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Low Success & High Waste, Cost of Poor PMO

The organizations that invest in project management waste less money as their strategic initiatives are successfully completed. But on the contrary, poor project management may turn devastating for the firm.

In this article at Strategy Execution, Lindsay Scott explains that projects will continue performing badly unless organizations try to fill the space between setting strategies and executing them.

Know the Ground Reality

As per the recent Pulse of the Profession report from the Project Management Institute (PMI), 58 percent of organizations understand the value of PMO and make good use of it for business growth, yet 42 percent of organizations are facing consequences and not understanding the value of project management.

Champion’s Approach

If you compare the high performing organizations with the low performers, it is evident that the key to success is improved sponsorship, controlled project scope, and experiment of diverse approaches to delivery. To lead the game, follow what the champion organizations do. Here is the key:

  1. Project Sponsor: To improve the growth rate, the low-performing organizations need to focus on improving the relationship between project sponsors and managers. Even project sponsors’ skills need constant enhancement, so train them occasionally.
  2. Project Scope: By creating awareness of the business benefits, establishing a feedback loop with the customer and taking an iterative approach, the project scope could be controlled. Success is possible only when the teams listen, learn, and are adaptable.
  3. Value Delivery Capabilities: By creating a culture that is receptive to change, values project management and invests in technology, delivering desired results is easier. The champion organizations are good at choosing the approach that best fits their context and needs.

Click on the following link to read the original article:

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