BEST PRACTICES IN STRATEGIC PROJECT MANAGEMENT ACROSS MULTINATIONAL CORPORATIONS: A GLOBAL PERSPECTIVE ON SUCCESS FACTORS AND CHALLENGES

Authors

  • Ifeanyi Onyedika Ekemezie Shell Energy, Nigeria Plc, Nigeria
  • Wags Numoipiri Digitemie Shell Energy, Nigeria Plc, Nigeria

DOI:

https://doi.org/10.51594/ijmer.v6i3.936

Abstract

In today's highly competitive and dynamic business environment, multinational corporations (MNCs) face unique challenges in managing strategic projects across diverse geographical locations. This review explores the best practices in strategic project management from a global perspective, focusing on the critical success factors and challenges encountered by MNCs. Successful strategic project management in MNCs necessitates a comprehensive understanding of various factors, including cultural differences, regulatory requirements, and market dynamics across different regions. The review highlights the significance of effective communication, cultural sensitivity, and stakeholder engagement as fundamental success factors in managing projects within MNCs. Additionally, it emphasizes the importance of aligning project goals with overall business objectives to ensure strategic relevance and value creation. Challenges faced by MNCs in strategic project management include coordination and integration issues arising from diverse organizational structures, conflicting priorities, and resource constraints. Furthermore, navigating through geopolitical uncertainties, legal complexities, and compliance requirements presents additional hurdles for MNCs operating across multiple jurisdictions. Drawing on insights from academic literature and industry practices, this review provides an overview of best practices adopted by successful MNCs to overcome these challenges and achieve project success. It discusses the significance of establishing standardized project management frameworks, leveraging technology for virtual collaboration, and fostering a culture of innovation and adaptability within the organization. this review underscores the importance of adopting a holistic approach to strategic project management in MNCs, integrating people, processes, and technology to drive sustainable growth and competitive advantage in an increasingly globalized business landscape.

Keywords: Project Management, Multinational Corporation, Global Perspective, Best Practices, Review.

Published

2024-03-23

Issue

Section

Articles