Project Description

Project success rates have a direct correlation with the strength of project management capabilities. When project timelines are not achieved, budgets are exceeded, planned objectives are not fulfilled, and scarce organizational resources–that can never be recouped–are wasted. Further, according to the Project Management Institute, “Organizations that undervalue project management as a strategic competency for driving change report an average of 67 percent more of their projects failing outright.”

In order to capture project value as rapidly as possible, organizations must understand that there is a direct link between their business strategies and the effective execution of those strategies. Poor project execution can lead directly to financial loss and have potential negative capital market impacts.

In this point of view, we outline how achieving successful project outcomes goes far beyond employing the latest project management tools. The keys to project success include ensuring strong project management resources and capabilities are in place to drive those outcomes.

The Value of Project Management

With millions or even billions of dollars dependent upon the success (or failure) of a project, companies must employ ways to ensure successful outcomes. Strategic projects often are the drivers of change and innovation within organizations. Failure to meet project goals, schedules, and budgets can significantly impact an organization’s agility and profitability. Today’s constantly challenging environment only adds to the complexity of delivering successful projects.

Therefore, it is imperative that organizations deploy strong project management capabilities within their businesses whether it is via internal or external resources. The best performing companies approach project management as part of their ongoing operations to achieve strategic objectives.

Let’s explore key learnings for successful project management from top-performing organizations.