Positives of Adopting Project Management Practices
- 1. Positives of Adopting Project Management Practices "A project is a unique, transient endeavour, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits." "Project management is the application of processes, methods, knowledge, skills and experience to achieve the project objectives." Source: Association for Project Management Project Management - An Integrative Approach Achievement & Action Collaboration Impact & Influence Management Cognitive PersonalEffectiveness ProductiveWorkEnvironment OrganisationalSavvyBusinessAcumen EnterpriseView ProcurementManagementRiskManagement CommunicationManagement HR Management Q uality M anagem ent Cost Management Time Management Scope Management Integration Management Project Success Factors Source: Raconteur Firms with Project Management Office or Offering PM Training Small Mid Size Large 61% 62% 88% 79% 90% 84% With PMO Offering PM Training Source: Project Management Solutions, 2014 % % Respondents on Factors Impacting Project Outcomes 71% 64% 61% 38% Meeting Goals Meeting Budget Meeting Schedules Scope Creep 0 25 50 75 Executive Benefits & Significance of Key Outcomes % Respondents on Key Organisational Benefits Derived from Project Management Success with Change Competitive Advantage Risk Management Cost Savings Higher Organisational Agility 0% 10% 20% 30% 40% 50% Source: PMI, 2016 % IT Project Success Rate 16% 53% 31%29% 52% 19% 1994 2015 Successful Challenged Failed 0 50 100 150 Fund Utilisation Succeeded Funds: 87.8 % Wasted Funds: 12.2 % Succeeded Funds Wasted Funds Source: Standish Group CHAOS Report, 2015 Note: For every $1 Billion Project Investments $878 M $122 M Sources: 1. PMI, “The High Cost of Low Performance: How will You Improve Business Results”, 2016, http://www.pmi.org/- /media/pmi/documents/public/pdf/learning/thought-leadership/pulse/pulse-of-the- profession-2016.pdf. 2. PMI, “Capturing the Value of Project Management”, 2015, http://www.pmi.org/- /media/pmi/documents/public/pdf/learning/thought-leadership/pulse/pulse-of-the- profession-2015.pdf?sc_lang_temp=en 3. Pompeu, R.M.F., and Oliveira, S.R.M., “Critical Success Factors in IT Projects: An Exploratory Study, International Journal of Innovative Research in Science, Engineering and Technology, Vol. 4, Issue 11, November 2015, http://www.ijirset.com/upload/2015/november/117_Critical.pdf Copyright © 2016 ICFAI E.D.G.E. All Rights Reserved. 45% 45% 41% 39% 38% Managerial Skills Organisational Perspective Technical Skills