Question

In: Operations Management

Why are companies using projects as one of the strategic ways of accomplishing organizational goals and...

Why are companies using projects as one of the strategic ways of accomplishing organizational goals and objectives?

Solutions

Expert Solution

Strategic planning is the process if determining the long-term objectives of the organization on the basis of its strengths and weaknesses along with different types of opportunities and threats presented by the external business environment. This helps the organization to predict an estimate the future trends and determining the future requirements of new products and services.

By selecting the appropriate projects can be one of the greatest methods of having strategic planning to accomplish the organizational goals. As a part of strategic planning for accomplishing the long terms goals, various potential projects are identified by the organizations, utilize various methods for finding the different projects and their relative significance and with the help of project charter, the initiation of the project takes place.

The main reasons for having the projects for the accomplishment of long terms organizational goals are as below:-

With the help of different projects, the organization can focus on their priorities

The project helps in allocating the different resources of the organization in the most efficient manner

These projects are quite helpful in improving the revenue generation of the organization which is almost the bottom line of all the organizations

Various projects are used to improving business process, reduce operating costs.

Projects are one of the greatest methods of coming up with new and innovative products and services and thus having a greater market share


Related Solutions

Why is it important to align CRM initiatives with organizational goals? Give an example using a...
Why is it important to align CRM initiatives with organizational goals? Give an example using a company from your emarketing plan or your final authentic assessment.
Discuss how cost accounting can be utilized to support healthcare organizational strategic decisions and goals related...
Discuss how cost accounting can be utilized to support healthcare organizational strategic decisions and goals related to departments, facilities, and services
How are companies working with change or change management and how companies are using strategic change...
How are companies working with change or change management and how companies are using strategic change management, and using Using John P. Kotter’s 8 Step Change Model framework, please explain how the companies are implementing the change
Explain why companies should discount projects using the cost of equity. When should they use the...
Explain why companies should discount projects using the cost of equity. When should they use the WACC instead? When should they use either?
1. Why is marketing ethics a strategic consideration in organizational decisions? Who is most important in...
1. Why is marketing ethics a strategic consideration in organizational decisions? Who is most important in managing marketing ethics: the individual or the firm’s leadership? Explain your answer.
In what ways can information technology support public health activities? Health care organizational goals? Provide examples...
In what ways can information technology support public health activities? Health care organizational goals? Provide examples for each.
Provide one example of contingent projects in the context of one or more companies in Australia...
Provide one example of contingent projects in the context of one or more companies in Australia or US.
One of the ways to create a good work–life balance is to set goals. We create...
One of the ways to create a good work–life balance is to set goals. We create goals to guide and motivate us to succeed. Setting goals can give us a reason to work hard, engage in ethical behavior, and create a balance between work and personal life. Self-motivation techniques can help us to achieve our goals and maintain focus on the rewards for staying on task. It is important that we identify our values and needs to accomplish this. Instructions...
Strategic Types & HRM Needs Michael Porter has identified two primary ways that companies compete within...
Strategic Types & HRM Needs Michael Porter has identified two primary ways that companies compete within an industry: on cost and on differentiation. Companies' profit margins are calculated as the difference between the price they charge for an item and the costs they incur to produce that product. All else equal, the higher the price charged or the lower the costs incurred, the higher the profit. The two "generic strategies" focus on each respective aspect of profitability. Companies with a...
Benchmarking is one of the essential ways to evaluate companies as it allows investors to compare...
Benchmarking is one of the essential ways to evaluate companies as it allows investors to compare various companies in the same industry. Pick an industry of your choice and choose 2 companies for the purpose of benchmarking. Research their total revenue, net income, and market capitalization on Yahoo Finance. Explain in which which of these two companies you would prefer to invest, and why?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT