1.What is the connection between an organization's strategic plan and the creation of projects?
Answer:
The projects that an organization chooses to pursue should directly support the strategic plan/goals of the company. If the projects receiving resources (funding, bodies, time, etc.) do not support the company strategy, then they are being wasted.
Having said this, there is a requirement to just support the company and keep it operating so you will see bodies and funding thrown at efforts like keeping PCs running or building maintenance. These are on-going operational costs of doing business and not projects.
A portfolio is a collection of the projects that a company is pursuing. Every year, many organizations go through a portfolio selection process where projects are proposed and then some criteria are used to decide whether or not to pursue and fund them. Part of the selection process is to confirm that the project helps meet the organization's strategy objectives.
Hope this helps..
Organizations create new projects that are targeted towards meeting goals set forth in their strategic plan.
For example, if the strategic plan states they wish to improve the sales rates, the company may hire new faculty in the advertising department.
or
At most colleges, they wish to improve student enrollement. As a result, they do things like upgrade equipment, or increase advertising and recruitment.
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