.0 Introduction

Managers in charge of corporate face various challenges in their attempt to attain and maintain sustain growth of the business entities. These managers are responsible for the financial performance of the organization and hence accountable to various stakeholders about the financial performance of the organization. Stakeholders include shareholders, creditors, bankers, the government and even the public. It is important for these organizations to meet their respective objectives for them to have meet the expectations of stakeholders (Davies and Hobday, 2005). The success of a corporate entity is dependent on the success of different projects within the organizations. For in stance, a manufacturing entity will be successful if high quality raw materials are purchased at the most affordable price, the production process is conducted in the most effective manner and that the final products are delivered to end users within the required time. Due to the success of many manufacturing business entities in China, they will form the basis for this study (Ijzerloo et al 2000). This is only possible if various obstacles to this process can be identified and dealt with as early as possible. Risk management can be used to deal with this challenge. Risk management can be defined as the process of identifying, analyzing and either accepting or mitigating uncertainties associated with investment alternatives.

The overall performance of an organization is perceived as the total performance of individual projects. According to Martinsuo et al (2007), this is because it is the success of an organization’s individual projects that would in the end bring forth the success of the entire organization. Consequently, it is important for a business strategy to be translated into a project strategy. This would significantly influence the manner in which projects are managed thus leading to an improvement in the overall performance of projects with a subsequent positive impact on the organization’s overall performance. A corporate risk strategy can therefore be translated into a project strategy with the objective of brining forth an improvement in the organization’s risk management process. The overall aim of this research would be find out how a corporate risk strategy can be translated into a project risk strategy and the impact of this process on the overall performance of a corporate entity.

The specific objectives of this research include:

• To examine the difference between corporate strategy and project strategy
• To find out how a corporate strategy can be translated into a project strategy
• To examine how a corporate risk strategy can be translated into a project risk strategy
• To compare corporate risks and project risks
• To evaluate the impact of translating a corporate risk strategy into a corporate risk strategy

This study will therefore seek to provide an answer to the following research questions:

• What is the difference between a corporate strategy and a project strategy?
• How can a corporate strategy be translated into a project strategy?
• How can a corporate risk strategy be translated into a project risk strategy?
• What are the main similarities and differences between corporate risks and project risks?
• What is the impact of translating a corporate risk strategy into a project risk strategy?

This study would be beneficial to managers of different manufacturing businesses because they would be able to align their project risk strategies to the overall organizational strategy.

2.0 Literature Review

2.1 Introduction

In this section of the proposal, the author outlines how literature will be critically reviewed. The objective of this critical literature review would be to find out how a corporate risk strategy can be translated into a project risk strategy and the impact of this process on the overall performance of a corporate entity. The author would therefore review different sources of literary material in which the authors have examined the process of translating corporate risk strategy to project strategy (Anderson and Merna, 2003). The literature review begins with an overview of corporate and project strategies. The author examines the difference between corporate strategies and project strategies and the impact that each of these two strategies have on the performance of a corporate entity. This is then followed with a review of literature on how firms in different economic settings have been able to translate their corporate strategies to project strategies (Martinsuo et al 2007). The impact of this translation is also examined. This translation is examined in relation to risk management. The author also conducts a