Reflection #2

Understanding an organization's strategy is fundamental for project management. It's like

the compass that guides your ship. In this lecture, I learned the importance of this
understanding and how projects integrate into the larger context.
First, why do project managers need to grasp their organization's strategy? This
knowledge allows project managers to align their efforts with the broader goals and
vision of the company. It's like knowing the destination before embarking on a journey;
can plan the route effectively.
Projects play a pivotal role in shaping an organization's strategic direction. They are the
tools through which strategies are executed. By successfully delivering projects that align
with strategic objectives, an organization can gain a competitive edge and drive growth.
Understanding the need for a project priority system is another key aspect. Not all
projects are equal, and resources are limited. Therefore, having a mechanism to prioritize
projects ensures that the most critical ones receive attention.

We'll also explore the three kinds of projects to help you categorize and manage them
effectively. These include operational, compliance, and strategic projects, each serving a
distinct purpose.

The phase gate model is a structured approach to project management, helping ensure
that a project moves through various stages with proper assessment and decision points.
Evaluating the value of projects is vital. We will discuss how to apply financial and
nonfinancial criteria to make informed decisions.

Multi-criteria models are tools that help in project selection. We'll learn how to use them
to compare and choose the best projects based on various factors. Applying an objective
priority system is essential for fairness and consistency in project selection. It helps
prevent personal biases.

Lastly, managing the project portfolio is about overseeing all projects collectively to
ensure they align with the organization's strategy and resources are optimized.