Project Strategy is a high-level long-term plan for a project to explain what methods to use in achieving project goals and objectives within a challenging environment. Such a plan specifies the general direction and scope of the project and defines a long-term way to meet business needs and fulfill stakeholder expectations. Project strategy aims to determine and implement configuration of project resources for their most efficient and effective use.
An organization involved in project management needs to align strategic business planning with project planning. Project strategy is a tool that helps link a business strategy to project goals and objectives. It ensures that different projects performed within the same company satisfy common business needs and provide a result that generates business benefits.
In general, project strategy is about:
- Achieving business goals through managing projects
- Defining what kinds of activities are involved in projects
- Configuring internal/external resources (skills, assets, funds, labor, technical competence, facilities)
- Identifying environmental factors that affect project activities
- Declaring values and expectations of project stakeholders.