Strategic Management of New Product Development Projects

Strategic management of projects is an evolving concept in research literature of project management. In this study, we investigated the implementation of strategic management particularly in new product development projects to determine its existence and its forms. We found that such projects typically use the following four strategies, product superiority, product time-to-market, customer intimacy, and product cost advantage. Besides providing a guideline to a project team in effectively performing project activities, these strategies are used as a mechanism to deploy business strategy to the operational level of project management. We also found that, in many cases, to attain better business results, project teams use a combination of these strategies with different priority levels.