Project Management: A Strategic Asset?
KAM JUGDEV, PHD, PMP, ASSOCIATE PROFESSOR, CENTER FOR INNOVATIVE MANAGEMENT, ATHABASCA UNIVERSITY
“Winning isn’t everything, it’s the only thing.”
—Vince Lombardi (1913–1970)
“Clear goals, understanding the competitive environment, resource appraisal, and effective implementation—form the key components of business strategy.”1 Developing and sustaining a competitive advantage is about winning in the marketplace and winning in the marketplace is about improved company performance as measured in financial terms.
In the competitive marketplace, companies must deliver greater value to customers. The struggle to gain and sustain competitive advantage warrants that companies develop certain resource bundles that are fundamental to firm performance. More often than not, these assets are knowledge based, as opposed to physical assets, such as property and technology, or financial resources. The Resource-Based View examines competitive advantage in terms of a company’s internal assets. Increasingly, companies are turning to project management as part of their business strategy and project management can be viewed as a bundle of unique knowledge-based assets. Successful projects contribute to business performance, and this can translate into improved chances of firm survival.
Project management has not been extensively studied using the strategy lens, and the dimensions of the strategic capability remain to be understood. This is an important topic because it will help us understand the facets of project management that