Project Management Standards

Abstract

Successful implementation of strategies is crucial to any company. Gaining new customers, conquering new markets, developing new products or services or implementing new business models, classically referred to as (international) business development, are important elements of strategic initiatives. Companies, in particular of smaller and medium size, are often challenged with successfully executing these, mostly temporary, undertakings with existing resources and within their current organizational structure. The majority of these activities fulfil all criteria of projects and should be executed as such accordingly. Different project management philosophies and methodologies exist, ranging between the two extremes of classical and agile project management. The merger of classical and agile project management techniques is considered as hybrid project management. In addition, various organisations offer certifications in project management. Major cornerstones of these methodologies, commonalities and differences are depicted. Advantages and disadvantages are highlighted with respect to successfully planning and executing projects in international business development. Considerations and recommendations for the choice of the right methodology for such projects are given.