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Strategic mgt. process applied to project managemt - Dissertation Example
Author : brendanstiedema
Pages 12 (3012 words)
In any effort towards enhancement of systems or processes, success is largely a function of the understanding that change is a necessary adjunct of improvement . Kaplan and Norton argued that modern business is already blessed with the so-called building blocks towards effective strategy formulation and execution, as well as, the necessary tools to ensure operational efficacy. …
The Execution Premium Process or XPP is a comprehensive and integrated management system which combines strategy formulation, planning, and operational execution (Kaplan and Norton, 2008). Program management on the other hand refers to the coordinated management of a selection of projects in order to attain benefits which are deemed strategically important for an organisation (Reiss, 2006).
XPP is comprised of six stages: (1) strategy development; (2) strategy planning; (3) organization alignment; (4) operations planning; (5) monitoring and learning; and (6) strategy testing and adaptation. This system was developed due to a need for a framework to which various strategy and operational management tools could be utilized (Kaplan & Norton 2008; Shelldrake, 2011).
Strategy development involves the formulation of organizational strategies by addressing three crucial factors: (1) mission, values, and vision; (2) key issues; and (3) the strategy itself. Organizations need to be clear with regards to their purpose, the principles by which everyone is guided in their actions, and future aspirations. An organization needs to reaffirm their mission, values, and vision as an initial step in strategy development (Kaplan & Norton 2008).