partcipates in, and subsequently there is execution, how the projects themselves are maintained.

Ed: Competitive advantage - the significance of choosing the correct projects - it is challenging to determine which projects should be selected!

Prof. Green: I do believe that the selection and prioritisation of tasks is something that has not been done well within the project management literature because it's generally been assumed away through reducing it to financial analysis. Advertiser includes new information concerning how to deal with it. The strategic imperative gives a different way to you of prioritising projects because it is saying that some projects may not be as profitable as others, but if they add to our expertise relative to others, then that's going to be important.

So, to take an illustration, if a company's competitive advantage is introducing services more quickly than others, pharmaceuticals, let us say, finding product to market more quickly, then your projects that enable it to get the product more quickly to market are going to be the most important types, even if in their own terms, they don't have higher productivity than other sorts of projects.

Ed: But when we're going to select our projects, we have to establish what are the guidelines or metrics we are going to select them against that provide us the competitive edge.

Prof. Green: Definitely. The company needs to know which actions it's employed in, which are the critical ones for it competitive advantage and then, that drives the choice of projects. Organizations aren't excellent at doing that and they could not even understand what these actions are. They'll believe that it is every thing they do because of the power system.

Ed: If its strategy is formulated by a company, then what the project management group says is that project management could be the channel for providing that strategy. Then, if the company is great at doing project management, is there any strategic advantage?

Prof. Green: Well, perhaps that comes home to this matter of the difference between the kind of projects that are opted for and the way you manage the projects. Demonstrably selecting the type of projects depends upon being able to link and prioritise projects according to a knowledge of what the potential of a business is relative to others.

Ed: Let us assume that the method is set. In order to provide the strategy, it's to be divided, decomposed into some jobs. For that reason, you have to be proficient at doing project management to deliver the strategy. Now, the literature says that for a business to be proficient at doing jobs it has to: devote project management procedures, train people on how to apply/do project management and co-ordinate the efforts of the people qualified to work to procedures in and integrated way utilizing the concept of a project company. Does taking these three steps provide a competitive advantage with this operation?

Prof. Green: Where project management, or how you control projects, becomes a source of competitive advantage is when you can do things better than others. The 'better-than' is through the experience and thinking and the information which can be built up over time of managing projects. There's an experience curve effect here. Two organisations will be at various points in the experience curve as to the information they've developed where the rule book is insufficient to control those bits of projects. If you are interested in illness, you will maybe hate to study about discount chris brummer. You'll need knowledge and management judgement because however good the rule book is, it'll never deal entirely using the complexity of life. You have to manage down the ability curve, you have to manage the knowledge and learning that you've of these three aspects of project management for it to become strategic.

Ed: Well, then, I do believe there is a gap there that's to be resolved as well, in that we've now created a competency at doing project management to do projects, but we have not aligned that competency to the selection of projects which will help us to offer this competitive advantage. Is project management effective at being imitated?

Prof. Be taught further on this affiliated wiki - Browse this web page: asea.applicantpro.com. Green: Not the softer aspects and not the development of tacit knowledge of having run many, many jobs with time. So, for instance, you, Ed, have more familiarity with how to work jobs than other people. That is why people stumbled on you, since while you both might have a standard book like the PMBoK or even the ICB, you've developed more experiential knowledge around it.

Essentially, it could be copied a specific amount of the way, although not if you arrange the smoother tacit knowledge of knowledge into it.

Ed: Organisational project management maturity versions are a hot topic right now and are closely 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 figures, moving beyond the idea that a company is completely plastic and you may encourage this set of techniques and capabilities and text book practices and that's all you should do. In a way, just the same difficulty was experienced by the builders of the experience curve. If you show the experience curve to companies on cost, it is almost like, for each and every doubling of size, cost reductions occur without you having to do such a thing. What we know is however, that the experience curve is a potential of the possibility. Their' realisation is dependent upon the ability of professionals.

Ed: Are senior executives/chief executives in the mindset to appreciate the potential advantages 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 capability to manage across the functions lending strategy processes with sense, then it would be more appealing to senior executives. So, it's about the blending of the gentle and the hard, the methods using the judgement and the knowledge which makes project management so effective. If senior executives don't embrace it at this time, it is perhaps not because they are wrong. It is because project management hasn't marketed it-self as effectively as it should've done.

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

Prof. Green: No, I think we have to show them how it does it. We need to go inside and actually show them how they are able to use it, not just with regards to delivering jobs on time and within cost. We need to show them how they can use it to over come organisational resistance to change, how they can use it to enhance capabilities and actions that cause competitive advantage, how they can use it to enhance the tacit knowledge in the enterprise. There is an entire range of ways in which they are able to use it. They need to see that the evidence of the outcome surpasses the way in which they are currently doing it.. Browse this web page is should be to research why to flirt with this hypothesis.