Importance of strategic project management

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Reference no: EM133358709

Assignment:

Projects benefit from strategic project management (SPM) because it allows the project teams to more easily see and understand the project goals. Throughout the reading this week, Schmidt (2021) focuses on the importance of WHY, understanding if-then scenarios, and knowing the inputs and outputs that make up the project goals. If projects understand the inputs and outputs of their project, they can create an if-then scenario to build out a strategic plan to execute the project. By using if-then scenarios to help create an objective tree, can allow the project management team to evaluate different options, to then select the best strategic plan for the project.

By using strategic project management, it can impact project teams because it helps create a more focused mindset when creating an execution plan for a project. SPM also will give project teams a better understanding of if something happens, what else it could impact, and the best way to react.

Within my professional career, I have worked on construction projects in the power market, and am now on the finance side of construction. Within this industry having a strategic plan is vital, rather you're on the project or like me, in the office crunching numbers. As the finance manager, I need to use strategic management to be prepare if any projects suffer unplanned losses and how we react to that as a market. We use Schmidt's (2021) if-then strategy often.

Reference no: EM133358709

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