please answer the case study question : what is about project managment that offers megatech a competitve advantage in its industry?

what elements of the market place megatech operates led the firm to believe that project managment would improve its operation?

MegaTech, Inc. designs and manufactures automotive At the same time, however, Mega Tech wanted components. For years, the company enjoyed a stable to maintain its internal operating efficiencies. Thus, marketplace, a small but loyal group of customers, and all project teams were given strict cost and schedule a relatively predictable environment. Though slow, guidelines for new product introductions. Finally, the annual sales continued to grow until recently hitting $300 million. MegaTech products were popular because company created a sophisticated research and develop- ment team, which is responsible for locating likely new they required little major updating or yearly redesign. avenues for technological change 5 to 10 years down the The stability of its market, coupled with the consistency road. Today, Mega Tech operates project teams not only of its product, allowed MegaTech to forecast annual for managing current product lines but also for seeking demand accurately, to rely on production runs with long longer-term payoffs through applied research. lead times, and to concentrate on internal efficiency. MegaTech has found the move to project manage- However, with the advent of the North American ment challenging. For one thing, employees are still, Free Trade Agreement (NAFTA) and other international rethinking the ways in which they allocate their time trade agreements, MegaTech found itself competing and resources. In addition, the firm's success rate with with auto parts suppliers headquartered in countries new projects is still less than management had hoped, around the world. The company was thrust into an Nevertheless, top managers feel that, on balance, the unfamiliar position: it had to become customer-focused shift to project management has given the company the and quicker to market with innovative products. Facing operating advantage that it needed to maintain its lead these tremendous commercial challenges, top manage over rivals in its globally competitive industry. "Proj- ment at Mega Tech decided to recreate the company as ect management," admits one MegaTech executive,"is a project-based organization. certainly not a magic pill for success, but it has started The transition, though not smooth, has nonethe- us thinking about how we operate. As a result, we are less paid big dividends. Top managers determined, for doing smarter things in a faster way around here. instance, that product updates had to be much more fre- quent. Achieving this goal meant yearly redesigns and Questions new technologies, which in turn meant making innova 1. What is it about project management that offers tive changes in the firm's operations. In order to make Mega Tech a competitive advantage in its industry? these adjustments, special project teams were formed 2. What elements of the marketplace in which Mega- around each of the company's product lines and given Tech operates led the firm to believe that project a mandate to maintain market competitiveness. management would improve its operations