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sablejunk7801   , 29

from Jacksonville

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Strategic Project Management A Competitive Edge

Recently, a number of the world's leading project management companies have taken major initiatives to show executive management about the strategic importance and benefits of project management. The focus would be to move from individual project management to organisational project management, which these firms maintain is a strategic advantage in a competitive economy.

In this article, 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 proper project management as an automobile for competitive advantage.

Ed: What do you thing ideal Project Management is?

Prof. Green: Strategic project management is the management of these projects which are of critical importance to allow the enterprise as a whole to have competitive advantage.

Ed: And what becomes a competitive advantage, then?

Prof. Green: There are three attributes of experiencing a core competence. The three qualities are: it gives value to customers; it is perhaps not easily imitated; it opens up new opportunities later on.

Ed: But how do project administration provide a competitive advantage?

Prof. Green: You will find two elements to project management. One element is the actual choice of the kind of projects that the business engages in, and subsequently there is implementation, how the projects themselves are managed.

Ed: Competitive advantage - the value of choosing the projects - it is challenging to establish which projects should be chosen!

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

So, to take an example, if a company's competitive advantage is introducing new services more quickly than the others, pharmaceuticals, let us say, getting product to market more quickly, then a projects that allow it to acquire the product more quickly to market will be the most significant types, even if within their own terms, they do not have higher productivity than various projects.

Ed: But if we are going to select our projects, we have to define what're the boundaries or metrics we're going to select them against giving the competitive advantage to us.

Prof. Green: Definitely. The enterprise has to know which actions it's involved in, which are the critical ones for it then and competitive advantage, that drives the selection of projects. Enterprises are not great at doing that and they might not even know what those actions are. They will think it is everything they do due to the power system.

Ed: If its strategy is formulated by a company, then what the project management group says is that project management is the medium for delivering that strategy. Then, when the business is great at doing project management, does it have any strategic advantage?

Prof. Green: Well, perhaps that returns to this problem of the difference between the form of projects that are selected and the way you manage the projects. Demonstrably choosing the kind of projects depends on being able to link and prioritise projects according to an understanding of what the capacity of an organisation is relative to others.

Ed: Let's suppose the technique is placed. So that you can provide the strategy, it's to be divided, decomposed into some projects. Consequently, you need to be good at doing project management to deliver the strategy. Now, the literature says that for a company to become proficient at doing tasks it's 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 built-in way using the notion of a project company. Does using those three ways produce a competitive advantage for this operation?

Prof. Visit logo to read how to study this idea. Green: Where project management, or how you manage projects, becomes a source of competitive advantage is when you may do things a lot better than others. The 'a lot better than' is through the ability and thinking and the information that will be built-up with time of managing projects. There's an event curve effect here. As to the knowledge they've built up to handle those bits of jobs where the rule book is insufficient two enterprises will soon be at different points in the experience curve. You-need management sense and knowledge since however good the rule book is, it will never deal fully using the complexity of life. To explore additional info, please consider having a look at: rent glyconutrient. You've to manage down the ability curve, you have to manage the learning and understanding that you've of those three areas of project management for this to become strategic.

Ed: Well, then, I think there is a gap there that's to be addressed as well, in that we've now created a competency at doing project management to do projects, but we have not aimed that competency to the choice of projects which will help us to offer this competitive advantage. 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 jobs over-time. So, like, you, Ed, do have more familiarity with how to run projects than others. That is why people came to you, since while you both might have a regular book including the PMBoK or even the ICB, you've created more experiential knowledge around it.

In essence, it may be imitated a certain amount of just how, but not when you arrange the smoother tacit understanding of knowledge into it.

Ed: Organisational project management maturity styles are a hot topic at this time and are directly from the 'experience curve' effect you mentioned ear-lier - how should we see them?

Prof. Green: I really believe in moving beyond painting by figures, moving beyond the basic idea that that is all you should do and you may impose this pair of text book standards and skills and processes and a business is completely plastic. In a way, exactly the same problem was experienced by the builders of the knowledge curve. If you show companies the ability curve o-n cost, it is very nearly as though, for each doubling of size, cost savings occur without you needing to do anything. What we realize is nevertheless, that the experience curve is a potential of the risk. Its' realisation depends upon the ability of professionals.

Ed: Are senior executives/chief executives in the mindset to appreciate the possible advantages of project management?

Prof. Green: Until recently, project management has promoted itself in technical terms. If people require to be taught further on ambrotose, we recommend thousands of databases you should consider investigating. Then it'd become more attractive to senior managers, if it was offered in terms-of the integration at normal management, at the ability to manage across the features financing approach procedures with thinking. So, it's about the knowledge that makes project management so strong, the techniques with the reasoning and the blending of the gentle and the hard. If senior executives do not grasp it at the moment, it's not since they're wrong. It is because project management has not sold it self as effectively as it should've done.

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

Prof. Green: No, I think we have to show them how it does it. We have to go inside and actually show them how they can use it, not just in terms of offering projects 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 edge, how they can use it to enhance the tacit knowledge in the enterprise. There is an entire range of ways that they can utilize it. They must note that the proof of the end result surpasses just how they're currently doing it..