2 pages/≈550 words
Business & Marketing
Economic Conditions (Essay Sample)
Project management is a fundamental skill in an organization no matter what the economic climate. How does the current economic climate affect strategic planning for the organization as well as for project management? Provide commentary to support the importance of strategic planning in both strong and weak economies. @ source..
Project management and strategic planning Name: Institution: Date: Project management is a vital aspect for the success of organizations, as projects may increase sales as well as enhance efficiency. Nowadays strategic plans incorporate project management practices to improve the effectiveness of organizations. Project management deals with the way organizations manage change and allocate time, resources, money in achieving the goals of a project (Kloppenborg, 2011). On the other hand, strategic planning deals with how organizations make plans and decisions that affect the organization over time, and the ways, through which they will achieve this, it involves making decisions that affect the whole organization (Abraham, 2012). Following the global recession, the current economic climate is one of uncertainty and hence affects the strategic decision making in many organizations. One of the main impacts of the current economic climate is that organizations now focus on reducing fixed costs in order to remain competitive. Additionally, many organizations try to minimize their operation costs and incorporate this in the strategic plans. Resulting to retrenchment is common in many firms although the economies of many countries show signs of recov...
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