Why Some Companies Have More Successful Projects
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Why Some Companies Have More Successful Projects
More companies are completing projects on time and under budget, while better meeting business expectations. Find out how enterprises become project champions. -
Met Expectations
Global professionals surveyed said that, on average, 69% of their company's projects successfully met the original goals and business intent of the project, up from 62% a year ago. -
Fiscally Sound
Survey respondents said an average of 57% of their organization's projects finished within their initial budgets, up from 53% a year ago. -
Deadline Focus
On average, survey respondents said 51% of their company's projects finished within their initially scheduled timeframe, compared to 49% a year ago. -
Waning Waste
Global organizations surveyed waste an average of $97 million for every $1 billion invested in projects and programs, but that's down from $122 million per $1 billion a year ago. -
Influential Input
Survey respondents said an average of 62% of projects are supported by actively engaged executive sponsors, up slightly from 59% a year ago. -
Agile Adoption
71% said their company uses agile project management at least some of the time, and 40% said they use agile either often or always. -
Haves and Have Nots: Success Metrics
Only 6% of projects conducted by "champion" organizations are considered failures, compared to 24% of "underperformers'" projects. -
Haves and Have Nots: Out of Bounds
Just 28% of projects overseen by champion organizations experience scope creep, compared to 68% of projects managed by underperformers. -
Haves and Have Nots: Tech Skills
76% of champion companies—but only 19% of underperformers—prioritize the development of technology skills. -
Haves and Have Nots: Business Skills
65% of champion organizations—but just 14% of underperformers—prioritize the development of strategic and business management skills. -
Top Causes of Project Failure
Changes in organizational priorities: 41%, Inaccurate gathering of requirements: 39%, Change in project objectives: 36%, Inadequate vision: 30%, Poor communications: 30%
An increasing number of organizational projects are getting completed within budget, while successfully addressing the original goals and intent of the projects, according to a recent survey from the Project Management Institute (PMI). The resulting report, "Success Rates Rise: Transforming the High Cost of Low Performance," also indicates that far less project investment funding is wasted than was the case a year ago. Among other success drivers, executive sponsors are getting involved with an increasing number of projects, and agile project management is commonplace. "More organizations recognize the strategic value of projects and programs—and that how well they support these strategic initiatives and the professionals who manage them matters to their long-term relevancy and ultimate viability," the report states. "The growing focus on talent management, executive sponsorship and benefits realization management, in particular, shows that organizations are recognizing the connection between project implementation and business success. At the same time, organizations are searching for ways to be more agile, customer focused and competitive." In addition to general findings, the research compares the performances of companies that are considered "champions"—those that complete 80 percent or more of their projects on time and on budget, while meeting original goals and business intent—with "underperformers," which are organizations that do this for no more than 60 percent of their projects. We've included a selection of those results here. More than 3,230 global professionals took part in the research.