5 Business And Strategic Factors That Affects Project Success
LAST UPDATED ON: 27TH AUGUST, 2019
There are business and strategic factors that can make a project to succeed. This helps the Project Manager to determine which business factors that should be considered for their projects. The Project manager determines how these business and strategic skills could affect the project while understanding the interrelationship between the project and the organisation. Here are some of the factors that could contribute to project success.
#1 RISK AND ISSUES
The Project Manager needs to understand the risks and issues that are likely to affect the project. When assigning a new project, the Project Manager needs to analyse the project and understand the major risks for the project. He needs to ensure that he is able to come up with mitigation strategies even though we cannot completely eliminate some of the risks.
#2 FINANCIAL IMPLICATIONS
As part of the strategic and business factor for the project, the Project Manager needs to understand some of the financial implications for the project. He has to budget for the project tasks as well as budgeting for risks based on the risk appetites of the project stakeholders in the organisation.
#3 COST-BENEFIT ANALYSIS
The Project Manager needs to perform a cost-benefit analysis for the project. He has to look at the total budget for the project in comparison to the benefit that the organisation is going to derive from the project at the end of the day. It should be stated that it is not all benefits of a project that can be monetized. You have to ensure that you have considered all factors before you pursue a particular project.
#4 BUSINESS VALUE
The Project Manager needs to understand the business value of the project. He has to know the viable contributions that the project is going to add to the organisation. This will assist him in aligning the project in order to meet organisational goals.
#5 BENEFIT REALIZATION EXPECTATION
Another major aspect of business and strategic factor has to do with the determination of benefits realization plan for the organisation. The Project Manager needs to know the major contributions of the project to the entire organisation. He must be able to know how these benefits will be realised so as to move the organisation forward.
#6 SCOPE, BUDGET, SCHEDULE AND QUALITY
The Project Manager as a point of duty needs to identify all these constraints that can mitigate against project success. He has to know how he is going to manage these constraints and achieve project goals despite unwarranted meddling from top management in the organisation.
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