Strategy can be described as a decision taken by an organization, aimed at helping them achieve a certain goal. It can further be described as the decisions made to make an organization more outstanding than others in the same field or industry. Strategy and projects are interdependent meaning that a project without strategy is bound to fail. On the other hand, a strategy without a project can be compared to a phone without a battery to run it, and thus has no use to anybody. Strategy helps to avoid mistakes made in the process of executing the projects within a company.
Let us look at how strategy can be introduced in project management below:
• Budgetary allocations
As stated earlier, strategy is a decision taken by the organization. While making budgetary allocations as much as it is important to consider resources such as money, technology and human, it is also crucial to put in mind the strategy. The choice was made in order for the company to have an advantage over other companies and thus making it very important to consider the strategy in making budgets for the project. This ensures that budgetary allocations are not detrimental to the achievement of the goals of the company.
• Achieving the company’s set goals and objectives
Each organization has its aims. Inclusion of strategy will assist in achievement of these aims that are set out. Strategy aids in the identification of the needs of the organization. When these needs are identified, it becomes easier to plan on how to satisfy them and in the end, a greater outcome is achieved i.e. realizing the objectives of the company.
• Project planning
Strategy can be used in project planning. As mentioned above planning and strategies are interdependent, none can do without the other. Strategy is meant to keep a company ahead of its competitors. During the process of developing a plan, include the decisions made to help make that project successful in its objectives.
• Making of company decisions
As seen earlier strategy involves choices and decisions that an organization has taken. In day to day activities, the project manager is faced with situations where they have to make decisions. For a proper and informed decision to be reached at, they must consider the company’s strategy. This enables them to make decisions faster and easily and ones that are in line with the organization’s choices. Thus, strategy simplifies the process of making decisions.
• Strategy and productivity
It is common knowledge that there are certain hours of the day when one is most productive. For an organization to achieve its goals, it should incorporate strategy in the hours that its employees are most productive. In the project implementation, for instance, those tasks that touch on the fulfillment of the strategy must be dealt with in the morning hours where one is more alert and productive. This will not only see the company achieving its strategic plans but also the completion of the project on time.