The Value of Project Management
The Value of Project Management
Looking for a way to stay ahead of the pack in today’s competitive and chaotic global economy, companies are turning to project management to consistently deliver business results.
Disciplined project management starts at the portfolio level, where the strategic vision drives initial investments and where value measures are established. A fully aligned project, program and portfolio management strategy encompasses the entire organization, dictating project execution at every level and aiming to deliver value at each step along the way.
Project management is, in fact, shorthand for project, program and portfolio management. And more companies are clearly seeing the payoff from investing time, money and resources to build organizational project management expertise: lower costs, greater efficiencies, improved customer and stakeholder satisfaction, and greater competitive advantage.
The economic downturn only heightened that value.
An Economist Intelligence report showed that 80 percent of global executives believed having project management as a core competency helped them remain competitive during the recession.
And even as come executives see the glimmers of a fragile recovery, there is little doubt that a strong organization-wide commitment to project management leads to better results and long-term business value.
“The delivery of business outcomes is realized through the success of projects, and in essence that is the way that project management strategies drive organizational success,” says Adrian McKnight, PMP, program director at Suncorp-Metway Ltd., a financial services firm in Brisbane, Queensland, Australia.
A survey by consulting giant McKinsey & Co. found that nearly 60 percent of senior executives said building a strong project management discipline is a top-three priority for their companies as they look to the future.
Summary
As the practice of project management matures—from the portfolio level on down to individual projects—the connections between organizational project management and business value become clearer. And the more involved the executive team is, the better the results. “With the right resources, a clear timeframe for delivery and senior leadership support, a strong and disciplined project management practices will drive an organization forward,” says Mr. McKnight. “It’s how you stay competitive in the marketplace.”
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