Project Strategy

The conventional approach to strategy in projects requires the manager to consider three key elements. There are, 

• Time 
• Cost 
• Quality 

There are provided the goal for the project. This can be considered first. Then need to consider the further element of flexibility.

All three-time, cost and quality can be considered as having two elements. The first is the element of performance, as: 
Time -What is the shortest possible project duration? 
Cost -What is the lowest cost? 
Quality -What is the highest level of quality that can be achieved?

The second element is conformance. This is a measure of the reliability required of the project system, as: 
Time -Can the project be guaranteed to deliver on time? 
Cost -Will the project finish within budget? 
Quality- Will the project meets the specified level of quality?

                            Time                       Cost                          Quality 
Performance     Shortest possible      cheapest possible           Highest level 
Conformance    As planned               As budgeted                  As specified

The mechanisms by which the project manager assures conformance are different from those that ensure performance. For example, by selecting low-cost suppliers, the project manager may attempt to ensure that the project is delivered at minimum cost. Whether it is in fact deliverable is determined by the actions of that manager to secure guarantees that the price will be achieved in practice. 
However fix strategy are not a better method of adopting it macro environment provide opportunities and threats for the project.
 
Time and cost criteria are relative straight forward concepts. In practice determining whether key objectives have been achieved can be a matter of some argument and commercial significance. However, one of the least understood concepts is quality. There are number of manufacturing and service definitions. 

The process of developing strategy for projects would be easier if customers always knew exactly what they wanted at the outside and were able to communicate this which is the responsibility of the project manager to ensure that customer input is obtained by the project, and there are number of methods available for doing this. There are, however, many occasions when the requirements of the customer are likely to change as the project progresses. The ability of the project system to address this change is expressed by its flexibility. Such flexibility needs to be accounted for the outset, as there can be penalties in relation to the other objectives. It is vital at the project strategy stage to determine the most important issues for the project so that, should necessary, compromises can be identified.

However, finally the most important Component in project strategy planning consists of external environment analysis, Internal environment analysis, goal formation and implementation.