Download - Group 3 Assignment -Module 6
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POST GRADUATE DIPLOMA IN PROJECT MANAGEMENT (PGDPM)
Group 3 – Practical 1
The Three Pillars of Delivering Strategy –
Demystify! (Portfolio Management, Project
Management, Programme Management)
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GROUP 3 MEMBERS• Edward Musiwa• Happymore Mutasa• Irene T. Nyayera• Fungai Marowa• Herbert Kazonda• Charles Mahlanze• Hilda Mufema• Taurai Tsuro• Godknows Simbanegavi• Shepherd Magombedze
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Portfolios
Conclusion
Programs
Projects
Bibliography
Strategy and Project Management
Introduction
The Three Pillars of Delivering Strategy Demystified
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Introduction• Strategy derives from the ancient Athenian
position of ‘strategos’– Stratos – ‘army’ or an encamped army spread
out over ground– Agein – ‘to lead’
– (Cummins, 1993)
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Introduction (Cont…)
• Johnson and Scholes (2001) defined strategy as the scope and direction of an organization over the long-term which achieves advantage for the organization – through its configuration of resources – within a challenging environment, – to meet the needs of markets – and to fulfill stakeholder expectations.
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Intro- Portfolio Management
• Def: A Portfolio is a collection of projects or programs grouped together to facilitate effective management of efforts to meet strategic business objectives (Robertson, 2011).
• Portfolio management aligns the portfolio of projects and other work with the objectives of the organization and ensures that the work delivers value to the business.
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Intro – Portfolios (Cont…)
• Portfolios are made up of projects, programs and other work.
• Other work includes: – on-going operations,
– ad-hoc activities
– and other “business as usual” work.
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Intro - Program
• A Program is a group of related projects managed in a coordinated manner to obtain benefits and control not available from managing them individually (Robertson, 2011). – Programs may include elements of related
work outside of the scope of the discreet projects in the program
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Intro - Program Management
• Def: Program management is the process of managing several related projects (Meredith and Mantel, 2010), – often with the intention of improving an
organization's performance.
• Program management provides overall leadership and vision to the project management process.
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Intro - Projects
• A Project is a temporary endeavor undertaken to create a unique product or service, (PMI,2004, p.5)
• Projects serve as the vehicle to implement and execute the corporate strategy. – Some firms are project-based organizations
and recognize revenue by delivering on contractual projects.
– However, other firms may perform projects internally as a means to grow the company.
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Intro - Project Management
• Project management ensures the successful completion of initiatives and deliverables within time, scope and cost.
• The project manager manages stakeholder expectations and communication.
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Project Management Hierarchy
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The Three pillars of Delivering Strategy - Demystify
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PMBOK Depiction of Project Mgt:
• Project management exists in a broader context that includes:– program management,– portfolio management, – and project management.
(PMBOK page 16)
• The important point is the recognition of a hierarchy linking strategy to projects as illustrated below:
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The Project Structure for Delivering Strategy
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Diagram 1: P3MO Relationship Venn
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• Organizations can align projects with business strategies into three levels namely:
• the strategic,
• the tactical,
• the corrective emergent strategic feedback.
»(Meredith and Mantel, 2010)
The Three Levels of Strategy
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Strategic Level• At this high level the main focus is on
ensuring that projects provide maximum value to business
• Portfolio Management level– It is the level at which the alignment of
projects and strategy begins. – At this level strategic managers derive the
intended strategy and typically use portfolio management to determine the right projects that would contribute to the organization’s goals.
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Tactical Level
• Focused on the provision of maximum value to stakeholders
• At this level is where Program Management takes place.– involves delineating additional detail for the
projects selected during strategic level interactions as a means to ensure proper alignment with the project life cycle.
– At this level project managers develop a project management plan that ties back to the business goals and objectives.
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Corrective Emergent Strategic Level
• Project Management– stage gates or milestone reviews to evaluate
the project status on scope, schedule, and budget.
– As the project is executed, emergent actions occur that may change the intended strategy.
– This level ensures feedback from the project level as a means to allow the business strategy to adapt to its competitive attributes brought on by change.
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Linking Projects to Strategy
• The strategy of the company or organization is intended to drive all decisions within an organization.
• It provides direction, a rallying point and a test for decisions at all levels.
• As such strategy would lead the projects, programs, and the process of portfolio management.
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Diagram 2: Hierarchy Linking Strategy to Projects
Project•Project Aa
•Sub-Proj Aa
•Sub-Proj Ab
•Project Ab
Project•Project Ba
•Sub-Proj Ba
•Sub-Proj Bb
•Project Bb
Program - A
Program - B
PortfolioStrategic
Plan
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Conclusion• Aligning PM with Strategy gives you an in-
depth analysis of the process leading from strategy formation to portfolio development to the project implementation. – It is important to learn how to link your project to
the business strategy, – develop an appropriate project execution strategy, – apply and maintain alignment of the project
strategy, – and manage the expectations and interests of
those who have a stake in the project outcome.
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Bibliography and References
Books•Deborah Kezsbom, et al., Dynamic Project Management. John Wiley & Sons, 1989•John Wiley & Sons. Chapter 12, pp 257-287.•Morris Eds Peter W G & Jeffrey K Pinto, The Wiley Guide to Managing Projects, Hoboken, NJ;•Stretton Alan 2011g. “Time to re-unite project management with general management•Thiry, Michel 2004a “Program Management: A Strategic Decision Management Process
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Bibliography and ReferencesPublications• Banda P.J 2011, PMIZ PGDPM Module 6
Workbook, p.38 ,55.• PMI (PROGRAM MANAGEMENT INSTITUTE)
2006a. “The Standard for Program Management”. Newtown Square, PA: Project Management Institute.
• PM World Today, Vol XIII, Issue V, May. PMI, PMBOK , page 16.
• IBM Rational SUMMIT Ascendant, "The Program Management Method." Version 8.1, February 2004.
• Office of Government Commerce (OGC): HMSO, "Managing Successful Programmes." Copyright 2003.
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Bibliography and References
Websites
http://pmstudent.com/a-theoretical-framework-for-aligning-project-management-with-business-strategy/
http://pmstudent.com/linking-business-strategy-to-project-strategy/
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