Strategic Planning For Project Management PDF
Added on 2021-02-20
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SPM1: Strategic project management planning sheetSPM1.0AC 1.01Discuss how projects support the strategic objectives of an organisationIntroduction:Projects are conducted to develop new services, products or outcomes that help the strategic direction of anorganization. Project management is the study which deals with conducting any defined project with intention to validconclusion or information (Regenold. and Rojas, 2019). With clear planning of the project, chances of better outcomesare higher and optimized. In the present time, aim of project management is to start and complete project with betteroutcomes or results. For this project, firm named as Issworld is one of the management firm used to performactivities such as management accounting and activities to enables corporate social responsibility. Also, report willcover meaning of the strategic objectives, aligning project to strategic objectives, factors such as internal and externalfactors that lays down emphasis on actual selection of the project. Also, report will cover analysis of projectstakeholders. Also, project will cover project study in favor of Issworld. P1) What is meant by strategic objectives of an organization? The objective defines as the organization has to achieve its success to create the strategy. The term strategicobjectives are generally forced by externally and classified into eight different types of categories such as (1) Marketstanding relates to the preferred share of the present as well as new markets, (2) Innovation that relates to developnew category products or services as well as skills etc., (3) Human resources are in relation to the selection as well asdevelopment of the workers in an organization, (4) Financial resources that are a kind of source of the capital and alsotheir uses, (5) Physical resources correspond to the equipment and their utilization, (6) Productivity that is in relationto the proportionality between the resources and output, (7) Social responsibility means to share the awareness aswell as responsiveness to the stakeholders, (8) Profit requirements that means the achievement related to thefinancial as well as strategically growth from production. P2) How can projects support the strategic objectives of an organisation? The project always has to follow the primary goal of the organization. The primary goal should be its strategicobjective of the organization. If the organization wants to develop a new type of product then the target of theproduct should focus only on productivity of the Issworld. The project becomes a good efficient project while it onlyfocuses on a single goal and by using this technique it is easier to achieve the target of the project (DUPREEZ, 2019).The initial focus of any project should be its scope then it focuses on the planning phase of the project. To execute theproject successfully, the overall strategy is divided into smaller parts so that the execution way becomes easy for anyproject. The project processing goes on one by one milestone and at the last moment, it reaches at the achievementof the organization goal. P3) How do you align projects to the strategic objectives? To align the project to the strategic objectives, there are two different types of reasons. The first one is to comparethe project to the organization goal so that for the project manager, it is cleared about the operational context of theorganization (Building Block in Strategic Project Management, 2019). The second one is to understand theorganizational goals properly as because the goal is proportional to the organizational strategy and that’s why theexecution of the project reaches to the success point. In general sense, the alignment of the project maintain thefollowing like: (1) Analyze the overall strategic goal for development of strategy. (2) Development of the systematicapproach so that it helps to initiate as well as prioritize the alignment of the project to the business strategy. (3)Evaluation and also repetition of the strategic goals on daily basis. Conclusion: In order to achieve a specific strategic objective, organization conducts a project in which various activities areconducted. It is concluded that strategic objectives of the project is mainly linked to scope of the project for which itsstarted. With strategic objectives, focus is to be lied on successful completion of the work.SPM1.1AC 1.02SPM1 planning sheetPage 1 of 8
Evaluate internal and external environmental factors that influence the selection of a project thatsupports strategic objectivesIntroduction: Selection of project is important in order to ensure organization conducts the most profitable and beneficial project.There are different number of factors such as internal such as employees, management, strategies, plans which laysdown emphasis on effective conduction of the project work (Indahwati and et. al., 2019). Also, external factor such asthe political, economic, social etc., have led down focus on clear and effective completion of the project. Also,influence of both internal and external factors are putting in focus to led positive focus for selection of the project inan effective manner or way. P1) What internal factors influence the selection of a project e.g |SWOT analysisThe SWOT analysis is a typical framework that is used for the evaluation of the organization’s strategic growth. SWOTanalysis is the composition of some internal as well as external factors. Issworld should use this analysis for theguidance purpose (Alnaggar and Pitt, 2019). The four factors of this analysis are strengths, weaknesses, opportunitiesand also threats. Strength is in relation to the characteristics of the project that provides the advantages among theother factors. Weaknesses are such kind of factors that is the sign of disadvantage for the organization. Opportunitiesare also positive factors that related to the chances that the organization gets. Threats are one of the negative signs ofthe analysis that can occur such problems in any organization. P2) What external factors influence the selection of a project e.g PEST analysisThe PEST analysis is one kind of strategic industrial tool that is used for the evaluation, arrangements as well astracking the macro economic factors which reflects on the business. This analysis determines opportunities as well asthreats because if Political, Economic, Social, Technological forces. Political factors are related in that cases when thegovernment interfere in the economical field (Mansell and et. al., 2019). Economic factors are related to the economicgrowth as well as exchange rates and interest rate etc. Social factors are related to cultural aspects as well as rate ofpopulation growth etc. The technological factors are related to technological aspects such as R&D activity as well asrate of technological changing etc. P3) How should project plans be amended when considering these factors? The SWOT analysis is one kind ofanalysis that helps to evaluate the strategic growth of the organization (Klimova, 2019). On the other hand, the PESTanalysis is typical analysis of evaluation and tracking such factors that are related to the economy as well as politics.The SWOT analysis is the composition of strength, weakness, opportunity and threat. In addition to this, the PESTanalysis is also the composition of political, economic, social and technological factors. The SWOT analysis helps toidentify the right way for the business strategy. It helps to meet the strategy so that the business can improve in itsown way. The PEST analysis helps to take the right decision to the organization and also motivates the team to keeptracking in the right way. Conclusion: SWOT and PEST analysis are conducted in order to analyze the internal and external effects on a project for anorganization. Projects are also impacted by the organizational system which is comprised not only of organizationstructures which were described earlier but also general management and governance aspects.SPM1.2AC 2.01
Evaluate the roles of project stakeholders in planning a projectSPM1 planning sheetPage 3 of 8
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