What is the relationship between strategy and project management?

Strategy and project management are inextricably linked because the success of a project is dependent on its alignment with the overall strategy of the organization. The strategy of a company serves as the framework for decision-making and resource allocation, whereas project management is the process of planning, executing, and closing the work of a project in order to achieve specific goals and meet specific success criteria.

In practice, the relationship between strategy and project management can be described like this:

• Aligning projects with strategy: The goals and objectives of a project should be consistent with the overall strategy of the company.
• Project Prioritization: The company’s strategy should guide project prioritization, ensuring that resources are allocated to the most important initiatives.
• Measuring success: Success in project management should be measured not only in terms of project objectives, but also in terms of how the project contributes to the overall strategy of the company.
• Changing the project management process: As the company’s strategy evolves, the project management process should be modified to ensure that it remains aligned with the strategy.

Overall, the relationship between strategy and project management is one of mutual reinforcement, because project success is dependent on executing it within the context of the organization’s overall strategy, and strategy success is dependent on effective project management.