Finding the competitive edge
Project success rates are falling —but not for everyone; here’s how to buck the trend toward mediocrity, economic turbulence be damned
No matter their sector or location, organizations face a highly complex business environment that demands innovation and the agility to respond to shifting global priorities. As a result, in today's complex global environment, the organizations that thrive are the ones that value project management. This article reports the results of PMI's 2013 Pulse of the Profession--the annual global benchmark research report for organization project and program management. In doing so, it reveals for every US\$1 billion spent on projects, a high-performing organization risks US\$20 million versus a staggering US$280 million for low performers. It then identifies six areas where high-performing organizations excel. The article explains how HP capitalizes on insights across the organization and how Ericsson relied on its project management prowess to carry it through tough times. It then details how high-performing organizations focus on strong talent management by investing in project talent and providing consistent training, defined career paths and professional development opportunities. For example, HP focuses on its project and program management academy and uses a centralized talent-management portfolio to give the company organizational agility to assign the right people to new projects. On the other hand, the article reports that only 48 percent of low-performing organizations offer training on tools and techniques. It concludes by examining the effect on the project portfolio when an organization skimps on talent.