Inclusion of strategic management theories to project management

Abstract

Purpose – The purpose of this paper is to explore the benefits of integrating the theory of constraints (TOC), resources-based theory (RBT), resource advantage theory (RAT), with a structured project-based methodology e.g., Project Management Body of Knowledge. This paper describes each theory and explores what benefits a unified model would bring to project management. This paper represents the conceptual development of an integrated framework that will be tested in a range of project management scenarios in various industrial sectors. Design/methodology/approach – Extant literature is used to develop a conceptual framework of an integrated model that will be tested in the field for robustness. The model has been applied to published projects to identify its strengths and weaknesses. Findings – The work shows important implications for improved success of projects from the use of TOC, RAT and resource dependence theory (RDT). Specifically, it emphasizes the need for application of strategic theories to project management. Research limitations/implications – While TOC, RAT and RDT are well established in the context of organization theory, there is limited application in project management. Moreover, the model has yet to be applied in the field. The hypotheses identified in this research are currently being tested using field-based surveys. Practical implications – The research falls short in addressing some resources, e.g. innovation, tacit knowledge and decision making methods in traditional project management context. Therefore, identifying these critical resources in future work and exploiting them as the means of improving project performance would enhance the success of project-based management. Social implications – Project management is an emergent discipline and a project is temporary in nature. Therefore, new ideas and development of theories for project management practices are required. This innovative research, for example, may change the way projects are executed in future. Originality/value – This paper examines the components of a successful project according to the iron triangle, i.e. scope, quality, time and cost. However, through the application of TOC, RAT and RDT into an integrated project-based management framework gives new insights to resources management.

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