Aligning Business Strategies and Project Management

Aligning Business Strategies and Project Management Project management has become very important topic all over the world. Literature shows that more than 30 companies fail to accomplish its project with success due to misalignment between business strategies and project management. Many companies face this problem of missing link of business strategies and project management. Alignment is necessary for getting competitive advantage and goals of its business. Top management also play important role in alignment of business strategies and Project management. Keywords: Business strategies, project management, alignment, project portfolio management Introduction: Project management has become very important and also serves as core function in many organizations. Projects are any temporary activities that have starting and finish point, it has performance parameters. Projects face triple constrains (1) time (2) budget and (3) performance. It was assumed that for attainment of organizational goals one has to meet triple constraints of tim e, budget and performance. Project management plays a vital role in achieving organizational goals and considered as backbone of organization. Project management is knowledge that meets the requirements of projects. Project management plays important role in accomplishing strategies, business goals and desired outcomes. Organizations link their projects with business strategies to achieve the goals and objectives. Strategies are activities that guide and direct the use of the resources to accomplish the organization’s vision and goals and sustainable competitive advantage. Mostly these components comprising the strategies of the business like internal analysis, organizational structures, control systems have strong links to project management processes and activities. Project management includes project portfolio management (PPM). PPM is about how organizations controls its projects and align them with business strategies. Many organizations are working on numerous projects a nd they are conscious to get maximum return of their business. PPM also includes the maximization profit which is main objective of all organization. Basically projects are bases of any organization to build up business strategy and project management relation. When organizations link their projects to their business strategy, they are better able to accomplish their organizational goals. Companies should align their business strategy with the project management action to implement the strategies in the projects. Such alignments are difficult because the objectives of business strategy are sometime not clear and well-communicated with project management. Misalignment may cause an organization to missing goals, communication gap and missing link of business strategy and project management. The lack of alignment of business strategy to the project management leads to the project failure and has adverse effects on organization performance as well. . There is need of systemic approach t o align the projects with business strategy. So important in managerial challenges involved that aligning project management and business strategy and encouraging individuals to participate in using emerging strategies to create new ideas and renew existing strategies. Literature indicates that some factors that helps in creating link between business strategy and project management if there is any gap between the bridge of business strategy and project management that should be filled to achieve high returns and competitive advantages. As literature shows that SPL elements such as spirit, strategy, organization, tools and processes that elements should be align between business strategies and project management and in depth understanding of factors that are missing and relationship of these factors with business strategies and project management. Portfolio management play important role in project management and business strategy linking. Implementation of strategies with formulati on, receive less attention than formulation so there should be proper emphasis on the implementation as well as.

Consumer Behaviour Essay Example | Topics and Well Written Essays - 2000 words - 5

Consumer Behaviour - Essay Example Risk taking being the major aspect in business, the trend of investing downtown for businesses that took the risk has actually guaranteed them their success. This success is also attributed to its ample parking space and accessible location (Schupp, 2005). Festival marketplaces’ main concern is their customers, so understanding consumer needs and behavior so as to coop with their ever changing trends is actually necessary. For this kind of business to be privileged in the human heart, then it has to consider the following factors: high quality goods and services and that’s what customers mainly go for, fairly priced goods and services, it should also offer a variety of goods and services so as to offer customers a wide collection to choose from. Festival marketplaces have actually succeeded in achieving most of this vital factor. However, understanding consumer behavior is a difficult task. I said difficult and not impossible. It has to start with market research. This will enable the marketplace to address issues from its consumers directly. Businesses must at all-time strive to be ‘human era’ oriented so as to win bias among the customers in the market. Festival marketplaces have wholly embraced the idea of openness, honesty, being empathetic and exciting. This is an exact illustration of a ‘human era’ oriented firm. This achievement has been through events like; monthly gift card drawing, holding free workshops and offering a ‘thank you’ to the community and its own staff (Blythe, 2008). Moreover, rising to levels that most festival marketplaces have managed to reach is a hectic transition that involves much hard work and devotion of its staff. However, there are easy procedures and strategies for getting to the top of your business line without necessarily having to wait for decades for the transition to occur. Business favors ‘smart’ people whose ideologies and actions are not limited or rather confined to a box. Festival

THE LEGAL ENVIRONMENT OF BUSINESS Essay Example | Topics and Well Written Essays - 1000 words - 1

THE LEGAL ENVIRONMENT OF BUSINESS - Essay Example Monopoly may have negative effects to the consumers and even to the economy of a given country. There have been controversies on monopolistic business practices especially on large companies that dominate the market such as Google Company. Owing to the negative impacts of monopolistic business practices, monopoly laws have undergone changes over the past years in the American constitution. The first monopoly law in the United States to be enacted was the Sherman antitrust act in 1890. The law was passed to help cub the sky rocketing prices that were being set by the monopolistic businesses (Washington State Office of The Attorney General, web). This was a reaction to the public outcry for measures to be put in place to control prices of services and goods. The congress enacted additional two antitrust laws in 1914, which were federal commission trade act and the Clayton antitrust act. The federal trade commission act gave the federal trade commission authority to enforce the antitrus t laws whereas the Clayton antitrust act was meant to strengthen the antitrust laws. The Clayton act undergone several amendments. The Robinson pitman act of 1936 was the first amendment that introduced the ban to certain business disciplinatory conduct. The Hart Scot Rodin act 1976 was another amendment that required businesses merging to notify the federal government (Washington State Office of The Attorney General, web). Moreover, most states have enacted various antitrust laws over the past years. Google is a company that has been in the technology market for quite some time now being one of the most reliable in providing services in the information technology. Google offers a variety of services and products to its customers and has been improving over the past years posing a threat to other similar businesses in the market. Google as a company has its operations across the globe and most people are happy with the kind of services offered by the company. Google dominates the se arch engine market in the united state by 67% and above 90% in the United Kingdom. With such an enormous market dominance, comes great responsibilities which when not properly taken care of, the company may be accused of monopoly. Over the past few years, there have been controversies that the company is engaging in monopolistic business practices while going about their business. Arguably, this will only depend on an individual’s perspective on monopolistic business practices and state laws on monopoly. In my opinion, Google Company is not a monopoly the reason being it has competitors in the market and it is the responsibility of a company to satisfy the needs of its customers. For instance, personally I prefer Google search engine to others because it is fast and effective in retrieving the information required. The fact that a customer opt for Google to provide services does not necessary implies that the company restricts trade. The argument is rather simple; it is becau se of certain interests the consumers prefer one service provider to others. It is upon the competitors to up their game in the market to cope with the dynamic and competitive nature of today’s market in the information technology. In addition, this is the era of information technology overload and it is not wrong for a customer to prefer a specific option (Ferenstein, web). A business can