Aligning Business Strategies and Project Management

Aligning Business Strategies and Project Management Project management has become very important topic all over the world. Literature shows that more than 30 companies fail to accomplish its project with success due to misalignment between business strategies and project management. Many companies face this problem of missing link of business strategies and project management. Alignment is necessary for getting competitive advantage and goals of its business. Top management also play important role in alignment of business strategies and Project management. Keywords: Business strategies, project management, alignment, project portfolio management Introduction: Project management has become very important and also serves as core function in many organizations. Projects are any temporary activities that have starting and finish point, it has performance parameters. Projects face triple constrains (1) time (2) budget and (3) performance. It was assumed that for attainment of organizational goals one has to meet triple constraints of tim e, budget and performance. Project management plays a vital role in achieving organizational goals and considered as backbone of organization. Project management is knowledge that meets the requirements of projects. Project management plays important role in accomplishing strategies, business goals and desired outcomes. Organizations link their projects with business strategies to achieve the goals and objectives. Strategies are activities that guide and direct the use of the resources to accomplish the organization’s vision and goals and sustainable competitive advantage. Mostly these components comprising the strategies of the business like internal analysis, organizational structures, control systems have strong links to project management processes and activities. Project management includes project portfolio management (PPM). PPM is about how organizations controls its projects and align them with business strategies. Many organizations are working on numerous projects a nd they are conscious to get maximum return of their business. PPM also includes the maximization profit which is main objective of all organization. Basically projects are bases of any organization to build up business strategy and project management relation. When organizations link their projects to their business strategy, they are better able to accomplish their organizational goals. Companies should align their business strategy with the project management action to implement the strategies in the projects. Such alignments are difficult because the objectives of business strategy are sometime not clear and well-communicated with project management. Misalignment may cause an organization to missing goals, communication gap and missing link of business strategy and project management. The lack of alignment of business strategy to the project management leads to the project failure and has adverse effects on organization performance as well. . There is need of systemic approach t o align the projects with business strategy. So important in managerial challenges involved that aligning project management and business strategy and encouraging individuals to participate in using emerging strategies to create new ideas and renew existing strategies. Literature indicates that some factors that helps in creating link between business strategy and project management if there is any gap between the bridge of business strategy and project management that should be filled to achieve high returns and competitive advantages. As literature shows that SPL elements such as spirit, strategy, organization, tools and processes that elements should be align between business strategies and project management and in depth understanding of factors that are missing and relationship of these factors with business strategies and project management. Portfolio management play important role in project management and business strategy linking. Implementation of strategies with formulati on, receive less attention than formulation so there should be proper emphasis on the implementation as well as.