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Succeed More. Waste Less.

In today's volatile business environment and challenging fiscal climate, a lot rides on how well you manage your projects. How much exactly? For starters is the amount of money wasted.

UK organisations waste on average £129 million for every £1 billion spent. 

That’s far more than the £109 million for the same £1 billion wasted by organisations that make up the global average.

A potentially greater issue is the effect on your organisation if its projects and programmes fail to realise their intended benefits. The success of these endeavours can determine whether your organisation thrives or fails.

However, research also shows that high-performing organisations that implement proven success measures reduce waste and mitigate risk by improving their project and programme outcomes. An average of 89 percent of their projects meet original goals and business intent, compared to an average of 36 percent for low-performing organisations; and they waste 12 times less money than their low-performing counterparts, creating a significant competitive advantage.

“These findings should concern executives, particularly in today’s complex business landscape,” said PMI president and CEO Mark A Langley. “When organisations continue getting better at executing their projects and programmes, they drive success. But when executives undervalue the benefit of effective project, programme and portfolio management — strategic initiative management — they put real money, and their futures, at risk.” 

Risk looms for many organisations. According to the Pulse of the Profession only 59 percent of organisations in the UK understand the value of project management, on a par with the global average.

Encouragingly, 60 percent of UK respondents reported that their organisation has a formal process to mature existing project management practices, compared to 47 percent globally. And slightly more than half of UK companies also have a defined career path for those engaged in project or programme management, compared to 45 percent globally.

Even so, project success rates are declining, with just under two-thirds of projects meeting their original goals or business intent. Conversely, the number of projects experiencing scope creep globally has risen from 41 percent in 2010 to 43 percent today. In effect, across the globe projects are becoming less successful and more expensive.

Despite these declines, Pulse of the Profession revealed positive movement in the strategic application of project management practices and alignment with an organisation’s broader business goals. More than three-quarters of project managers (77 percent) say their projects are better aligned to organisational strategy today than they were a year ago.

In today’s complex environment, aligning with overall organisational strategy and understanding what it takes to become a high performer has the potential to improve an organisation's outcomes.

 We in PMI UK have much experience of helping organisations to understand and make use of the many benefits of working with PMI. We have deep practical experience of using PMI offers and products in major corporations to improve competence, enhance professionalism and create structures to sustain progress.

We can help you to explain to senior management the impact of good project management and what PMI offers; improve your organisation’s capabilities to execute projects successfully through the deployment of PMI membership, practice standards and certifications; or help you motivate and develop high performing project teams.

We can run a PMI event at your premises or provide a speaker for your company Project Management conference.

There are many other ways collaboration may bring you benefits, see some examples here or contact us. Pick the brains of experienced volunteers to learn what is available, access ideas for how it might be used and consider the approaches other organisations have taken. PMI UK also offers real-world advice on what works with support to make a compelling business case and implement changes.

 

Chris Kane, BBC: Driving towards a digital future
Chief executive of BBC Commercial Projects Chris Kane talks about the importance of professional project management in the redevelopment of the BBC’s property portfolio.

 

Paul Jones, Fujitsu: The work of the PMO
The PMO (project or programme management office) helps management with reporting and decision making as well as supporting project delivery teams, says Paul Jones, head of PMO, Fujitsu UK & Ireland.

 

Julian Foster, Heathrow Airport: Communication is Key
The programme director at Heathrow Airport’s says that communication is a key skill for project managers, who must ensure that messages are delivered to the right people at the right time.

Terry Cooke-Davies, HSI: Portfolio management delivers business goals
Terry Cooke-Davies, PhD, group chair, Human Systems International, explains how portfolio management helps your organisation to deliver business goals, rather than pet boardroom projects.

Oliver Kirby-Johnson, KPMG: Effective change management
Oliver Kirby-Johnson, partner, KPMG, discusses how a well-thought-out and practical approach to change can help organizations handle complexity and uncertainty.

Iain Fraser, Projects Plus: How to Deal with Complexity
Iain Fraser, PMP, PMI Fellow, examines the role of the project manager in dealing with projects occurring in a complex environment. Mr Fraser is CEO of Project Plus Ltd. and past chair, 2006 PMI Board of Directors.

Sue Higgins, UK Department of Communities and Local Government: Change for the better with project management skills
Sue Higgins, finance and corporate services director general at the Department of Communities and Local Government, discusses the importance of using project management skills to deliver change efficiently.

 

Richard Wilson, Welsh Senedd: Finding Project Leaders
Organisations need to be developing project leaders and not just project managers, recommends Richard Wilson, a project leader for construction of the Welsh Senedd.

Richard Wilson, Welsh Senedd: Dealing with Risk
In the first of a new series on the role of project managers, Richard Wilson, who oversaw the completion of the Welsh Senedd (National Assembly building), highlights areas of risk and potential project failure.