Capturing the Value of Project Management
The Project Management Institute (PMI) has conducted the Pulse of the Profession study since 2006 to provide evidence that implementing strategy successfully is inextricably linked to an organization’s capability to deliver successful projects and programs.
The Report explores the Pulse findings and it demonstrates a clear path forward by focussing on fundamentals of culture, talent and process.
High-performing organizations are demonstrating that adhering to proven project, program, and portfolio management practices reduces risks, cuts costs, and improves success rates of projects and programs. This focus emphasizes the need for all organizations to get back to basics: By embedding a project management mindset in their culture, they will be better able to create a sustainable competitive advantage.
High-performing organizations drive project management and deploy related competencies with a goal of maximizing organizational value. The Pulse study shows that projects within these organizations meet original goals and business intent two-and-a-half times more often than those in low-performing organizations (90 percent vs. 36 percent).
High-performing organizations also waste about 13 times less money than low performers. No increase in the number of high-performing organizations was seen since 2012. This number remains steady at 12 percent.
Project Management Basics
What helps an organization build and sustain its growth capacity and become a high performer?
The Pulse research shows a number of factors contribute to this success, including a focus on what are considered the basics:
- Fully understanding the value of project management
- Having actively engaged executive sponsors
- Aligning projects to strategy
- Developing and maintaining project management talent
- Establishing a well-aligned and effective PMO
- Using standardized project management practices throughout the organization
Foundational practices for high performers
Research shows that high performers are likely to focus on:
- Greater knowledge transfer effectiveness
- More rigorous risk management
- More frequent use of agile/incremental/iterative practices in project management
- Higher benefits realization maturity.
To read the full report, visit Pulse of the Profession 2015
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