Firms need a competitive advantage to remain functional and as going concerns. Resource-based competitive advantage hence drives globalization strategies for firms, especially big ones. Barney (2012) explains that such firms need to be in the understanding of competition in their factor markets since competition is a predictor of competitive advantage. Factors in this sense are resources necessary for production and market success. Further, Barney (2012) explains that factor markets are not perfectly competitive and that accuracy in expectations about the true value of a resource can be a source of resources in a factor market if done at the right prices. This second aspect points towards the right use of data and forecasting abilities of a firm to predict the nature of the market place in the near future, as espoused by Chase Jr (2013). As such, a company with the right mix of the first and second points as indicated above, is likely to drive its globalization strategy in a manner that is consistent with competitive forces.
Project management principles are critical to effective business operations. Many stakeholders might have the feeling or perception that project management is bureaucratic paperwork that gets in the way of executing plans, but this is not the case. The very first importance of the application of project management principles is organizing chaos. Projects, due to many competing positions and numerous activities, often turn chaotic. To tame the chaos, organizing and planning are necessary. The second importance is risk management as asserted by Carvalho and Rabechini Junior (2015). Businesses get rewarded for taking risks. Project management identifies and controls important risks. Third, quality management is an important aspect of project management as observed by Visser, van der Merwe, and Gerber (2016). Leveraging on quality is important in the marketplace, as well as, in the realization of value for money.
Barney, J. B. (2012). Purchasing, supply chain management and sustained competitive advantage: The relevance of resource-based theory. Journal of Supply Chain Management, 48(2), 3-6. Retrieved from Proquest database.
Chase Jr, C. W. (2013). Using big data to enhance demand-driven forecasting and planning. The Journal of Business Forecasting, 32(2), 27.
Carvalho, M. M. D., & Rabechini Junior, R. (2015). Impact of risk management on project performance: the importance of soft skills. International Journal of Production Research, 53(2), 321-340.
Visser, D., van der Merwe, A., & Gerber, A. (2016, May). A comparison of project management in system and research projects. In IST-Africa Week Conference, 2016 (pp. 1-10). IEEE.
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