|← Treasury Management||Healthcare Management →|
Top management support is the principal key to the success of any project. This implies that the successful completion of any project requires the project manager to secure an appropriate support from the senior management. It is considerably difficult for a project manager to operate successfully in a hostile environment where the top management does not understand the benefits that the project of concern will deliver to the organization. The stakeholders, management and contract strategies in an organization collaborate within different contracts and the management of such contracts. This occurs in a separate project success factor, which is also a component of organizational issues.
The strategic analysis acronym SWOT stands for:
Strength describes various aspects of an organization that give it competitive advantages over its rivals. Weakness describes factors that render an organization vulnerable to various market threats. Opportunities highlight viable ventures within the industry of operation for a particular business. Threats refer to the variety of market factors that act to hinder or stall the advancement of a business.
The meaning of the acronym SMART with regard to goals is:
S – Specific
M – Measurable
A - Agreed upon
R – Realistic
T - Time-based
Specific describes the particular goals to achieve, while measurable means that the goal is obtainable and there is defined time of completion. Agreed upon describes the existence of a consensus between various stakeholders concerning the established goals, while realistic means that stipulated objectives are achievable through available resources and time. Finally, time based means that there is enough time to achieve a particular goal. SMART is an important step in determining a business’s strategy and thus leads to the business intelligence strategy. Once the business owner has identified the key issue concerning the business, they employ business objectives such as marketing. SMART is also applicable to projects and other ventures.
The primary method of implementing the organizational objective is by initiating and starting a project with regard to the organization’s objective.