Universal Journal of Management Vol. 5(2), pp. 94 - 99
DOI: 10.13189/ujm.2017.050205
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Integrating Strategic Considerations and Value Co-creation in Project Management

Yuval Cohen ^1,*, Shai Rozenes ¹, Roni Horowitz ^2
1 Industrial Engineering and Management Department, Afeka Academic College of Engineering, Israel
² Industrial Engineering and Management Department, Azrieli Academic College of Engineering, Israel

ABSTRACT

While traditional project management advocates sticking to a baseline plan (composed of budget, schedule and specifications) this paper suggests a new planning approach that includes re-evaluation and optimizes the project's value while allowing strategic changes in the project scope, budget and schedule. The proposed optimization allows taking into account not only the project, but also the long term impact of changes on cash-flows, product reliability, firm reputation, and customer satisfaction. Such changes are not part of the traditional project management approach of sticking to the baseline and eliminating a scope creep. Such a new approach enables dealing with many important changes that occur during long term projects. This is particularly important in projects with large amount of uncertainty where new knowledge is revealed or discovered during the project lifespan, and significant events occur that impact the project or its deliverables. The paper analyses the factors that make this approach desirable and the type of projects where this approach would be especially attractive.

KEYWORDS
Project Management, Strategic Management, Strategic Decision

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Yuval Cohen , Shai Rozenes , Roni Horowitz , "Integrating Strategic Considerations and Value Co-creation in Project Management," Universal Journal of Management, Vol. 5, No. 2, pp. 94 - 99, 2017. DOI: 10.13189/ujm.2017.050205.

(b). APA Format:
Yuval Cohen , Shai Rozenes , Roni Horowitz (2017). Integrating Strategic Considerations and Value Co-creation in Project Management. Universal Journal of Management, 5(2), 94 - 99. DOI: 10.13189/ujm.2017.050205.