Organizations are getting back on track. A surge in project performance last year eversed years of lackluster results and helped more organizations gain a competitive edge, according to PMI’s 2017 Pulse of the Profession®: Success Rates Rise: Transforming the high cost of
Organizations that invest in proven project management practices waste 28 times less money than organizations with poor project performance, according to the
annual global survey of project management professionals, senior executives and project management office
directors. The average waste of $97 million for every
$1 billion invested due to poor project performance
represents a 20 percent decrease—and thus improvement—compared to the 2016 Pulse report. (Figures are
in U.S. dollar amounts, but represent a percentage that
applies to any currency.) That’s the lowest amount of
money wasted in nine years of research.
But the gains don’t stop there. For the first time in
five years, there was an uptick in projects meeting their
original goals and business intent and being completed
within budget. Sixty-nine percent of projects fulfilled
their original goals, and 57 percent stayed within budget, compared to 62 percent and 53 percent, respectively, the year before.
And there’s another milestone in the latest Pulse.
For the first time, the report adds a fourth criterion—
benefits realization maturity—to measure project performance. Scope, budget and schedule are the other
three. Organizations that excel in all four areas have
a remarkably higher project success rate (92 percent)
than underperforming organizations ( 33 percent).
room to grow.
BY NOVID PARSI
PMI’S 2017 PULSE
OF THE PROFESSION®