Following the Monday post with some tips about how to deal with some of the course assignments, it is time to focus on business strategy. This is a key concept which needs to be analyzed or described before checking whether a company's portfolio is aligned with it or not.
However, when looking for such words in The Portfolio Standard from PMI, they barely appear. So maybe we should try to find some hints about what business strategy is and how it can be described.
There are some good descriptions in several websites, for instance here o here. The basics are shortly described in this post.
Firstly, business strategies can be classified into three levels:
- Corporate level, which sets the broadest guidelines of what is to be achieved and how it will be done.
- Business unit level, which is a specific strategy depending on the unit of business.
- Functional level, which are specific for the departments within the units, like marketing, sales, operations and so on.
Then, when the objective is decided, the answers to all W-questions regarding the strategy (what, when, why, how...) should be answered. In order to do that, there are some useful tools such as:
- Mission, vision and core values.
- SWOT
- Resource allocation plan
- KPI
- ...
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