Good project management can help organizations progress unhindered. However, PMI’s recent survey indicates that enterprises are wasting $97 million against every investment of $1 billion. When projects fail, many do not realize that the problem can go beyond project-related factors. In this article at CIO, Moira Alexander has given 7 tips that could help you achieve flawless project management.
Achieving Excellence in Project Management
Project Management Institute has been conducting project management surveys since 2006. In its recent survey, it has categorized organizations in two performance types—champions and underperformers. It reveals that the project success rate for champions is 92% whereas it is 33% for underperformers. Following are some essential tips to help you manage projects that would deliver work on time, budget, and schedule:
- Enterprise-wide Project Management (EPMO): Planning an organizational strategy assists you in selecting projects that would bring benefits. Opting for EPMO helps companies supervise projects, establish best practices and corporate processes, conduct training sessions, and invest in technologies. PMI reports that enterprises with EPMO experience 38% more successful projects.
- Benefits Realization Management (BRM): PMI’s “Benefits realization management framework” helps you recognize possible areas of benefits, perform benefits management to reduce risks, and maintain benefits to achieve continuous project value. The survey reports 31% of organizations have reached benefits realization maturity.
- Executing as per Planning: PMI reveals that only 60% of organizations know how to stick to their strategy and implement as per planned. Cross-check the availability of resources and sponsors as well as select suitable techniques and software for initiating projects. This would prevent critical risks during project execution.
- Sponsor Buy-ins and Maintenance: Sponsors look after the level of engagement required for your project. They also influence critical access and risk mitigations along with deciding the budget and resources. Project success is directly related to their involvement with the team culture and company strategy. The study says that the rate of involved sponsors has increased from 59% to 62% in organizations.
- Attracting the Right Skills: Unlike underperformers, champion organizations are conducting training sessions for technical skills (76% as against 19%), leadership enhancement (76% as against 16%), and strategic and business knowledge management (65% as against 14%). Choose resources that have the right mentality and capability to achieve success in project management.
- Be Agile: It is essential for you to select the right methodology for project management. As per the study, champions are more inclined to adopt agile for their projects (55%) than underperformers (24%). In fact, 71% of organizations have taken up the methodology to achieve faster time to market.
- Impact of Disruptive Technologies: Project management becomes tougher when you must continuously upgrade in-house systems. The penetrative power of mobile technologies compels companies to invest in software that enables The PMI study reveals that executives acknowledge how disruptive technologies are propeling them to change their business dealings.
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