Page 45 - DMGT302_FUNDAMENTALS_OF_PROJECT_MANAGEMENT

Fundamentals of Project Management

Notes scale projects, CEO (Chief Executive Officer) or COO (Chief Operating Officer) will
determine the goals for its project.
4. Policies: A policy is a definition of common purposes or organization components. The
process of strategic planning sometimes encompasses the formulation of important policies.
Policies help to insure that all units of an organization operate under the same ground
rules. They also facilitate coordination and communication between various organizational
units. Policies of competitors also influence an organization’s policies.
5. Analysis of Environment: Project environment always influencing factor for
decision-making. There may external or internal factors that influence business. Buyers,
Suppliers, government and competitors are likely to react in accordance with changes in
environment. Thus business also should act in the same passion.

Second Stage: Formulation

1. Formulation of Strategies: Strategies can be formulated after clear diagnosing the
environment. Each strategy with suitable sub-strategies and alternative strategies should
be available to top management. Thus, top management always mentor the administration
with strategies which can be adopted for time-to-time.
2. Implementation of Strategies: This is important stage in project management process.
Well-designed strategies may be failed in implementation. Hence, adoptability of strategies
and implementation process should be clearly mentioned while formulating project. It is
the manager’s responsibility to take care of implementing strategies in accordance with
the requirements of organization.

Third Stage: Evaluation

1. SWOT analysis: Strengths, Weaknesses, Opportunities and Threats simply termed as SWOT.
Every project should go through SWOT analysis. It is an important tool of evaluating
capabilities of the project.
2. Evaluation: This can be stated as last stage of project management process. The manager
should evaluate each project’s strategy after implementing them. The strategy should
evaluate whether there is profit maximization or cost minimization or achievement of
long-term or short-term goal what ever it may be.
A Planning Process for Middle-sized Projects

Figure 3.2: Planning is an Iterative Process

Source: iStockphoto/djgunner

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