Bridging the strategy gap
A project portfolio can only succeed when it's tied to a defined strategic plan. This article discusses the standard elements for a strategic plan such as the company's mission, vision, and value. In addition, a strategic plan should include a SWOT (strengths, weaknesses, opportunities, and threats) analysis. Once the strategic plan has been defined, management should focus on dividing those objectives into specific operational goals. The importance of a balanced scorecard is also discussed.