Strategic Project Management
This is an excerpt of a paper I wrote while working on my MBA. To read the entire article, download the PDF titled “Strategic Project Management.”
Strategic Project Management (SPM) (also called Enterprise Project Management by some) has been defined by Callahan & Brooks (2004) as
“the use of the appropriate project management knowledge, skills, tools and techniques in the context of the companies goals and objectives so that the project deliverables will contribute to company value in a way that can be measured” (Callahan & Brooks, 2004, p. 23).
They further describe SPM as
“a process that takes into account a company’s way of doing business, allowing for the possibility of a significant payoff with fewer risks” (Callahan & Brooks, p. 30).
The above definitions are good, but they do not convey the most important aspect of SPM, which is the fact that senior leadership needs to be involved in selecting, defining and prioritizing which projects are undertaken within the organization. Because of this, the following definition does a much better job of accurately defining SPM:
Strategic Project Management consists of selecting, managing and measuring project outcomes to ensure optimal value for an organization. All projects undertaken by an organization must meet a set of criteria setup by the organizations’ leadership to ensure alignment with the strategic vision of the organization.
Strategic Project Management is really nothing more than picking the right projects for the organization to ensure optimal returns. This sounds very simple and straightforward, but research shows that there are many organizations that have overlooked the important fact of aligning projects with corporate strategy.
References:
Callahan, K., & Brooks, L. (2004). Essentials of strategic project management. Hoboken, NJ: John Wiley & Sons.
Technorati Tags: Strategic Project Management, Project Management, Consulting, Project Portfolio Management
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