Beyond Cost-Cutting

Jeannette Cabanis-Brewin - November 23, 2009

Governance Innovation PMO Portfolio Management ProjectsAtWork

The pressure has never been greater to drive efficiency and contain costs, yet, in the words of Tom Peters, “You can’t shrink your way to greatness.” So wise companies use any business contraction to prepare for growth. They also realize that the kind of growth available to companies emerging from recession is not based on old business processes and models, but on innovation.

Project management’s track record for delivering on strategic business challenges has been clouded by the results of high-profile studies such as the Standish Group’s CHAOS Report, which has fairly consistently stated that only about one-third of IT projects are successful. [i] Yet other research contends that when organizations focus on creating business value through projects — rather than merely hitting budget and schedule targets — their results look quite different.[ii] Our own research has shown that when organizations have a standard process for identifying and recovering troubled projects, they are significantly better positioned to succeed, closing projects successfully 83 percent more often.[iii]

What we have seen consistently is that when companies report using best practices for project portfolio management, resource management and project management office (PMO) structure, they also score higher on a range of organizational performance …

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