Vietnam’s economy has been tremendously grown recently. Due to this economic growth, people from urban places move to major cities to seek employment which leading to huge demand for residential apartments as well as public building such as office and commercial or retail center. Currently, the supply could not match the demand which causes high property price particularly for residential projects with area yet to be built with investors camping in the streets to get a chance to buy off-plan.
Mr. Nguyen Phan Hoa Binh, the author, recognizes that in the planning management process, the link between business strategy plans and the project execution plan are not properly planned, organized, controlled and evaluated because of the critical problems such as:
1. The constraint of matrix organization structure at portfolio Project
2. The constraints of communication, difference communication channel
3. The conflict interest between shareholders
Due to these problems, Mr. Binh made a research which purpose was to analyze the said problems in order to come up with suggestions on how these should be solved. The objectives of his research were to: (1) explore the structure of close end property fund, to explore the linking structure model of portfolio company with the structure of property fund; (2) review the literature of strategic planning, the project strategy; (3) investigate the planning process of property project, to critical analysis and identify what is missing link between business strategy (fund) and project management (portfolio) via two case studies that the study author is working on it; and (4) adopt the project strategy in the project management in the aim to add a new tool to project execution that will contribute to project success and overall business results as initiation plan from property fund.
Conclusion
In the competitive market and globalization, the project strategy is the essential competitive weapon for company organization in the coming years. These are selecting the right strategy at the project initiation, making it compatible to the business strategy, carefully articulating the four components of project strategy will contribute to project success and overall business results.
Mr. Binh investigated the organization of property fund structure aiming to deeply understand the property fund structure that form up the portfolio company. It is the tool that helps to define the end property product, and its explicit competitive advantage. Based on the project case study- Aqua City Development, Mr. Binh has emphasized on how to define project strategy, how to define end project, how to define the project scope and classify project type. Although it has limited constraints to implement the project strategy, however the immediate mitigation plan could be solved out the critical issue in this case.
Argument hypothesis and External condition
As hypothesis statement, the project strategy framework can be used as a tool to start a strategic process. It will be succeeded when it has a clear project definition, project production. It needs to build up a flexible organizational structure that helps facilitate the competitive attribute.
The strategy framework could elaborate in the integrated project management when project cultures obtain the reciprocal relationship between project stakeholders and shareholder, but it is not an easy mission for the project strategy developer.
As a conclusion, the author could argue that the project strategy framework need to be defined and elaborated in interactive and cyclic way with its four element.
Recommendation
The concept of project strategy and integrated project management is still not common, while there are many developer properties provide the similar product. The project manager is required to expand the role that plays in the project development business and add more responsibility, which will contribute to project success. It could be done, when the project manager could be learn how to direct the new path will lead to better project results and better business performance.
His thesis abstract is copied and posted.
Abstract
The purpose of this study report investigate the integrated planning process of portfolio project, which is formed up by property development fund. As working at the property development fund in Viet Nam for four years, the study author recognizes the missing link between business strategies (fund level) and project execution plan (portfolio level) when the project runs in the implementation planning process. It could be argued that the project strategy plan has not been emphasized in this case or it has not been integrated and controlled properly during the day-to-day project execution work that involves both effectiveness and efficiency for project evaluation. In this study report, the author refers the summary literature review that focusing how to move corporate strategy to project strategy. The study report has combined a project case study (Aqua City Project) in the aim to analyze the organization structure/ functional management analysis/ project strategy/ project planning process to explore the missing link of project strategy and project implementation plan in this case.
How to have “a two way influence between strategy and project management” is an finding attempt that the author would like to capture the strategic approach to apply in the integrated project management development activity that serve to get the project runs in the competitive advance of energizing prosperity. It needs to get the project manager to expand the role that steps up in the project development business. It will gain more project succeed when the link between project strategy and project implementation has been integrated in the strategically.
Keywords: Strategic project management, Project strategy framework, Project execution plan
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