IMPACT OF THE NEW NORMALITY ON STRATEGIC MANAGEMENT AND PROJECT & PROGRAM MANAGEMENT

Abstract

According to representative theories on strategy by Henry Mintzberg, Lawrence Freedman, et al. strategy is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty; strategy involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. Strategy can be classified into 1) planned strategy, e. g. strategy derived from a corporation’s mission statement; 2) differentiation strategy to compete in the competitive marketplace; and 3) contingent strategy to empower a corporation to get adapted to ecosystem changes. Being a part of project management studies, this article focuses on type 3) strategy and analyzes how the strategic management in this category, usually conducted by using project, program and portfolio management (PPPM) as its vehicle of implementation, is being affected or will be affected by the new normality. The new normality includes factors such as the VUCA characters of the world; disruption in technology, economy and society; climate change; green economy; a chain of epidemics or pandemics; and digital transformation. These factors mandate agile perspectives, positioning and planning of contingent strategy and updated ways strategies are delivered by way of strategic management and PPPM along the Mintzberg theory. This paper, after examining the impact of the new normality factors on contingent strategy, proposes a conceptual framework of and concise discussions on agility elements of corporate enterprises under the new normality which are realized by applied project management, and the author’s methodologies and learning attitude to cope with disruption. The agility elements are grouped into agility in mid-term corporate planning, corporate agility enablers, agile business development by projects, and project management adaptive to agility. In the conclusion, the author’s outlook on project and project management models in the new normality is offered.