Key factors critical to business success decoded

Organizations still waste an average of $109 million for every $1 billion invested in projects and programs due to poor performance.

Study shows how high-performing organizations embed efficiency by developing strategies, techniques and teams built from use of sound project management practices. As per the study, organizations still waste an average of $109 million for every $1 billion invested in projects and programs due to poor performance. High-performing organizations, however, waste 13 times less money than their low-performing counterparts, according to a study done by the Project Management Institute (PMI). The difference: high performers use their mastery of fundamental project and program practices as the foundation for organizational success and competitive advantage.

 The survey of 2,800 project leaders and practitioners at multi-national corporations and government agencies found that the highest performing organizations are proactive in aligning their business models and talent management practices to a proven, fundamentally sound set of basic project management principles:

• 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
• Using standardized project management practices throughout the organization

​High-performing organizations—those that complete 80 percent or more of projects on time, on budget and meeting original goals—are demonstrating that adhering to proven project, program, and portfolio management practices reduces risks, cuts costs, and improves success rates. This focus emphasizes the need for all organizations to reduce waste and boost productivity by prioritizing essential skill areas such as knowledge transfer, risk management, organizational agility and benefits realization. By building a culture around a project management mindset, organizations will be better able to create a sustainable competitive advantage.

 For instance, the importance of knowledge transfer – the act of capturing and sharing lessons learned between employees – is a critical competence. This may be directly tied to the demographic reality that, as Baby Boomers transition into retirement, Generation X and Millennials are assuming project, program and portfolio management leadership roles. PMI's research shows that having a formal knowledge transfer process significantly improves project outcomes: 75 percent of high-performing organizations have an established knowledge transfer system in place compared to just 35 percent of low performers.

 "Our research underscores the competitive advantage for organizations that have mastered the fundamentals of sound project management: cultivating a top-down culture of standardized practices, emphasizing the critical role of executive sponsorship, and investing time and resources in the development and training of professional project managers," said PMI President and CEO Mark A. Langley. "With these foundational elements in place and functioning at peak efficiency, organizations have the potential to achieve superior project performance and execute strategic initiatives more successfully."

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