BSM077 Project Strategy and Governance

Individual Academic Report

Course-work: Main Diet

Talib Maqbool
5/3/2024

Name: Talib Maqbool

Student ID: 2222884
Executive Summary
With an emphasis on the HealthConnect project, this report offers a
thorough examination of the role that strategy and governance play in
efficient project management at Eli Lilly and Company (ELC). It starts by
looking at how important stakeholder involvement, risk management,
resource allocation, strategy alignment, performance monitoring,
compliance, and ethics are to the success of a project. Using the Balanced
Scorecard framework, the study assesses how effectively ELC's
diversification offer matches strategically with the company's goal and
objectives from the viewpoints of internal processes, customers, learning
and growth, and finances. It also suggests a governance framework for the
HealthConnect project, including important elements such the project
manager, cross-functional teams, communication, and stakeholder
participation with the steering committee. To enhance governance
procedures and project results, the incorporation of governance theories like
Principal-Agent Theory and Transaction Cost Economics is also covered. In
order to ensure the successful implementation and long-term sustainability
of the HealthConnect project, the report highlights the importance of
prioritising a well-defined strategy, establishing a robust governance
framework, and integrating governance theories. This will ultimately advance
ELC's mission of improving patient care and maintaining its leadership in the
pharmaceutical industry.

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 Table of Contents
Executive Summary .................................................................................................... 1
1.1 Introduction ......................................................................................................... 3
Section 02: "Evaluate critically the role that strategy and governance play in effective
project management in ELC." ...................................................................................... 4
2.1 Strategic Alignment .............................................................................................. 5
2.2 Resource allocation ............................................................................................... 5
2.3 Risk Management ................................................................................................. 5
2.4 Stakeholder Engagement ....................................................................................... 6
2.5 Performance Monitoring and Evaluation ................................................................... 6
2.6 Compliance and Ethics........................................................................................... 6
2.7 Critically Discussion .............................................................................................. 7
Section 03 Analysis of Eli Lilly and Company's Diversification Proposition Using the Balanced
Scorecard Framework ................................................................................................. 9
3.1 Financial Perspective ........................................................................................... 10
3.2 Customer Prospective .......................................................................................... 11
3.3 Internal Processes Prospective ............................................................................. 11
3.4 Learning and Growth Perspective .......................................................................... 12
Section 04 Designing an Effective Governance Structure for the HealthConnect Project ..... 13
4.1 Key Components of the Governance Structure ........................................................ 14
4.1.1 Steering Committee ...................................................................................... 14
4.1.2 Project Manager ........................................................................................... 14
4.1.3 Cross-functional teams .................................................................................. 15
4.1.4 Stakeholder Engagement and communication ................................................... 15
4.2 Integration of Governance Theories ...................................................................... 16
4.2.1 Principle Agent Theory ................................................................................... 16
4.2.2 Transaction Cost Economics (TCE) Theory ........................................................ 17
4.3 Application of Theories to HealthConnect Project .................................................... 18
4.3.1 Application of Principal-Agent Theory .............................................................. 18
4.3.2 Application of Transaction Cost Economics Theory ............................................. 19
5.1 Conclusion ......................................................................................................... 19
References .............................................................................................................. 21

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1.1 Introduction
Organisations like Eli Lilly and Company (ELC) are always looking for new
ways to innovate and improve the contributions they make to global
healthcare in the ever-changing pharmaceutical business. More than 140
years have passed since ELC, a well-known pharmaceutical firm with its
headquarters located in Indianapolis, Indiana, embraced its mission
statement, which reads, "unites caring with discovery to create medicines
that make life better for people around the world" (ELC, n.d.). Stemming
from this philosophy, ELC has persistently undertaken projects meant to
enhance patient care, progress medical research, and promote long-term
expansion. In keeping with its mission-driven strategy, ELC is considering
the HealthConnect project, a game-changing endeavour. This ambitious
project embraces technological innovation, encourages teamwork, and
ensures adherence to changing regulatory requirements in order to meet
current issues in healthcare delivery. The main goals of the HealthConnect
project are to use modern Electronic Health information (EHR) system to
improve patient interaction, digitise patient information, and incorporate
sophisticated analytics capabilities. The HealthConnect project's success
depends on how well its goals fit with ELC's larger mission, how wisely
resources are allocated, how stakeholders are involved, and how strictly
regulations are followed (Project Management Institute, 2017). Furthermore,
throughout the project lifetime, navigating complexity, reducing risks, and
achieving sustainable outcomes depend on the construction of a strong
governance structure (Müller & Turner, 2010).

The purpose of the report is to conduct a critical analysis of the significance

of strategy and governance in relation to effective project management at
ELC. In addition, it will assess how well the HealthConnect project aligns
strategically with ELC's goals and objectives, point out possibilities and

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problems, and suggest a governance structure to help with project
implementation.

Section 02: "Evaluate critically the role that strategy and

governance play in effective project management in ELC."
Strategy and governance are fundamental frameworks that are crucial for
project managers to follow when making decisions, ensuring that they are in
line with organisational goals, reducing risks, and encouraging the best use
of available resources (Project Management Institute, 2017). A complete
project governance model with six essential components is shown in Figure
1.1: mission, system, integrity, audit, risk, and extended stakeholder
management. The project governance model outlines the many facets of
project management, including stakeholder engagement tactics, risk
management procedures, operational structures, ethical concerns, and
accountability systems (Zwikael and Smyrk, 2015).

Figure 2.1 Project Governance Model

Source: (Zwikael and Smyrk, 2015)

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2.1 Strategic Alignment
The synchronisation of project objectives with an organization's overall goals
and mission is known as strategic alignment (Whittington, 2001). Strategic
alignment is how ELC makes sure that project activities are in line with its
long-term goal of enhancing healthcare outcomes worldwide. ELC may
efficiently allocate resources and maximise project outputs in line with its
strategic imperatives by incorporating strategic considerations into project
management procedures (Too and Weaver, 2014).

2.2 Resource allocation

The PMBOK Guide (2017) states that allocating resources effectively is
crucial to attaining organisational goals and optimising project satisfaction.
The company's overall strategy serves as the foundation for ELC's strategic
resource allocation, which makes sure that funds are allocated to initiatives
with the greatest potential to create value and have an effect. ELC can
improve its competitive position in the pharmaceutical industry and optimise
its investment portfolio by strategically allocating its resources.

2.3 Risk Management

To reduce unfavourable effects on project results, risk management
comprises the methodical discovery, evaluation, and mitigation of possible
project risks (Project Management Institute, 2017). Strategic risk
management is crucial for identifying and resolving uncertainties that might
obstruct project success within the context of ELC's project management
framework. Through the integration of risk management methods into
project governance structures, ELC can improve its ability to withstand
external risks and confidently and nimbly traverse complicated project
settings.

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2.4 Stakeholder Engagement
Stakeholder involvement increases project success and sustainability by
promoting cooperation, alignment, and support among project stakeholders
(Freeman, 1984). For project objectives at ELC to be in line with stakeholder
expectations and interests, strategic stakeholder involvement is essential.
Through proactive stakeholder engagement throughout the project lifecycle,
ELC can foster a culture of openness, confidence, and cooperation that will
facilitate more seamless project execution and increased stakeholder
satisfaction.

2.5 Performance Monitoring and Evaluation

Organisations might assess project progress, spot deviations from goals, and
make wise decisions to maximise project results with the help of
performance monitoring and assessment (Kerzner, 2017). Tracking project
success against key performance indicators (KPIs) and strategic objectives is
crucial at ELC, and it requires strategic performance monitoring and
assessment. ELC may promote continuous improvement and project success
by enhancing accountability, transparency, and decision-making efficacy via
the establishment of strong monitoring and evaluation systems
(Derakhshan, Turner and Mancini, 2019).

2.6 Compliance and Ethics

Maintaining organisational integrity, reputation, and regulatory status
requires adherence to legal and ethical norms (Treviño & Nelson, 2016).
Strategic compliance and ethics considerations are critical to protecting
stakeholder interests and maintaining the company's commitment to ethical
business practices within ELC's project management framework. ELC can
protect its long-term viability and profitability by reducing legal and

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reputational risks by incorporating compliance and ethics issues into project
governance frameworks.

2.7 Critically Discussion

Eli Lilly & Company (ELC) has a strategic opportunity with the projected
HealthConnect project, a comprehensive transformation endeavour aiming at
improving patient care, operational efficiency, and regulatory compliance. A
strong governance framework and a well-defined strategy are essential to
the success of this project. The significance of both elements in guaranteeing
the effective project and programme management of HealthConnect was
considered in this discussion. To ensure that HealthConnect’s aims directly
improve patient lives and are in line with ELC's overarching purpose of
"uniting caring with discovery," a clear strategic vision is essential. Project
goal prioritisation, efficient resource allocation, and long-term sustainability
consideration are all made easier by strategic alignment (Derakhshan,
Turner and Mancini, 2019). Simultaneously, a well-defined governance
framework guarantees prompt and well-informed decision-making across the
whole project lifetime, prioritising stakeholder involvement, communication,
transparency, and risk management. The cooperative efforts of strategy and
governance to conform to ELC's values and mission, maximise resource
allocation, and cultivate stakeholder buy-in demonstrate the synergy
between the two. ELC can guarantee the HealthConnect project's successful
implementation and long-term sustainability by giving priority to a clearly
defined strategy and putting in place a strong governance framework
(Treviño and Nelson, 2016). This will ultimately help the company fulfil its
mission of enhancing patient care, streamlining operations, and preserving
its position as the industry leader.

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 Figure 2.2 Importance of Project Governance

Figure 2.3 Key Challenges of Project Governance

Source: (Derakhshan, Turner and Mancini, 2019)

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Section 03 Analysis of Eli Lilly and Company's
Diversification Proposition Using the Balanced Scorecard
Framework
In order to provide a comprehensive approach to strategic management and
performance measurement, Robert S. Kaplan and David P. Norton developed
the Balanced Scorecard (BSC) framework in the early 1990s. This framework
translates an organization's mission and vision into specific objectives across
four perspectives: financial, customer, internal processes, and learning and
growth, which is shown in figure 3.1 (Bose and Thomas, 2007). The BSC
framework's ability to provide a comprehensive view of organisational
performance beyond financial metrics, align strategic objectives with
organisational goals, emphasise long-term success factors like customer
satisfaction and process efficiency, make performance measurement and
management easier with clear metrics and targets, and be flexible and
adaptable to various organisational contexts are the reasons behind its
selection for strategic analysis and performance measurement.
Organisations may improve performance, make better strategic decisions,
and gain a lasting competitive advantage by utilising the BSC framework
(Kaplan & Norton, 1992).

Leader in the pharmaceutical industry worldwide Eli Lilly and Company (ELC)
is starting a diversification programme to increase the scope of its offerings
and market penetration. Using the Balanced Scorecard (BSC) framework,
this research evaluates how well ELC's diversification offer strategically
aligns with its main goal of "uniting caring with discovery to create
medicines that make life better for people around the world." The financial,

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customer, internal processes, and learning and growth perspectives are all
included in the BSC framework, which provides a thorough understanding of
strategic objectives and how they relate to organisational goals (Soysa,
Jayamaha and Grigg, 2019).

Figure 3.1 Balanced Scorecard Frameworks

Source: (Bose and Thomas, 2007)

3.1 Financial Perspective

In evaluating an organization's financial performance and long-term
sustainability, the Balanced Scorecard (BSC) framework's Financial
Perspective is essential. It includes strategic goals for increasing revenue,
profitability, controlling costs, and generating value for shareholders.
Through the use of financial measures like ROI, profit margins, and cash
flow, organisations may assess their capacity to create value for their
stakeholders and meet financial goals that are in line with their strategic

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vision. Strategic decision-making and resource allocation techniques are
guided by the Financial Perspective, which offers insights into the efficacy of
capital investments, cost-control measures, and resource allocation.
Organisations may strengthen financial stability and resilience in changing
market conditions by proactively addressing financial risks, identifying
trends, and taking proactive steps through the monitoring of financial
performance indicators (Soysa, Jayamaha and Grigg, 2019).

3.2 Customer Prospective

When assessing an organization's effectiveness in fulfilling customer
demands, improving happiness, and fostering long-term connections, the
Balanced Scorecard (BSC) framework's Customer Perspective is crucial. It
includes strategic goals for comprehending client preferences, providing
value-added goods and services, and encouraging adherence and retention.
Organisations may evaluate how well they are meeting the requirements and
preferences of their customers by concentrating on measures like market
share, customer satisfaction scores, and customer retention rates. Strategic
decision-making and marketing strategies are guided by the consumer
perspective, which offers insights into the calibre of goods and services,
brand reputation, and customer perceptions (Hamid, 2018). Furthermore,
firms may boost market share, foster sustainable growth, and improve
customer loyalty by coordinating their objectives with those of their
customers.

3.3 Internal Processes Prospective

An organization's operational effectiveness, efficiency, and capacity for
innovation are all fully visible from the perspective of internal processes
inside the Balanced Scorecard (BSC) framework. It includes strategic goals
for innovation, quality control, process optimisation, and regulatory

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compliance. Metrics like cycle time, defect rates, innovation rates, and
compliance adherence can be used by organisations to evaluate the
effectiveness of critical internal processes and spot areas for development.
Strategic decision-making and operational plans are guided by the Internal
Processes Perspective, which provides insights into the organization's
capacity to respond to shifting market conditions, technology breakthroughs,
and regulatory needs (Craig and Moores, 2010). Organisations may gain a
sustained competitive edge by improving efficiency, cutting costs, and
stimulating innovation via the alignment of internal processes with strategic
objectives.

3.4 Learning and Growth Perspective

A company's capacity to promote innovation, ongoing learning, and talent
development is evaluated using the Learning and Growth Perspective in the
Balanced Scorecard (BSC) framework. It includes organisational culture,
knowledge management, and staff skills and competences as well as
strategic objectives. Through the utilisation of staff training hours, employee
satisfaction scores, and knowledge sharing efforts, organisations may assess
how well they are able to develop their workforce and create a positive work
atmosphere. The Learning and Growth Perspective directs strategic decision-
making and human resource development plans by providing insights into
the organization's capability for innovation, adaptation, and change
management. Organisations may improve employee engagement, draw and
retain top talent, and foster creativity by coordinating learning and growth
programmes with strategic objectives (Bruijl, 2017). This can result in
sustained organisational success and a competitive edge.

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Section 04 Designing an Effective Governance Structure for
the HealthConnect Project
In order to guarantee flawless service delivery, effective use of human
resources, solid financial management, efficient information distribution, and
utilising cutting-edge medicine and technology, it is crucial to design efficient
governance structure for the HealthConnect project. The project's success
depends on these essential governance elements, which are depicted in
figure 4.1. Transparency, accountability, participation, consensus-building,
and combating corruption are given special attention. The governance
structure will guarantee that project objectives are successfully realised,
promote innovation, and allow stakeholder engagement by clearly
delineating roles, responsibilities, and decision-making procedures
(Rowlands, 2005). To improve project results and optimise governance
processes, it might be helpful to integrate theories of governance such as
Principal-Agent Theory and Transaction Cost Economics.

Figure 4.1 Effective Governance Systems

Source: (Rowlands, 2005)

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4.1 Key Components of the Governance Structure
The steering committee, the project manager, cross-functional teams,
stakeholder engagement, and communication are the main elements of the
HealthConnect project's governance structure. Organisations may facilitate
the successful implementation of the HealthConnect project, improve
cooperation, and guarantee alignment with organisational objectives by
properly using these components.

4.1.1 Steering Committee

The foundation of the HealthConnect project's governance framework is the
Steering Committee. This group, which is made up of important players from
several areas, including IT, finance, regulatory affairs, and healthcare, offers
strategic direction and supervision. Involving stakeholders from a variety of
backgrounds guarantees that all viewpoints are taken into account, which
promotes more informed decision-making, according to Kaplan and Norton
(1992). Establishing project priorities, authorising significant deliverables,
addressing escalating problems, and guaranteeing consistency with
organisational goals are all the responsibilities of the steering committee.
The Steering Committee is essential to the HealthConnect project's success
because it promotes cooperation and guarantees support from important
parties.

4.1.2 Project Manager

The project manager, who is in charge of overseeing the HealthConnect
project on a daily basis, acts as the foundation of the governance
framework. Turner (2019) has emphasised that the project manager's duties
include supervising resources, arranging project activities, and guaranteeing
that project goals are fulfilled within the limitations of scope, time, and
money. In order to ensure that project goals are clearly and concisely stated,
the project manager acts as the primary point of contact for coordination

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and communication among stakeholders. To further contribute to the
project's overall performance, the project manager is essential to risk
management, issue resolution, and stakeholder management (Project
Management Institute, 2017).

4.1.3 Cross-functional teams

Collaborating across departments and disciplines, cross-functional teams
carry out targeted activities and deliverables within the HealthConnect
initiative. Cross-functional teams can improve problem-solving, creativity,
and cooperation by utilising the varied experiences and viewpoints of team
members (Belbin, 2012). Involving cross-functional teams, according to PMI
(2017), encourages a sense of accountability and ownership among team
members, raising engagement and productivity levels. Under the project
manager's direction, these teams collaborate closely to guarantee alignment
with project goals and objectives, which propels the HealthConnect project's
effective execution.

4.1.4 Stakeholder Engagement and communication

Efficient communication and involvement of stakeholders are crucial
elements of the HealthConnect project's governance framework. Project
managers may guarantee that stakeholder demands are sufficiently handled
throughout the project lifetime by requesting feedback, controlling
expectations, and resolving complaints (Freeman, 1984). Frequent
stakeholder meetings, updates on project status, and feedback sessions
encourage openness, responsibility, and trust, creating a cooperative
atmosphere that is favourable to project success (PMBOK Guide, 2017).
Including stakeholders in decision-making procedures also improves
ownership and buy-in for the project, which raises the probability of success
(Turner, 2019).

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4.2 Integration of Governance Theories
Optimising governance procedures, reducing agency issues, and improving
project outcomes may all be achieved by integrating governance theories
into the administration of the HealthConnect project. The Principal-Agent
Theory and the Transaction Cost Economics Theory are two well-known
governance theories that may be used with the HealthConnect project.

4.2.1 Principle Agent Theory

A pillar of organisational economics, the Principal-Agent Theory tackles the
problems that result from transferring decision-making power from a
principal to an agent. The basic ideas of this theory are the knowledge
asymmetry and inherent conflicts of interest that exist between principals,
who assign tasks, and agents, who carry them out, which is shown in figure
4.2. Principals try to make sure that agents work in their best interests, but
sometimes agents put their own interests ahead of the principal's or don't
fully know what the principle wants (Shrestha et al., 2019). Consequently, in
order to reduce agency issues and encourage effective results, the Principal-
Agent Theory highlights the need of coordinating incentives, defining precise
goals, and putting in place monitoring systems. Organisations may create
governance frameworks that promote accountability, openness, and efficient
decision-making by comprehending the dynamics of principal-agent
interactions. This will eventually improve organisational performance and
help achieve strategic goals (Braun and Guston, 2003).

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 Figure 4.2 Framework of Principal Agent Theory

Source: (Shrestha et al., 2019)

4.2.2 Transaction Cost Economics (TCE) Theory

Oliver Williamson created the Transaction Cost Economics (TCE) Theory in
the 1970s, which offers a framework for comprehending the costs connected
to economic transactions and the governance measures intended to reduce
these costs. Williamson (1975) asserts that opportunism, constrained
rationality, and uncertainty characterise economic interactions, which result
in transaction costs such search, negotiation, and enforcement expenses,
which is summarise in figure 4.3 (Verbeke and Kano, 2013). According to
TCE, organisations can select from a variety of governance structures,
including markets, hierarchies, and hybrid forms, in order to maximise
efficiency and reduce transaction costs. For example, market transactions
enable freedom but may result in coordination failures and transaction-
specific investments, whereas hierarchical control offers the benefit of less
opportunism and information asymmetry but may incur greater
administrative expenses. Organisations may create governance structures
that optimise resource allocation, improve information sharing, and reduce

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risks by weighing the trade-offs between transaction costs and governance
mechanisms (Williamson, 1975). This will eventually improve organisational
performance and competitiveness.

Figure 4.3 TCE Organisational Theory

Source: (Verbeke and Kano, 2013)

4.3 Application of Theories to HealthConnect Project

4.3.1 Application of Principal-Agent Theory

The Principal-Agent Theory is extremely pertinent to the management of
intricate initiatives like HealthConnect as it offers insightful information on
the dynamics of accountability and delegation within organisations. Within
the framework of HealthConnect, project managers function as delegates,
carrying out duties on behalf of executives and sponsors, who hold primary
positions. Eisenhardt (1989) asserts that in order to reduce agency issues
and encourages effective results; the theory places a strong emphasis on

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incentive alignment, goal clarification, and the establishment of monitoring
systems. Using the Principal-Agent Theory to the HealthConnect project,
project managers may minimise conflicts of interest and ensure alignment
with organisational objectives by clearly defining roles, responsibilities, and
performance indicators.

4.3.2 Application of Transaction Cost Economics Theory

The theory of Transaction Cost Economics (TCE) is very relevant to the
management of the HealthConnect project since it provides insightful
information on the trade-offs between transaction costs and governance
measures. To maximise project outcomes and resource allocation in the
context of HealthConnect, project managers must weigh the advantages and
disadvantages of various governance systems, such as hierarchical control vs
contractual agreements. Williamson (1975) asserts that although
hierarchical control may have greater administrative expenses, it has
benefits including less opportunism and information asymmetry. On the
other hand, although market transactions offer flexibility, they also run the
risk of causing coordination issues and transaction-specific investments.

5.1 Conclusion
With an emphasis on the HealthConnect project, the present article offers a
thorough examination of the role that strategy and governance play in
efficient project management at Eli Lilly and Company (ELC). The discourse
emphasised the pivotal function of stakeholder participation, risk
management, resource allocation, strategy alignment, performance
monitoring, compliance, and ethics in guaranteeing project success.
Enhancing project management capabilities and achieving sustainable
growth may be achieved by ELC through effective risk management,
resource allocation prioritisation, stakeholder engagement throughout the
project lifecycle, and alignment of project objectives with the organization's

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broader purpose and strategy. The report also assessed ELC's diversification
offer through the Balanced Scorecard framework, offering insights into how
the project strategically aligns with the company's goals and objectives from
the perspectives of learning and growth, internal processes, customers, and
finances. In addition to defining important elements including the steering
committee, project manager, cross-functional teams, stakeholder
involvement, and communication, the paper suggested a governance
structure for the HealthConnect project. ELC may enhance project results,
minimise agency problems, and optimise governance procedures by using
governance theories like Principal-Agent Theory and Transaction Cost
Economics. Overall, ELC can ensure the successful implementation and long-
term sustainability of the HealthConnect project by prioritising a well-defined
strategy, creating a strong governance framework, and incorporating
governance theories. This will ultimately advance the company's mission of
improving patient care and preserving its leadership position in the
pharmaceutical industry.

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