Why Some Companies Have More Successful Projects
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.