Published in the November 2018 Edition of pmmagazine.net
Some view project management as no more valuable than other skills. Others have felt the pain of a project that was managed poorly. A few can attest to outcomes that they did not realize were possible because of a top-performing project manager (PM). Whatever your view, research shows that firms with a higher level of project management maturity deliver better results. As reported in the Project Management Institute’s 2018 Pulse of the Profession, high-performing organizations, when compared to low-performing ones, have higher project success rates (92% versus 32%) and waste 21 times less money due to poor project performance.
Here are Dextra’s top five reasons for why you should value project management:
- Risk of Failure – Poorly managed projects are at risk for failure, cost overruns, schedule delays, rework, staff disengagement, and regulatory scrutiny.
- Performance and Productivity – High-performing PMs are decidedly more efficient and effective, delivering successful results in the process of meeting strategic objectives and other associated tasks.
- Risk Management – High-performing PMs are very adept at identifying and mitigating risks before they come to pass.
- Scope Management – How many times have you seen problems or legal issues arise as a result of a poorly defined, mismanaged, or miscommunicated scope? Strong PMs are highly effective at writing scopes of work, managing to those scopes, and managing stakeholder expectations.
- Competitive Advantage – Despite the millions of projects completed throughout the world (some successful, some not), the importance of project management remains undervalued. Committing to a higher level of project management maturity can separate you from your peers.
What are your top five?