Project Management Institute

Better than Good

We Asked the Project Management Community: How Do You Make Sure Your Project is Creating Value?

STRATEGIC CONNECTION

“During the early stages of project initiation and development of the business case, tie the project benefit statement to the organization's strategic goals. If the project doesn't support any of the strategic goals, reconsider whether the project should be approved. There are times when project alignment to a strategic goal is not readily apparent; infrastructure projects that support mandates or reduce risk may be difficult to attribute to a specific goal. Just make sure that you understand the project's purpose and have defined expectations for it upon completion.”

—Theresa Lee, PMP, business technology consultant, Tarrant County Government, Fort Worth, Texas, USA

BOOSTER SHOT

What steps do you take to help create value for projects? Share your story on the PMI Project, Program and Portfolio Management LinkedIn Group.

TEAM EFFORTS

“I take steps to educate the project team so they can create value. If they understand why the project needs to happen and how the deliverables make a contribution, team members will be empowered to ask questions and look for ways to add value. They'll also be in a better position during the project and at the end to help gather customer feedback that helps measure benefits for the business.”

—Fabiana Cabral Merino, PMP, IT project manager, Michelin, Rio de Janeiro, Brazil

KEEPING SCORE

“Every project in my portfolio goes through a benefits assessment and is scored on the rating scale. These scores provide information about how the project meets our strategic goals and how it underpins the strategy. The scores also inform us in a tangible way about how to prioritize the project against other projects. Using this scoring method helps ensure projects are delivering value. It's easy, transparent and very useful.”

—Marcin Schubert, PMP, program director, Bank Zachodni WBK S.A., Warsaw, Poland

ALIGNMENT CHECK

“Staying aligned with business goals will create value. The best way project managers can do this is to check and verify that alignment at each milestone. Go over the requirements with the sponsor and other stakeholders before each milestone is completed. This helps ensure that all stakeholders are involved in the process and emphasizes that they are responsible for fulfilling each milestone's requirements.”

—Sanket Gaikwad, PMP, assistant general manager, Idea Cellular, Mumbai, India

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FIND EFFICIENCIES

“We can create value by making more with less during execution. I've seen hours lost by poor planning, so I'm always looking to reduce this problem by thinking of more efficient ways to use resources and get project activities completed in accordance with the schedule while spending less than the project budget.

For example, on a recent project we were welding pipes with bigger weld machines than necessary, which required us to also budget for lifting equipment. Through observing the activity and communicating with the team members doing the work, we decided to change to smaller welding machines that could be easily handled without the lifting equipment. As a result, we got higher productivity and achieved project savings.”

—Guilherme Menezes, project engineer, Vale Fertilizantes, Uberaba, Brazil

CLIENT COMMUNICATION

“During the execution phase, I send a letter to the client after each milestone is completed to summarize progress and offer a reminder that the project manager is the primary contact source through the project life cycle. This creates value in two ways: It keeps the project manager organized and up to speed, and it holds the clients accountable—which helps to mitigate any costly delays caused by client inaction.”

—Tara Moore McIntosh, PMP, project management office (PMO) manager, American Electric Technologies Inc., Houston, Texas, USA

SHARED VISION

“One way to make sure that the project is creating value is to understand the benefits that stakeholders hope to realize. To make sure I share the stakeholder's vision of project value, I take time to create a benefit management plan. It helps us stay on the same page and avoid false expectations. The plan includes a description of how the project value becomes part of the organization's permanent operations, as well as developing metrics that provide a clear way to measure and validate the success of the project.”

—Emilio Buzzi, PMP, PMO manager, OCA Logística SA, Buenos Aires, Argentina

Ultimate Value

Organizations that have high benefits realization maturity achieve value through better project outcomes:

img more projects meet original goals and business intent
img more are completed within budget
img more are completed on time
img fewer experience scope creep
img fewer are deemed failures

Source: Pulse of the Profession® 9th Global Project Management Survey: Success Rates Rise: Transforming the high cost of low performance, PMI, 2017

This material has been reproduced with the permission of the copyright owner. Unauthorized reproduction of this material is strictly prohibited. For permission to reproduce this material, please contact PMI.

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