Relationship Between Project Management And Overall Performance Of Company

Strategy is defined as a plan of action designed to achieve a major objective. This is the overall operations to achieve a goal. During war the military has tactics which come from the art of planning. A strategy is the guide for the individual, business, or organization to achieve the objective at hand. An individual should map out and meditate in advance to reduce the chance of failing. So, for FedEx, it could be to map out routes to make sure delivery personal does not overlap each other. A strategy is a compass that guides a person along to make sure they achieve their objective.

Project management provides reasonable scientific solutions in order to overcome difficulties and achieve success. Each project has a variety of objectives have to achieve, these objectives are vary and can be for organization objectives or for social objectives. However, the project objectives could face some obstacles could be lead to limited success. The attempt to discover the factors of project success and project failure was not easy task for both scholars and expertise. These definitions can provide a close understanding and explanation for these terms. Many project management literatures have variety definitions of project success. (Adinyira, 2012) pointed out that Pinto and Slevin (1988) defined the success as delivering projects on proper time, cost and quality. Others like westerveld, elizabith have different ideas regarding the success that are related to the judge of stakeholders and organizational management. However, nowadays success become more complex issue to determine, it is not only meeting the costs and time it is belonging to the typology and sector of the project

In this paper, I, a student of University of Phoenix will explain and discuss project management. I will address three main points. I will first answer what is a project. Secondly, I will discuss what are the basic phases of the project lifecycle and their purpose. Finally, I will explain why it 's important for organizations to use project management to accomplish tasks.

Strategy is about which product or services should be produced and offered to which markets and which the customer needs and wants are met whilst achieving the objectives of the organization while making a profit – how each business aim to achieve its mission within its selected area of activity.

Concept of strategy was first introduced in fifties in organisational literature by faculty of Harvard Business School (Snow & Hambrick, 1980). According to the definition given in Oxford dictionary, “Organizational Strategy are the plans of a large organization about development and dealing with changing markets. These plans must originate from company’s main objective which represents key feature about business of the company. For a strategy to work, it should be divided into smaller achievable targets (Johnson, 2016). One more definition of describes organizational strategy as an expression of how an organization needs to evolve over time to meet its objectives along with a

In this era of globalisation, project management has been widely utilized to enhance the competitive edge of an organisation. Project management serves as a platform for many companies to achieve organizational excellence and success.

A strategy is the means by which a business sets out to achieve its desired objectives. At its most basic it can be described as long-term business planning. Typically a business strategy will cover a period of around 3-5 years, but this can sometimes be longer. Johnson and Scholes (1941) define strategy as “the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations". In order for a strategy to be realised it is usually reduced to a series of tactics in specific areas such as: mission, vision, objectives, goals and core competencies.

According to Tony proctor (Strategic Marketing, 2000) a strategy is a plan that integrates an organization’s major goals, policies, decisions and sequences of action into a cohesive whole. It can apply at all levels in an organization and pertain to any of the functional areas of management. Thus there may be production, financial, marketing, personnel and corporate strategies.

A strategy is a long-term approach to implementing a firm 's business plans to achieve its business objectives. It is also defined as the art and science of planning and marshalling resources for their most efficient and effective use.

There are different definitions of strategy. However, for the purpose of this research, we must select a definition. According to Tony Proctor (2000), a strategy is a plan that integrates an organization’s major goals, policies, decisions, and sequences of action into cohesive whole. It can be ¬applied at all levels in an organization and pertain to any of the functional areas of management. Thus there may be production, financial, marketing, personnel and corporate strategies, just to name a few. In marketing, there may be pricing, product, promotion, distribution, marketing research, sales, advertising, merchandising, and etc. strategies. Strategy is concerned with effectiveness rather than efficiency and is the process

Johnson, Wittington, Scholes, Angwin and Regnér (2014, p. 3) defines strategy as ‘the long-term direction of an organisation’.

Strategy can be defined in different ways. According to Morley (2014) “Strategy is the expression of how the company is to achieve its objectives and an expression of its intent to achieve those objectives”.

According to McKiernan, 1997; Mintzberg et al., 1998a, Stonehouse et al., 2004 strategy is, above all, the "ways to help a Company seeking their goals". Kaplan and Norton

Strategy relates to the scope and domain of a corporation's activities and the main issues to use while evaluating its success. Activity pattern in the strategy is on resource acquisition, commitment and allocation in accordance to an organization's need, environment, management network and intended goals(Chew & Sharma, 2006).

Chandler (1962) defined strategy as “The determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources for carrying out these goals”. Strategy is related to long-term goals, policies and major issues of the business which determines the success or failure of the organisation. In simple words, strategy is something which accomplishes the firm’s goals. Strategy is about being different from competitors by performing better (Magretta, 2002). A strategy of an organisation should not be changed very often and should be planned for long-term because strategy needs a period of consolidation. Businesses follow strategy to have a competitive advantage over the other firms in the market.