Project Management: Achieving Competitive Advantage, Fifth Edition

Projects and Organizational Strategy

1. LO 2.2 Recognize three components of the corporate strategy model: formulation, implementation, and evaluation.

Strategic management is the science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.2 In this section we will consider the relevant components of this definition as they apply to project management. Strategic management consists of the following elements:

1. Developing vision statements and mission statements. Vision and mission statements establish a sense of what the organization hopes to accomplish or what top managers hope it will become at some point in the future. Vision statements describe the organization in terms ...