SPONSORS

SPONSORS

Stage 3: Augment and consolidate strategic initiatives

 

Organisational Strategic Planning & Execution

SERIES ARTICLE

By Alan Stretton, PhD (Hon)

Sydney, Australia

 



INTRODUCTION

This is the third of a series of five articles on organisational strategic planning and execution. I have been using the following basic strategic management framework developed from earlier articles in this journal as the common base for this series. (The summarised materials for Stages 3 and 4 in Figure 1 have been slightly amended from those shown in the first two articles of the series).

Figure 1: An organisational strategic management framework, with project contributions

The first article in this series (Stretton 2018d) addressed Stage 1: Establish strategic objectives, and discussed the extensive preliminary work needed before strategic objectives can be reasonably established; the importance of “emergent” strategies; and the need to re-establish strategic objectives as the latter come into play.

The second article (Stretton 2018e) addressed Stage 2: Develop options, evaluate, and choose the best. It focused on the importance of developing alternative strategic initiatives, and of achieving reliable conceptual level estimates, to facilitate valid evaluation of the ‘outline’ business cases for these initiatives, and choice of the best.

This third article addresses Stage 3: Augment and consolidate strategic initiatives. The augment part of this heading is shorthand for first augmenting and elaborating the chosen strategic initiatives into sufficient detail to be able to expand the relevant ‘outline’ business cases from Stage 2 into detailed business cases with appropriate levels of confidence about the underlying estimates. The latter are generally associated with bottom-up estimating, which is more detailed and reliable than the top-down estimating typically used for conceptual estimated in Stage 2. For strategic initiatives with softer projects whose parameters cannot be so well defined at this stage, I have provided for iterations with the double-headed arrow in Figure 1

The feasibilities of these strategic initiatives and their business cases can then be re-checked and confirmed, and formal approval given to proceed to the next step.

The consolidate part of the Stage 3 heading is shorthand for prioritising and  balancing the group of strategic initiatives, and then consolidating them into a strategic portfolio (or portfolios), to facilitate effective strategy execution. We will also discuss three different understandings in the literature about the scope of management of strategic portfolios, and touch on responsibilities for managing them.

More…

To read entire article, click here

 

How to cite this article: Stretton, A. (2018). Stage 3: Augment and consolidate strategic initiatives, Series on Organizational Strategic Planning and Execution, PM World Journal, Volume VII, Issue 6 – June. Available online at https://pmworldjournal.net/wp-content/uploads/2018/06/pmwj71-Jun2018-Stretton-strategic-planning-series-article-3-augment-consolidate.pdf


 
About the Author


Alan Stretton, PhD

Faculty Corps, University of Management
and Technology, Arlington, VA (USA)
Life Fellow, AIPM (Australia)

 


Alan Stretton
is one of the pioneers of modern project management.  He is currently a member of the Faculty Corps for the University of Management & Technology (UMT), USA.  In 2006 he retired from a position as Adjunct Professor of Project Management in the Faculty of Design, Architecture and Building at the University of Technology, Sydney (UTS), Australia, which he joined in 1988 to develop and deliver a Master of Project Management program.   Prior to joining UTS, Mr. Stretton worked in the building and construction industries in Australia, New Zealand and the USA for some 38 years, which included the project management of construction, R&D, introduction of information and control systems, internal management education programs and organizational change projects.  He has degrees in Civil Engineering (BE, Tasmania) and Mathematics (MA, Oxford), and an honorary PhD in strategy, programme and project management (ESC, Lille, France).  Alan was Chairman of the Standards (PMBOK) Committee of the Project Management Institute (PMI®) from late 1989 to early 1992.  He held a similar position with the Australian Institute of Project Management (AIPM), and was elected a Life Fellow of AIPM in 1996.  He was a member of the Core Working Group in the development of the Australian National Competency Standards for Project Management.  He has published over 190 professional articles and papers.  Alan can be contacted at [email protected].

To see more works by Alan Stretton, visit his author showcase in the PM World Library at http://pmworldlibrary.net/authors/alan-stretton/.