Explain Role Projects Play Strategic Management Process Projects Linked Strategic Plan Ple Q34271510

Explain the role projects play in the strategic managementprocess

How are projects linked to the strategic plan?

Please provide personal reflection

Expert Answer

Role of projects in strategic managementprocess:

Senior managers can use projects to analyze operational issues,solve problems and explore new possibilities without disruptingtactical operations. Strategic management operates on long-termplans and applies information gained from projects to set theorganization’s future priorities. As part of the strategicmanagement process, projects may focus on both the externalcustomer environment and internal activities required to supportbetter alignment of operations and strategic objectives.

• Research and Development

Many large companies allocate a portion of their profit oroperating capital for research and development