Organizational project management uses portfolio management to translate business strategy into feasible projects, aiming for strategic and economic success by applying all available resources. It allows for cohesion in project implementation and manages individual goals as a unit of a larger collective project.
Organizational project management refers to using projects to execute an organization’s strategies. This involves using portfolio management to translate an organization’s business strategy into feasible and goal-oriented projects. Organizational project management seeks to offer a solution to the ever-changing nature of the business and fills the gaps that can occur in the business and its projects as a result of a change resulting from both internal and external factors. In this sense, organizational project management aims for both strategic and economic success by applying all available resources to projects designed to achieve the organization’s goals, something that can make a difference in the longevity of the organization.
For a business to be successful, it must identify its short- and long-term goals and develop plans and strategies to help it achieve these goals. While most companies strive to follow this business model, not all of them are successful. This may be due to factors such as unrealistic expectations, lack of cohesion in project implementation or lack of organizational capacity to implement strategies.
Project-based management allows an organization to develop a strategy whereby it treats all of its individual goals as individually managed projects, but also as a unit of a larger collective project. The larger project manages individual projects with the sole purpose of supporting the goals of the organization. The ability to effectively translate an organization’s vision and goals into organizational success is vital in a competitive marketplace.
One of the benefits of implementing organizational project management in an organization is the fact that it allows for cohesion in how the organization carries out its projects. This is achieved by removing the haphazard application of projects and developing a more organized and better managed system in which these projects are oriented towards specific goals. These goals must also align with the organization’s long- and short-term visions.
Usually, a project management system has an overall project manager who looks after the bigger goal, which all the mini-projects are working towards. It is the manager’s job to ensure that the overall objectives of these projects are achieved by identifying the problems, risks, solutions and requirements necessary to achieve the objectives. Other smaller projects that make up smaller units within the larger project may also have managers who will work with the project manager to achieve the organization’s goals.
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