Module 2- Project Life Cycle and Project Organisational Strategy (4/12) -- Project Management: A Strategic Approach

Module 2- Project Life Cycle and Project Organisational Strategy Key Takeaways - Project management is an ideal tool to support strategic planning and achieve strategic goals and objectives. - Projects selected should support the strategic direction and be consistent with the organisation’s existing or proposed goals and objectives. - Projects should always add value to the organisation’s strategic direction. - Projects should be consistent with changes in direction in the organisation’s external operating environment. - The use of project management can improve the strategy process and help reduce the gap between strategic planning and operations functions. - The Project Life Cycle is a core tool that guides the management of projects successfully from start to finish. - Every project goes through the Project Life Cycle, which is made up of four and/or five phases of the project management process. Project Management Tip: “Before pursuing a new service or product development, or improving an existing one, there must be a strategic alignment within the project and all elements driving the organisation.” Reflect on how each of these three sub-elements, including 1. Developing a strategic vision and sense of mission, 2. Formulating, implementing, and evaluating Cross-functional decisions, and 3. Achieving its objectives, are important in understanding the challenge of strategic project management. Exercises