Traditional techniques based around competitive market analysis have been used to drive strategy development activities have gained pre-eminence in creating a performance measurement framework to review progress on strategy.

However as organizations strive to grow in ever increasingly competitive markets, the new approach of Blue Ocean Strategy offers an exciting way of looking at strategy development through the creation of ‘new market space.’ This approach may be used to completely redefine an entire business’s strategy, or alternatively may address some part or component of the business whilst recognizing that many components of traditional company strategic thrusts based around competitive strategy will continue to deliver acceptable results in the future.

It is also observed that though many organizations have excellent business strategy there are severe lapses in the execution at the operational level. Cascading business strategy as appropriate to Projects becomes a great challenge.

The Balanced Scorecard has specific focus on four perspectives – Financial, Customer, Internal and Learning. It also has a focus on balancing long term and short term goals of an organization. It is observed that organizations, which do not have a robust framework to deploy a “Balanced” set of goals at the Project level, fail to achieve organizational alignment and integration.

The key objective of developing such a framework was the following:

• Create a sustainable strategic position at the industry
• Focus on Financial as well as non-financial goals
• Balance short-term and long-term organizational objectives
• Create a Learning organization