Globalization and competitive advantage
The Fortune 500 firms utilize the resource founded competitive advantage to drive globalization strategies with an attention on appropriate management of the value chain and the organizational resources as well as abilities. The fortune 500 firms utilize their strategic capabilities, peculiar resources, and core competencies to appropriately manage their supply chains therefore ensuring competitive advantage in the global market according to Barney. The strategic capabilities are those resources as well as competencies a corporation has which makes it unique. Barney opines that these corporation use strategic capabilities together with distinct resources to ensure competitive advantage. The competitive advantage comes about because the competitors and rivals cannot replicate or cooy the capabilities and resources of these fortune 500 companies. The resource based competitive advantage is therefore realized because of the ability of these companies to deploy unique tangible and intangible resources as well as core competencies and strategic capabilities (Barney, 2012).
The application of project management principles is essential to effective business operations. The project management principles emphasize on the creation of structures and the effective management of various project commitments (Spinner, 1997). By applying the principles of project management, the organizations are likely to achieve much control over their environment and ensure proper management of deliverables. The application of project management principles also ensures that managers are able to properly manage the various operations of the organization (Spinner, 1997). Without these principles, the managers are likely to find themselves in a difficult and chaotic operating environment. It should be noted that project management and its principles have become indispensable in the modern operating environment and they are necessary for ensuring a smooth operating environment (Spinner, 1997). Most aspects of project management affect the overall operations of the entire business despite projects being temporary ventures aimed at fulfilling a particular endeavor in the organization (Spinner, 1997).
References
Barney, J. B. (2012). Purchasing, supply chain management and sustained competitive advantage: The relevance of resource‐based theory. Journal of supply chain management, 48(2), 3-6.
Spinner, M. (1997). Project management: principles and practices. Prentice Hall.
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