Gap Analysis: Harrison-Keyes
A global publisher of print products, Harrison-Keyes specialized in traditional publishing and has been regarded as a leader in the industry since the mid â€˜50s. The company has developed a name for itself through the publishing of texts, journals and other educational material. However, a new era has brought about new challenges for the publishing industry and Harrison-Keyes cannot compete with the low-cost retailers. Harrison-Keyes determined that digital publishing and the sale of e-books is their answer to remaining competitive in the publishing industry.
Harrison-Keyes has continued to face new challenges in their attempt to provide innovative services. ...view middle of the document...
Strategy is implemented through projects. Every project should have a clear link to the organization's strategy (Gray& Larson. 2006, pg 21). Harrison-Keyes e-publishing project must contribute value to the organization's strategic plan, which is designed to meet the future needs of its customers. Ensuring a strong linkage between the strategic plan and projects is a difficult task that demands constant attention from top and middle management. Ample evidence still suggests that many organizations have not developed a process that clearly aligns project selection to the strategic plan. The result is poor use of the organization's resourcesâ€”people, money, equipment, and core competencies (Gray & Larson, 2006).
Harrison-Keyes can assure strategic management objectives by following the following strategic management processes:
1. Review and define the organizational mission. This identifies what the organization wants to become.
2. Set long-range goals and objectives. Objectives translate the organization mission into specific, concrete, measurable terms.
3. Analyze and formulate strategies to reach objectives. Formulating strategy answers the question of what needs to be done to reach objectives.
4. Implement strategies through projects. Implementation answers the question of how strategies will be realized, given available resources (Gray & Larson, 2006).
Strategic management provides the theme and focus of the future direction of the organization. It supports consistency of action at every level of the organization. It encourages integration because effort and resources are committed to common goals and strategies (Gray & Larson. 2006, p. 24).
Implementation of projects without a strong priority system linked to strategy creates problems. Three of the most obvious problems are discussed below. A project portfolio system can go a long way to reduce, or even eliminate, the impact of these problems.
To reduce and eliminate the possibilities of the implementation gap Harrison-Keyes must implement an effective Project Portfolio Management System. Because clear linkages do not exist, the organizational environment becomes dysfunctional, confused, and ripe for ineffective implementation of organization strategy and thus, of projects. The implementation gap refers to the lack of understanding and consensus of organization strategy between top and middle-level managers (Gray & Larson. 2006, p. 294).
In addition, an effective Project Portfolio Management System makes multiple competing projects, limited skilled resources, dispersed virtual teams, time to market pressures, and limited capital serve as forces for the emergence of project portfolio management that provides the infrastructure for managing multiple projects and linking business strategy with project selection. The most important element of this system is the creation of a ranking system that uses multiple criteria that reflect the mission and strategy of the firm. It is critical to...