In its this year’s study the Project Management Institute (PMI) again assesses the actual status of project management maturity of companies and its relation to their results.
It’s not astonishing the the report sub-titles this year again “The high Cost of low Performance“, because the statistic rate of projects that miss their schedule, cost or benefit objectives partly or totally, unfortunately has nearly remained at the same high level as last year.
In plain figures this means that from every 1 billion of project volume 109 Mio. is burned money, not yet counted the collateral at business benefits like missed market opportunities, bad efficiency, losses at the bottom line etc.. But the research also shows that companies with a “mature” project organisation manage to realise their project objectives and benefits at 78% on average, whereas such that work in a “do more with less” business environment only achieve in 38%.
Also interesting are the characteristics that differentiate mature “High Performers” from less successful companies: On one hand there are better developped processes for Talent Management with ongoing (project management) trainings, defined PM carreer paths, effective knowledge transfer process, etc. On another hand the engagement the management (C-level and functional executives) actively shows for their projects, e.g. in Change Management, is significantly higher there. But last not least success also lies in the process maturity, in the existence of a strong PMO, in standardized practices used throughout organization, and in the organization understanding the value of project management.
This actually is not a new insight, and it is not only promoted by PMI plausibly. Good project management definitively is an invest in a strategic business asset, not only a commodity or a part-time work ! And if the necessary know how is not (yet) available within the company it is eonomically reasonable to get some experts on board – for an important project, or for implementing an organisational structure, processes, and tools which enable for good project management. The price for good project managers can’t be by far as high as for burned money in insufficient projects !
In the final analysis this report is like a promotion for the initiative “Success and Growth in Project-driven Organizations”, in which I address exactly these factors and offer advise and help for the transformation. Learn more about it in my short video – and stay tuned !
Visit also the PMI Website about the topic.
Enjoy reading and receive lots of (new or well known) inspirations. To download the study please click here or press the PDF icon: