Strategic Project Management: Planning, Risks, and Implementation

This report provides a comprehensive analysis of strategic project management, emphasizing the importance of strategic planning in achieving organizational goals. It explores the relationship between project management and strategic planning, highlighting tools like SWOT analysis, cost-benefit analysis, and break-even analysis. The report discusses project management as a process based on management domains, focusing on environmental scanning, strategic formulation, implementation, and evaluation. Furthermore, it details the roles and tasks of a project manager, including development, resource organizing, planning, implementation, observation, and project closure. The report underscores the significance of effective project management in ensuring organizational success by addressing inherent risks and promoting efficient resource utilization.

Strategic Project
Management

INTRODUCTION
This report aims to analyse about several components of project management. The main
motive of project management is to lead the team to achieve all the future goals and objectives in
the market. On the other hand, there will be brief discussion about project management based on
set of management (Ferrer Romero, 2018). On the other hand, project management shows a
strong management which is practised by the highly trained professionals. There will be brief
discussion about the role and tasks performed by project manager, implementation of project.
Along with that, there will be brief analysation about risks which are inherent in the project and
identification of five common project risks, responsibilities of project manager.
MAIN BODY
TASK 1
Strategic planning is the process of determining directions and strategies which should
followed by employees in organisation. It also includes strategic decision makings which help in
improved performance of employees. It is a formal framework which includes plans and
procedures for the tasks which have to be performed in order to gain profits. It analyses various
factors including external and internal which helps in identification of risks and opportunities.
Organisations can achieve goals and objectives with the help of strategic planning as it creates
easier path for operations (Winch, Maytorena, and Sergeeva, 2022). It involves a particular
process which is followed to increase the profitability in effective way. Process initiates with the
identification of requirement of strategic planning in an organisation. After identification, goals
are evaluated which have to be achieved so that employees work upon that. Premises are
developed and assumption are created for the achievement of objectives in best possible ways.
Researches are carried out to study the environment and managers have to select best option
among the alternatives. Final stage suggest the development and implementation of strategic plan
so that operations are carried out smoothly.
Project management is a wider term which includes the component of strategic planning.
It includes teams and groups who work upon particular projects to accomplish goals and
objectives. It focus on the managing different projects in effective manner which increase the
confidence of employees . Organisations invest large capital on projects that is why they make
strategic decisions and plans which help them to perform in desired manner. Strategic planning
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ensures that projects are completed within prescribed time frame in low cost. There are various
principles are developed to accomplish the projects which includes creation of clear goals for the
projects. It helps in identification of risk so that necessary measures can be taken to prevent those
risks. Particular guidelines are created which shows the path hoe to carry out operations so that
tasks can be completed effectively. Team members can communicate and coordinate with each
other so that they reduce miss understanding between the operations. Each and every member
should be equally responsible for their duties and contribute equal efforts so that goals are obtain
in best possible ways (Kerzner, 2019). With the help of strategic planning employees utilize
resources in effective manner which help in cost reduction. Standards should be maintained to
complete the projects so that it avoid risks and threats. It enhance the confidence and empower
employees in organisation so that they contribute their efforts. Positive work environment can be
created with the help of strategic planning which helps in creating innovative ideas.
Organisations who use strategic planning tends to become more successful as it helps in growth
and expansion. It creates strong basis for the operations and enhance the skills and abilities of
each and every individual at workplace.
There is a relationship between project management and strategic planning. A project is totally
linked to strategic plan. While, making a project there is a requirement of a clear and viable
which helps the organisation to achieve its goals and objectives. Functional strategic plan
includes all the factors and approaches by seeing every future aspect in the market. Clear projects
helps the organisation to have an efficient growth in the market. Strategic project drives all the
execution which helps the organisation to generate more revenues in the market.
Different theories which shows projects and strategic plans are related:
 Swot Analysis – It is a strategic planning tool which helps the company to see its
strengths, weakness, opportunities, threats in the market. On the other hand,
management use this formula to formulate different innovative plans in the organisation.
 Cost Benefit Analysis – It is a tool which helps the management to take right decision.
It benefits the organisation to sees different opportunities and formulate a plan
according to the strategy. Cost benefit analysis helps the company to estimate the cost of
different projects. On the other hand, they could take benefit through various projects
which help the organisation to generate more revenues in the market.
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 Break even Analysis – It is a tool which helps the organisation to calculate how many
they had to sell in the market to achieve the break even point. It helps the managers to
see whether the project is viable and they could generate revenues from it.
This proves that there is relationship between projects and strategic plan. They both are
interdependent on each other. The organisation has to prepare a strategic plan by seeing different
aspects of the market. The organisation could use different strategies and approaches to make a
clear strategic plan (Mohammed, Kude, and Shanta, 2018). In today's world the market is
dynamic in nature. Proper research and knowledge is only an option which helps the organisation
to attain its goals and objectives. Strategic plan helps the company to take a better decision by
seeing the different opportunities and threats. Different competitors are offering different
products in the market. Due to the customers preferences which are changing everyday. A clear
strategic plan helps the organisation to get a competitive edge in the market.
TASK 2:
Project management represented as a process based on set of management domains and the
consequences for project management strategy. Additionally, project management is not
consistently effectual as this ought to be. In case re-determination few of the illustration of
failures or bad performance they may monitor which cause often originated into poor
management specifically at front end during strategy formulation, instead of poor downstream
implementation. Yet much of the project management literature focuses upon implementation
techniques as well as tools instead of effectual growth and deployment of project management
strategy into whole process concept. Additionally, strategic management process states as
describing the business strategy. This is also described as the procedures through that managers
forms a choices of setoff strategies for firm which would enable them in attaining effective
performance. In addition to this, this is undertaken as regular procedures which appraises the
business as well as sectors wherein the entity is involved. Such as evaluates their rivals, fixes
objectives for meeting whole current as well as future rivals and thereafter reassesses all strategy.
All organisations, no matter how large or small is managed into few manner either the
management function is formally delegated towards particular staff or not. Ever into firms along
with much casual work area cultures, that approaches management from strategic, longer term
perspective that may enhance a business success opportunities. Additionally, key administration
is viewed as the methodology of utilizing which types of immense scope, objective arranged
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approach by the use of three key components: natural checking, technique definition and
execution and system assessment. All three component of project management are discussed
below:
Environmental scanning
The underlying stage in the fundamental organization process is biological sifting,
occasionally suggested as "checking." Essentially, this is a course of rapidly inspecting and
managing whatever could impact your business and how it capacities. Factors both inside and
outside the association can affect a business. Bosses are for the most part acquainted with what's
happening inside their affiliations, so inner elements might be even more clean straight up. For
instance, expecting your affiliation is encountering an incredibly high velocity of specialist
turnover, it's an issue the supervisor's requirements to address. Different sorts of inside factors
fuse promoting projections, effectiveness rates and net incomes.
Outside components could require to some degree more work to find and process.
Shrewd bosses endeavour to keep consistent over industry news and information, since these
variables could expect or reflect changes that will sooner or later hit their affiliations. Other
outside parts that ought to be analyzed recollect in everyday data for the economy, the goal
market and the association's opponents. All of these components - inward and outside - can end
up being fundamental for a comprehensive SWOT assessment. This is a fundamental study of an
association's resources, weaknesses, astounding entryways and risks. A SWOT assessment gives
an association a more exact portrayal of where it squeezes into the business and the economy
generally speaking and perceives steps it can take to make and manage its monetary prosperity.
Strategic Formulation and Implementation
Environmental actually looking at produces a huge load of information. Essential
manager utilize that data and information to approach a structure that can be finished
tremendous. A crucial administrator makes astute methodologies to benefit by the attributes and
entrances perceived in the SWOT appraisal. Preferably, the picked systems likewise either dodge
or confine the importance of the affiliation's shortcomings and dangers. After the business
consents to do the manager's proposed procedure, the key boss develops a colossal arrangement
to execute that structure. Each activity or step in the arrangement is given out to a particular
worker or office. These specialists are responsible for social affair express targets to follow the
association's progression towards the overall objective.
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Strategic Evaluation
Executing a keen philosophy isn't satisfactory without any other individual to meet goals. At
the point when the association's delegates are doing the organized exercises, the association
ought to moreover sporadically overview the delayed consequences of those exercises. As an
element of their connection, key managers recognize significant estimations which are
painstakingly checked and evaluated to ensure the affiliation is on target to meet its targets. For
the most part, the appraisal stage will set out express, standard declaring periods where bosses
and gathering pioneers measure progress. This kind of arranged approach helps with
guaranteeing nothing loses all sense of direction in the commotion or gets disregarded. The
strategy evaluation process is earnest in fundamental organization. This is the way bosses and
associations acknowledge what working really ought to be accustomed to achieve the best
results.
TASK 3:
Project the executives has arisen as a solid discipline rehearsed by exceptionally prepared,
guaranteed experts as associations have come to acknowledge they can't remain in business on
the off chance that they can't deal with their undertakings. Moreover, project manager is like as a
doctor who drives the trauma group as well as decided the course of action for patient –both at
similar time. Effective project managers are individuals with excellent entrepreneurial min set. It
permits them to think regarding project beside the main competencies set that are required for
managing it as well as this the project manager’s job for directing the team for finishing line. In
addition to this, project manager’s plays vital role into planning, implementing, observing and
closing projects. Some of their key roles and tasks performed by project manager are described
below:
Development and resource organizing
Organizing is instrumental in satisfying task time limitations, and numerous endeavours bomb
due to absence of sound judgment. Regardless of anything else, incredible errand executives
portray the endeavour’s certification and choose available resources. Extraordinary undertaking
managers know how to for all intents and purposes set time checks and survey the gathering's or
on the other hand gatherings' abilities.
They then, make a sensible and minimized plan to both execute the assignment and screen its
reassuring. Projects are ordinarily impulsive, so incredible endeavour bosses know how to make
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changes on the way relying upon the circumstance before the endeavour shows up at its last
stages.
Organizing and motivating a project team
Extraordinary project administrators don't get their social occasions impeded with complex
assessment sheets, long plans, and whiteboards. Considering everything, they put their social
occasions up front. They support clear, direct plans that vitalize their social events to appear at
their most prominent cutoff. They cut down in association and steer their social affairs down a
make a way to the last objective.
Controlling utilizing time successfully
Clients commonly judge an project a decent result or frustration on whether it has been
completely finished plan. Thus, following time imperatives are non-easy to refute. Incredible
assignment chairmen know how to set useful deadlines, and how to pass them each time on to
their gatherings.
Cost evaluating and encouraging the monetary arrangement
Incredible project heads know the most effective method to keep an endeavor inside its set
money related plan. Regardless of whether a task continues with a client's doubts and is
completely completed arrangement, it will in any case be a disappointment assuming it goes
unbelievably over money related game plan. Extraordinary undertaking bosses constantly
overview the monetary endlessly prepare to avoid colossal monetary arrangement attacks.
Ensuring purchaser steadfastness
In the long run, an project is just a triumph tolerating the client is blissful. One of the imperative
responsibilities of each venture administrator is to confine shortcoming, keep away from any
undesirable shocks, and recall their clients for the undertaking as much as is sensibly
conceivable. Incredible errand bosses know how to stay aware of suitable correspondence and
remain with the's clients ground breaking.
Inspecting and directing undertaking risk
The more prominent the assignment is, the more conceivable there are to be obstacles and traps
that weren't huge for the crucial blueprint. Hiccups are unavoidable, yet phenomenal venture
managers know how mindfully and instinctually, see and assess expected gambles before the
task starts. They know how to then keep away from wagers then again if nothing else limit their
effect.
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Monitoring progress
During the secret stages, project bosses and their social affairs have an unquestionable vision and
high any assumptions for making the best result. Regardless, the way to the ultimate objective is
never without specific thumps in transit. Exactly whenever things don't go as indicated by an
approach, an undertaking administrator essentials to screen and examine the two usages and
social affair execution and to constantly truly go to therapeutic lengths..
Regulating reports and crucial documentation
At long last, experienced project regulators know how essential last reports and fitting
documentation are. Exceptional undertaking supervisor can introduce wide reports recording that
all project necessities were satisfied, as well as the activities' course of action of experiences,
including what was done, who was involved, and what ought to be possible better from here
onward.
TASK 4:
Execution of activities without a solid need framework connected to system makes issues.
Additionally, project the executives framework is undertaken as the procedures that is utilised
through project managers as well as project management organisation for evaluating the potential
return upon undertaking a project. Through organising as well as consolidating all piece of
information related to proposed and present projects, project portfolio system manager facilitates
anticipation and business analysis for firm that seeks for investing into new projects. In addition
to this, project portfolio system may go a longer way for minimising or even obviates the
impacts of these three issues that are:
The implementation gap
The shortage of understanding as well as consensus upon strategy among higher management
(who formulates strategy) as well as mid level (who execute strategy). Additionally, objectives
as well as strategies forms independently at distinct level of firm through various functional
groups cause issues.
Organisation portfolios
Project section is undertaken as the essential aspects which depend upon persuasiveness as well
as power of individuals that advocates the projects.
Resources conflicts and multitasking
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The multi projects environment develops interdependency relations or shared resources that
outcomes in initiating, stopping and restarting projects. Also, multi- tasking adds for delays and
costs.
TASK 5:
As per the project management institute, there are four strategies for project risk
management. Moreover, project management is described as the procedures to identify, analyse
and thereafter responding towards any risk which raises over project life cycle to aids the project
remain upon track as well as accomplish their objectives. In addition to this, it anticipates the
returns upon investments as well as projects whose potential backlash an entity could faces. So,
the effectual project risk management strategies allow them in identifying its project’s strengths,
weakness, opportunities and threats. So, once individuals determined the risks, this is the
accountabilities of project management professionals for tackling them with appropriate strategy.
All strategy have its own benefits and drawbacks. Some of the project risk strategies employed to
address threats that a project may face are described below:
 Avoidance
 Reduction
 Transferring
 Acceptance
CONCLUSION
As per the above report, it has been concluded that project management plays vital role
within organisations. Moreover, the main motive of project management is to lead the team to
achieve all the future goals and objectives in the market. On the other hand, there will be brief
discussion about project management based on set of management. project management shows a
strong management which is practised by the highly trained professionals. In addition to this,
Strategic plan helps the company to take a better decision by seeing the different opportunities
and threats. Different competitors are offering different products in the market. Due to the
customers preferences which are changing everyday. A clear strategic plan helps the organisation
to get a competitive edge in the market.
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REFERENCES
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