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Business Strategy in Project Portfolio Management
Project portfolio management is the art of maintaining control over different projects in an organization, to keep the equilibrium between conflicting requirements of various projects, and synchronize portfolio to make sure that the organization gets optimal benefits from the projects. It is the habit of the companies to coordinate and regulate different projects to reap benefits that would otherwise be impossible if projects were managed individually. In project portfolio management, one of the issues recognized is the placement of the projects with the overall business strategy. Project portfolio management should be handled in a manner that links the portfolio to the business strategy.
According to Maso, et al., (2015, p. 143), the business strategy is relevant to project portfolio. Most projects seek competitive advantage, and business strategy aims at the company gaining a strategic advantage over other businesses undertaking the same project. It is the role of the strategic-level management to ensure that strategic decisions which ought to be consistent with the good strategy. One of the significant concerns in project portfolio management I how to deploy project management in a strategic way within a company. As stated in Maso, et al., (2015, p. 144) paper, business strategy directly relates to its results through projects. It involves integrating different stakeholders with the market issues and financial management and the interaction between forces such as government and culture.
Nonetheless, there is always a missing link between project management portfolio and business strategy. In studying the conceptual framework, some of the relevant topics to consider include project selection, project navigation, assessment, and prioritization. The primary concern would be to find the answer the question of the extent to which the multi-project organization realizes their business strategies through portfolio management. The ultimate objective of the research will be to comprehend the position of portfolio management concerning the organizations business objectives. To achieve this goal, data will be analyzed from various secondary literary materials to understand the obstacles, drawbacks, and the endorsed enhancements to portfolio management. After the literature review, the aim is to create a conceptual framework where strategy realization is at the core of any portfolio management.
According to Meskendhal (2010, p. 807), the right choice of the project is a prerequisite to achieving the organizational objectives. Project management team plays the role of optimizing the processes and simplify them in several lanes, by the prevailing environment situations. The companies that have set up effective project management office have the potential for achieving their strategy and will likely trigger competitive advantage once they initiate a project.
In conclusion, portfolio management is closely linked to the business strategy and a company with proper and efficient project portfolio management will likely achieve its business strategy. Portfolio management involves project selection, navigation, evaluation, and prioritization, and an organization will probably get a competitive advantage if it controls different projects at the same time, and getting benefits that would be impossible if they were managing a single project.
Maso, C. B. D., Silva, W. M. d., Mello, P. C. d. & Filho, N. d. P. A., 2015. Integrating Project Portfolio With Business Strategy: Imagineering. Future Journal, 7(2), pp. 139-155.
Meskendhal, S., 2010. The influence of business strategy on project portfolio management and its success- a conceptual framework. International Journal of Project Management, 28(8), pp. 807-817.