I like to try and keep up with my reading and was directed to a PMI report: Capturing the Value of Project Management.
PMI produce an annual Pulse of the Profession report every year and this is an updated from 2015.
I will give you a reference to the report at the end however do try and read what is a very good and directed report which can have, if acted upon a profound impact on your company.
The executive summary of the report says:
…..it’s time for organisations to revisit the fundamentals of project management and, essentially, go back to the basics.
Those basics include:
- 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 (project management office)
- Using standardised project management practices throughout the organisation
We also see opportunity for greater attention to a number of foundational practices, which our research shows high performers1 are more likely to focus on compared to their lower performing counterparts, including:
- Greater knowledge transfer effectiveness: The number of organizations that have high effectiveness has increased by 20 percent since last year.
- More rigorous risk management: This year, 83 percent of high performers report frequent use of risk management practices, compared to only 49 percent of low performers.
- More frequent use of agile/incremental/iterative practices in project management: The use of these practices continues to rise, with 38 percent of organizations reporting frequent use, up 8 percentage points since 2013.
- Higher benefits realisation maturity: Though only one in five organizations reports having a high level of benefits realisation maturity, we’ve seen an increase of 63 percent compared to the level in 2013.
My thanks to PMI for this excellent report. We should spread this report as wide as we can so companies can capture the real value of project management.
The report is obtainable from PMI – http://bit.ly/1L6palb