Business ecosystem strategy for capital industry: Transcending the classical project management amidst complexity

Abstract

The capital projects are executed with classical project management; overlooking the inter-organizational system approach of reciprocal relationships. This problem prompts a review of the business ecosystem strategy phenomenon capital projects, more so because it lacks research in this domain. The research questions are relating to classical project management concepts and limitations; business ecosystem and operating strategy actions; and strategy action patterns in capital projects. The paper shows that the ecosystems, in which the capital projects are embedded, are inter-organizational settings; invoking temporal permanence across the series of the projects. The ecosystem strategy concentrates on collaboration, innovation, and competition to create value and to sustain the systemic health and performance in a changing environment; while the project management approach remains around planning, executing, and control. Ecosystem strategy in projects broaches the holism and leverages upon the complexity of interdependence. The paper contributes to theory and practice by extending the macro view of projects and deploying the strength of interdependence. The ecosystem strategy phenomenon provides a paradigm to conduct positivist research; meeting the need for the systemic theorization of the inter-organizational aspects of capital projects, and balancing the need for advances in the development of theory and practical significance.