How do your projects fair? Do they compete for scarce resources? Do they take more time and cost more money than expected?
Does history repeat itself?
Why Projects Fail
According to the PMI’s Pulse of the Profession research, fewer than two-thirds of projects meet their goals and business intent, and about 17% fail outright.
In fact, success rates have been falling since 2008.
Why is this?
Well, there are many reasons … and here are a few:
- an inconsistent approach to project management leading to confusion over what the project is expected to achieve,
- key project roles are not sufficiently articulated, which results in a lack of direction and poor decision making,
- appropriate technical expertise isn’t employed in projects resulting in products being delivered that are not fit for purpose or incur additional expense to correct or replace, and
- technology whole life costs not considered during the project leads to products that are expensive to maintain.
I could go on … but I won’t.
Rather, I’ll give you 60 reasons why these sorts of problems can be avoided or eliminated. If businesses invested time into growing their project management expertise and implemented a project management process framework they would see many benefits.
Why It Pays You to Use a Project Management Process Framework
Here are 60 benefits of using a project management process framework:
- Demonstrate explicitly how each project fits with business strategy.
- The screening out of unwanted projects as soon as possible.
- Demonstrates strategic fit (assuming you have a clear strategy.)
- Early decision regarding the viability of the project.
- Ability to measure benefits against a known baseline.
- Makes benefits tangible (where possible.)
- Places benefits in the wider business context.
- Keeps watch for unwanted side effects from the project.
- Delivering the right benefits and outcomes from business change.
- Coordinates, communicates, aligns, manages and controls the activities of managing a project.
- Builds capacity and capability to deliver business change.
- Checking that a valid business case exists.
- Ensuring sufficient attention is given to quality at the outset of the project.
- Defining the required outputs from the project.
- Understanding what the project is expected to achieve.
- Delivering the right products and outcomes.
- Ensuring good communication with stakeholders and other interested parties.
- The definition and acceptance of project management roles and responsibilities.
- Good direction and decision making.
- Improved estimation of costs and duration.
- Control over progress.
- The exact status of a project known.
- Providing a clear understanding about how a project is organised and managed.
- Allowing the business to build on experience.
- Allowing the business to learn.
- See to it that projects are handled with consistency.
- Ensures everyone knows what to expect.
- Provides early warning of problems.
- Demonstrates a clear commitment to projects and programme.
- Offers a proactive approach to business process improvement and project delivery.
- Better deployment of scarce resources.
- A standard approach to purchasing and procurement.
- A clear and standardised approach to using project management methods.
- A sustainable model for project delivery.
- Greater visibility of projects and the total demand on resources and skills.
- Consistent documentation standards.
- A consistent development methodology.
- A clear approach to operational handover.
- Integration with operations management best practices.
- Early involvement of subject matter experts.
- A consistent approach to knowledge transfer.
- Realising greater value from investments.
- Reducing costs.
- Improving controls associated with project and programme management.
- Improving controls associated with purchasing, procurement and contract management.
- Improved interaction with Information Technology providers.
- Improved service through flexibility, control and responsiveness to change.
- Develops customer focus.
- Repeatable and consistent approach to benefit realisation.
- The standardisation of the approach to project initiation and project governance.
- The provision of performance management information.
- Common processes, standards, frameworks and guidelines for project management.
- An understanding of the present and future skills demand.
- An understanding of the perceived benefits each project delivers.
- The total cost of the project expressed in terms of capital investment and operations resources.
- The prioritisation of projects.
- Adoption of project management best practices.
- Developing strategic capabilities for business change and transformational change.
- Matching need to capability.
- Delivering better value to customers.
Does history repeat itself? It should. But, for the right reasons.
Does your business benefit from a project management process framework?
If not, why not? Please share your experiences.
Creative Commons image courtesy Sonny Abesamis.