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ABSTRACT
The aim of this study was the effect of alignment between portfolios management and strategy of the organization on portfolios success in Iranian Oil & Gas Company. This study was applied and correlational. In the first phase, using previous literature and interviewing the elites, the indicators were identified then proposed a questionnaire, the validity of which was' Wo test model and investigate the alignment status of research statistical population that is the company, 99 managers and employees were selected as sample. To analyze data, structural equation test through PLS software was used. The results showed that:
1 - significant relationship with it.
2-Strategic alignment of portfolios and the strategy of organization affects the realization of organization benefits positively and has a significant relationship with it.
3-The portfolios success affects the realization of organization benefits positively and has a significant relationship with it. Keywords: Strategy of the Organization, Alignment, Portfolios Management, Portfolios Success, Realization of Organization Benefits, Project Management
1. INTRODUCTION
When the strategy of business is interpreted by the level of project goals, the professional uniqueness of each project such as the speed in proposing to the market or superior quality is identified among other factors. Perceiving the challenge ahead of aligning portfolios management and business strategy, project managers, and his team can manage their projects in today competitive space. Of course, this alignment is considered as one of the challenging issues for the
SUojects. Lack of alignment leads to failure of market opportunities and proposing a solution is difficult for companies. So that perceiving this alignment can be considered as one of the most important challenges of effective project management in organizations. Projects can be regarded as major components of organizational strategy in most of the companies especially project-driven ones [1]. Today, the organizations have to turn to strategic management of the project to achieve competitive advantages. To do this, they need to make some instructions to create alignment between projects and organizations business strategy. The project managers also have to think more strategically and are responsible for their organization achievements so project
managers and contributions to strategic project management. Despite major agreement on the importance and suitability of alignment study in organizations, the problem which still exists is lack of precise and testable definition of alignment to determine whether the organization is in an appropriate status or not [2]. Investigating the conducted studies in the field of alignment represents inadequacy of relevant models to understand and test alignment. Although the importance of investigating alignment among organizational layers has been mentioned by researchers, a written guide is less found to translate this concept to the required levels. As a result, researchers have used their own models without testing the validity of these methods in order to measure and test alignment [3].
organization strategy and portfolios in Iran and strategic approach in project management has been neglected so this study can be considered as an effective step to align portfolios management and organization strategy.
2. REARCH LITERATURE
2.1 Business Strategy
7KH FRQFHSW RI VWUDWHJ\ LVQʼW QHw in the society, it was rooted in the first days of writing about war, published in famous works such as Sun Tzu - written around 400 BC - - 1998 - and Von Clausewitz - written after the Napoleonic wars in the early eighteenth century - 1993 - . The philosophers They regarded it as an effort to find the best method for ensuring the victory in the war or battle. They usually used to determine different strategies and align them with seemingly the most appropriate conditions [2].Alignment of Organization Strategy with Portfolio Management The criteria of portfolio success can be identified given the definition of main goals of portfolio management including maximizing the value of portfolios, making a balance among portfolios and alignment of projects with strategic goals of the organization [4, 5, 6]. This definition shows that to determine portfolios success, the evaluation of each single project success cannot be merely relied upon and in fact, the projects cannot be evaluated independently and regardless of their relationship with each other. Actually, although the success of each one of projects should be considered as the main aspect of portfolio success, portfolio success includes other aspects such as strategic alignment, projects synergy and balancing the resources, evaluation of which is, of course, difficult to the great extent and sometimes impossible [7]. The alignment of portfolio success and business strategy is an internal interaction and cooperation so that the activities of portfolios support achievement of strategic goals continuously. This alignment should be noted in following cases:
1-Choosing the projects and portfolio management
2-Leading and controlling projects to support strategic goals of a company
3-Performing determined projects to support business strategies
4-Proposing information to high layers of the organization to form business strategy
In order to evaluate, the following factors and indicators have been extracted as the components of evaluating alignment between portfolios management and organization strategy. Table 1. The summary of indicators and components of strategic alignment extracted from the literature
Main components Indicators of alignment
1 Guide Using a written guideline to start projects to evaluate alignment with organization strategy[8]. Using a written guide to evaluate alignment among projects [8].
2 Goals The share of portfolios in achieving short-term and long- term goals [9]Main components Indicators of alignment The rate of alignment between portfolios and organizatio strategy [10,11].
3 Perspective The rate of using internal and external potentials associated with business strategy [5,10,11,16]. The rate of alignment between portfolios perspective and organization strategy [10,11].
4 Specifications of The rate of alignment between specifications of project
project outputs outputs and organization strategy [10,11].
5 Evaluation criteria -Defining and determining project evaluation criteria -The alignment of project evaluation criteria with organization strategy [10,11].
6 Tools The alignment of used management tools in projects suchas planning, controlling quality, budgeting and etc. and organization strategy [10,11].
7 Culture The alignment between value criteria in projectsenvironment and organization strategy [10,11].
8 Strategic Precise and correct perception of organizational strategic
concentration goals [9,13]. Explicit relationship between portfolios and organization strategy [9] The concentration of projects on organization competitive advantage source such as delivery speed, distinctive quality, cost leadership [10,11].
9 Prioritizing projects Prioritizing projects in allocating the sources based o available strategic resources [8,16]. Categorizing strategic resources of the organization to be allocated to portfolios [14]. Categorizing portfolios based on organization strategic goals to make decisions [8].
10 Project management -Being aware of project management processes in the processes organization -Using the solutions of project management in some projects -Learning the solutions and standards of project
