Methods for Strategic Goal Creation and Evaluation in Team Company - Essay Example

Methods for Strategic Goal Creation and Evaluation in Team Company 0. Introduction With increased globalization and industrialization, many organizations have been striving to implement different projects to maximize their profits or contribute substantially to the society. For an organization to achieve its intended success there is need to have proper mechanisms for managing the change that normally comes with demand for implementation a new project so as to enhance the success of the project (Lechler et al., 2009). The main objective of undertaking a project is to achieve some set goals at the end of the specific period. Many projects stall due to improper planning on the activities to be undertaken and the failure to follow the plans in the implementation stage. It is the responsibility of the project manager to ensure that the organization selects the right project. For the survival of the project, adequate resources are vital which will ensure its sustenance to the final stage. The projects requires being in line with the organizational goals. Periodical review of the program is necessary for the achievement of its set goals. In case, the planned outcome and the actual outcomes are not in unity, the management team conducts a review on the entire project regarding the allocation of resources and carries out necessary changes to ensure the achievement of major objectives (Brennan, 2011). The team company assists in the formulation and the enforcement of different policies and standards that govern the implementation of the program. For example, the team comes up with some strategic goals, such as those related to the IT area and be able to weight the project basing on the outcome. The reason for weighting the outcome is to determine if the project is significant enough and hence worth undertaking. The team company monitors the projects progress and reports to the project management team for necessary actions. The step is thus subject to consider as being among the best practices in project management due to the active monitoring of the projects. Mission: The Company aims at enhancing absolute customer satisfaction and building a strong organization culture. Vision: The Company strives at becoming a business leader through providing excellent products and services to our business community. 2.0. Issue Details 2.1. Description The issue here is that companies come up with projects but fail in implementing them due to lack of adequate management of company strategies. In this regard, project portfolio management becomes an essential tool for the success of a project. The team company engages in outlining the resource requirements for the completion of the projects followed by seeking necessary funds to finance the expenses. Every stage of the project lifecycle is important for its success. The processes begin from the conception of the project, planning, implementation, evaluation, and control. For these reasons, many organizations formulate the project portfolio management and management of company departments within their organizational strategies (Mustafa, 2012). All of this occurs through the team company management that provides the foundation for portfolio management through setting a well-defined strategy. They provide guidance to company’s managerial departmental leaders. It is the responsibility of the team company to establish an effective strategy that the organization will use for achieving the mission and vision. The team company assists in the portfolio management by establishing a staff of competent project managers who can manage projects and allocate resources efficiently. The team company is necessary through the entire project life. How the company team ensures the success of the projects is by setting the standards that it uses for comparison and the policies, which guides the staff in the implementation of the project. It conducts training programs for staff, or it can pick the competent human resources from an outside company since it focuses on the results. The teams can also advice an already existing company managerial team about best practices (Lechler et al., 2009). 2.2. Strategic Impact Company’s management strategies affect the performance of the organization to the greater capacity. If project management strategies are poor and uncoordinated, the operations of the project will be unsuccessful. On the contrary, if project management strategies are well coordinated, it will have a positive impact on the project, hence the success in its implementation. One importance of employing Team Company is that they aid the organizations in achieving their long and short-term objectives through strategic management. They select the most suitable projects at different economic times. Financial resources are vital to the implementation of the project because without adequate finances, the project will stall. The team advises the organization appropriately concerning the financial factors that affect projects. A project consists of different stages, which has different input requirements. The team company ensures that the priorities are clear and that there is an understanding of the resource capacity. The staff apportions the resources to each stage of the project and ensures that they are sufficient for the project activities (Mustafa, 2012). Accountability is normally the principle to consider when it comes to good governance in organizations. Many fraudulent managers misappropriate public resources at the expense of the completion of the projects. Proper segregation of duties and authority assists in ensuring accountability on the part of management. The team company efficiently monitors the financial decisions made by the management and confirms the adherence to procedural standards. 2.3. Stakeholders Throughout the company’s managerial processes, there are many issues of stakeholders involved such as the program manager, customer, suppliers, creditors, employees and the community (Richman, 2002). Identification of stakeholders is one the crucial steps to be carried out in the initial stages of project formulation. The stakeholders play a significant part when it comes to determining the success or failure of a project; hence their identification and involvement is very important. As part of strategic management, the company’s managerial team has to forecast the potential impact of the projects on the stakeholders. There will be efforts to stop a project that will have negative impacts on the environment or the community. It is upon the company’s managerial team to come up with ways to mitigate the potential harm that the project might cause in order to eliminate the chances of failure of its implementation. Conducting stakeholder analysis helps in identifying the stakeholders who are against the projects and those who support it. The amount of influence or strength the stakeholders have on the projects and the level and amount of involvement is very important to the success of implementing the project. The team company uses the information to develop sound strategies that are for the management of the stakeholders. The failure to manage the stakeholders may have adverse impacts on the project (Brennan, 2011). The project managers’ personal goals have to be in line with the project’s objectives so that they work tirelessly in achieving the projects objectives. Failure to which may create a conflict of interest which may sabotage the whole project. The team company trains their staff on how to be an assiduous manager. Before the inception of a project, the team company carries feasibility analysis on the project that helps in the determination of the level of success or failure of the project. Through feasibility study, the management team can identify the potential impact of the project on the environment and the ways to mitigate these impacts (Lechler et al., 2009). Some stakeholders might also give financial or managerial contribution to the project’s activities. In this regard, identifying them earlier enough will help by adding more inputs that would eventually see the smooth implementation of the new project to the organization. 3.0. Alternatives The team company is very important in today’s world in the execution of projects since they help in establishing optimal project portfolio that maximizes the chances of achievement of the set objectives. It also reduces the cost of executing the projects by eliminating unnecessary expenditure and efficiently allocating the resources. An organization that does not seek the services of the team company has high chances of failure (Project Management Institute, 2013). There are more likely to overlook very important factors that are vital to the success of the project such as stakeholder involvement. However, there might be some alternatives to having the company managerial teams. The first alternative is committing to one project for the iteration at a time. Some managerial practices fail at implementing new projects effectively due to the concept of multitasking. The best alternative for managing a new project is by just committing to single project duration the iteration phase. The process is also referred as project portfolio management. Through this method, the decision makers make a decision on which project comes first, which project comes second, and so on. Decision makers then assign these projects to the teams according to the ranking, hence ensuring success in implementing the project. The second alternative to successful implementation of the project is committing to one feature at a time. Even at the situation where the management may not be able to commit to one project at a time and then committing at one feature at a time would see the successful implementation of the project. It is possible for the team to swarm over one feature because of having a ranked backlog (Project Management Institute, 2013). The strategy will thus commit everyone on the team into concentrating on one feature at a time, hence seeing that the project is subject to successful implementation. 4.0. Preferred alternative On the two alternatives to company management teams provided above, the first alternative is much better than the second one. I prefer it in that it helps at reducing room for errors and misunderstandings in the project implementation. Additionally, concentrating at one for the iteration at a time utilizes maximum potential of all team members, hence ensuring success in implementing the new project to the company. 5.0. Conclusion In conclusion, company’s management team is essential in project portfolio management and it each organization should enact a policy that makes it compulsory for the management of the company’s departments to seek the consultation of the project management team in the execution of projects. One would expect to see some progress and impacts cause by the new project after several months of its implementation. References Brennan, L. L. (2011). Operations management. New York: McGraw-Hill. Lechler, T., Cohen, M., & Project Management Institute. (2009). Exploring the role of steering committees in realizing value from project management. Project Management Journal, 40, 1. Mustafa, A. (2012, May 7). PMOs Makeover From a Cost Centre to a Profit Centre. Retrieved from http://www.projectsmart.co.uk/pmos-makeover-from-a-cost-centre-to-a-profit-centre.php Project Management Institute. (2013). The social change network. Pm Network, 27, 12. Read More