The latest PMI Pulse of the Profession Report said:
“We are encouraged to see in this year’s Pulse of the Profession® that organizations are making progress—significant progress—as they are experiencing more success with implementing strategic initiatives. For the first time in the last five years of this research, we see that more projects are meeting original goals and being completed within budget.”
How about your company? Are your success rates improving?
The report concludes that:
“The path to increased progress is still very important and should, as outlined by our 2017 findings, includes”
There are some important highlights and I have chosen to cover a few in this article. The full report can be downloaded from the PMI web site.
Use of a standardised project management practices are used by over 50% of companies within the survey. However, there is a lack of consistency in many organisations.
Standardised project Management Practices
Risk management strategies
These are not used across companies with 60% using them always and often but 40% falling into the range of sometimes to rarely.
Project Performance Averages of Champions versus Underperformers
Actively engaged executive sponsors continue to be the top driver of whether projects meet their original goals and business intent. ……
The best executive sponsors have detailed knowledge of a project and how it connects to business strategy. They use their position and authority to clear roadblocks, make quick and effective decisions, and influence executive leadership. More than three-quarters of projects at champion organizations have actively engaged sponsors.
This report is packed with lots of facts and figures however the key issue for me is there are many companies where project and portfolio management is gaining in maturity and many where it needs to be further developed. There needs to be more conversations about project management, more focused activity to continue to drive the success rates.
So, are your project management success rates improving?
My thanks to PMI for an excellent report which can be found at http://bit.ly/2l5qUck
All images taken from PMI Report
Further Pulse of the Profession Report and PMI reports can be found here