Aligning Project Management with Corporate Strategy: A Framework for Success
In the complex and fast-paced environment of EU funded projects, aligning project management with corporate strategy is critical for ensuring that projects deliver value and support the overall business objectives. A strategic framework for this alignment involves several key elements, grounded in best practices and insights from industry experts.
Building Strategy into Project Management Policy
It’s essential for organizations to develop a robust strategy that is then cascaded down through all levels of project management activities. This approach ensures that every project is evaluated and executed with a strategic perspective, making critical thinking second nature to project managers. Projects should be continually assessed to ensure they are still aligned with the company’s strategic objectives, with no project allowed to proceed without this alignment.
Linking Project Benefits to Strategy
For a project to be deemed successful, it must not only be profitable but also align with the broader business objectives. This means recognizing that short-term gains from a project should not be pursued if they do not support the overall strategy of the company. Best practice frameworks, like PRINCE2®, offer a structured approach to validating the business case of a project, ensuring it contributes to the strategic goals of the organization.
Regular Reviews and Communication
Setting regular checkpoints and establishing open lines of communication between the project and portfolio managers are vital for maintaining alignment. Regular reviews, updates, steering meetings, and risk assessments provide opportunities to re-evaluate the project’s alignment with strategic objectives. Changes at the organizational level that might impact the project or vice versa should be handled collaboratively to adapt and realign as necessary.
Understanding Organizational Goals and External Factors
Before creating project plans, it’s crucial to have a deep understanding of the company’s mission, goals, relevant external factors, strengths, weaknesses, and culture. This understanding ensures that project plans are not only aligned with the company’s strategic objectives but also account for external influences and internal capabilities. Engaging with these aspects enables project managers to craft strategies that resonate with the organization’s aspirations and operational realities.
Making Goal-Aligned Project Plans
Creating project plans that align with a company’s vision requires thorough preparation and a solid grasp of the company’s strategic direction. This involves integrating the company’s vision, mission, specific SMART goals, external factors, strengths and weaknesses, and company culture into the planning process. Such an integrated approach ensures that project plans contribute effectively to achieving the strategic objectives, optimizing resources, and mitigating known challenges.