Question

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

Answer 1

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