Organizations waste US$122 million for every US$1 billion invested due to poor project performance — a 12 percent increase over last year.

That’s the finding of the 2016 Pulse of the Profession®, which reveals an imperative to strengthen the conversation around the benefits of project management.

Since 2006, our annual global survey of project, program and portfolio managers has charted the major trends in project management. This year’s findings reinforce the critical need for strong project management in producing better business outcomes. Yet compared to 2015, more projects are failing, resulting in significant monetary loss.

With shrinking project outcomes, shifting global trends, and an uncertain economy, organizations must shift their thinking and embrace project management as a strategic competency that can reduce risk, cut costs and improve success rates. This year’s Pulse report addresses how to tackle this ongoing challenge.

Fast Track

High performance and project management maturity go hand in hand — but many organizations are still in the slow lane. View infographic


    Strategic Impact of Projects

    Identify benefits to drive business results

    Strategic Impact of Projects

    Our first in-depth report of 2016 reveals a powerful truth to improve project outcomes. When benefits are identified before the start of a project, 74 percent of projects meet goals and business intent. Identifying the needed benefits, and linking them to both project and program management are major steps. Executives, business owners and project leaders must share the responsibility of establishing benefits, aligned with the organization’s strategic goals.

    Decision Making

    Capturing the Value of Project Management Through Decision Making

    Decision Making

    Poor decisions have negative consequences to both outcomes and the bottom line. However, when organizations approach decision making with discipline, 79 percent more projects meet original goals and intent, 110 percent more are completed within budget, and 128 percent more are completed on schedule.

    Knowledge Transfer

    Capturing the Value of Project Management Through Knowledge Transfer

    Knowledge Transfer

    When organizations value knowledge transfer and implement good practices to support it, they improve project outcomes substantially — by nearly 35 percent. Although specific practices vary among organizations, the most effective organizations report adhering to a five-step method for identifying, capturing, sharing, applying and assessing knowledge.

    View Presentation

    Requirements Management

    A Core Competency for Project and Program Success

    Requirements Management

    Organizations waste US$51 million for every US$1 billion spent on projects and programs due to poor requirements management.

    By changing their culture to one that values effective requirements management — and has the people and processes to support it — organizations can slow the trend towards failed projects and lost revenue.

    View Presentation

  • Talent Management

    The Competitive Advantage of Effective Talent Management

    High-performing organizations are more successful because they emphasize strategy, improve efficiency and — perhaps most tellingly — cultivate talent resources that embrace these practices to deliver successful programs and projects.

    PMI Thought Leadership Series on Talent Management
    Talent Resources

  • Talent Gap: Project Management through 2020

    Through 2020, 1.57 million new project management jobs will be created every year around the world. Professionals and job-seekers with project management skills are in a prime position to benefit.

    Download

    PMI Thought Leadership Series on Talent Management
    Talent Resources

More to Explore