"Customers want the best products and services. Employees want better salaries. Executives want growth. If we can’t have perfection, we all want progress. But we know it’s hard to deliver consistently positive results in an uncertain and continually shifting global marketplace."
Recently PMI has conducted their 8th global project management survey and published the results in the PMI’s Pulse of the Profession 2016 Report, called: “The High Cost of Low Performance”.
While expecting to see improvement from previous years, the results showed a decline in projects meeting their goals. The aim of this research is to strengthen conversations about the benefits project management delivers to organisations.
Here are a few highlights of the report, and click here for Pulse of the Profession 2016.
- In line with the PMI Talent Triangle that embodies a skill set combination of technical, leadership, and strategic and business management expertise, 40% more projects will meet their goals and original intent if they are managed by PM’s with these skills.
- Organisations that align their EPMO with strategy report 27% more projects deliver successfully, and 42% fewer projects with scope creep.
- When more than 80 percent of projects have an actively engaged executive sponsor, 65 percent more projects are successful. Yet, on average, only three in five projects have engaged executive sponsors.
- Many challenges remain, like the fact that only 6 out of 10 organisations use standardised project management practices and benefits realisation remains low on 17%.
- The demand for skilled and experienced project/program managers are on the rise.
Recommendations are made to address the situation including the following:
- Invest in ongoing project manager training
- Offer defined career path to those engaged in project or programme management
- Establish formal processes to develop project management competencies
- Transfer knowledge