Corporate strategy is a crucial aspect of achieving an organization's goals and objectives, and it typically involves implementing strategic initiatives at the strategic business unit level. Projects and project management are important tools for implementing strategy, but there is some confusion among scholars about how exactly this happens. Furthermore, the topic has not been thoroughly reviewed to date. This piece explores how corporate strategy is developed and executed through the management of portfolios, programs, and projects. Most projects are part of a larger portfolio or program, which involves applying knowledge, skills, tools, and techniques to a collection of projects or programs to meet an organization's investment strategy. Portfolio management is primarily about selecting the best projects or programs to proceed with, while project management is about executing the project correctly. Effective coordination of projects with a shared business goal can be achieved through program management, which is more subtle and can respond better to changing circumstances than portfolio management. While all companies acknowledge the importance of project strategy management, it is not always managed as a formal process. Organizations use a combination of program or project plans and other management plans to manage programs and projects, highlighting how the project will be executed. Competencies, roles, responsibilities, and accountabilities play a crucial role in translating corporate strategy into project strategy. Competence and capability have been defined in various ways, and project managers require a variety of knowledge, skills, and personal attributes, including strategic direction. Senior managers do not always believe that project managers should be involved in project strategy, but project leadership is increasingly recognized as a key competence in shaping and implementing project strategy. In conclusion, project strategy management is an area that is important for organizations to understand, particularly in the context of corporate strategy. While there is some confusion about how exactly projects and project management implement strategy, it is crucial for organizations to understand their business management model and the position of project or program management within it.
The above post with case studies is discussed at
How to Translate Corporate Strategy into Project Strategy (appliedproject.com)