The graphic shows four key elements that every organization has – strategy, which is broken down into projects – because it is through projects that an organization implements its strategy (whether that strategy is to develop a product, transform the organization, both, etc.). And then stakeholders and project teams. The overarching concern of all of this is business results.
These four elements that translate strategy into business results are intertwined and interdependent – an organization requires all four to effectively implement strategy. It is typically when the relationships between these elements break that problems arise.