2.1.1 Formulating, Implementing, and Evaluating

Projects, being the key ingredients in strategy implementation, play a crucial role in the basic process model of strategic management. A firm devotes significant time and resources to evaluating its business opportunities through developing a corporate vision or mission, assessing internal strengths and weaknesses, as well as external opportunities and threats, establishing long range objectives, and generating and selecting among various strategic alternatives. All these components relate to the formulation stage of strategy. Within this context, projects serve as the vehicles that enable companies to seize opportunities, capitalize on their strengths, and implement overall corporate objectives. For example, new product development fits neatly into the above framework. New products are developed and commercially introduced as a company's response to business opportunities. It is only through effective project management that firms can efficiently and rapidly respond to such opportunities.