Global Project Management Might Add Value, Essay Example

This paper posits to evaluate how global project management might add value and thus create and /or sustain a competitive advantage. The first important initiative in this regard is the application of processes of portfolio management by executives in the process of conducting benefits realization which is achievable by means of project execution oversight. Benefits realization coupled with business cases are ingredients of higher profits hence increasing the chances for sustainable competitive advantage. Executives must have the skills of defining relevant projects on the basis of holistic vision. Engagement in innovative projects could be profitable if all risks are effectively predicted and mitigated. Due to the dangers posed by economic turmoil, most executives are cautious in engagement in such initiatives. However, metrics can be applied efficiently in building a business case that is compelling with the use of proper decision making that guide the finance managers on the weight carried by benefits relative to risks.

The steering committee together with investment governance committees must be keen in vetting programs in their projects that suits their enterprise strategy. Any attempts to neglect benefits realization could be detrimental since the previous decisions on investment can hardly be monitored. The result is lack of an opportunity for the organization to follow up the progress of past projects that guides in improvements in future decision making. Creation of robust and fact-based business cases in the activities of the business is an important accomplishment for project managers aspiring for sustainable competitive advantage. The planning phase in any project plays a significant role in success determination and should therefore be cautiously executed. Execution of the project must be handled by time conscious managers to achieve project completion in real time.