While published in 2012, a Harvard Business Review article caught our eye with a particularly intriguing take on the benefits of effective project management.
“New findings from the Project Management Institute (PMI) suggest that organizations that focus on excellence in project management execution can reduce risk, improve performance, save money, and achieve a greater return on investment.” say the authors Mark Langley and Ed Hoffman.
It’s particularly interesting to consider risk management as a benefit of project management, as the PMI study finds that over one-third of projects fail to meet their business intent. And there’s real cost to those failures, as one-third of the budget spent on those failed projects is unrecoverable.
KEYS TO SUCCESS
So what do organizations with successful project management have in common?
- Ensure project alignment with business strategy and goals
- Leverage executive sponsorship of projects
- Continually develop project management talent
Of course, even with these elements in place, project teams still need to organize and manage their efforts and that’s where tools like TaskRay come into play. By taking a social, transparent approach to project management, TaskRay increases the flow of communication around a project which naturally helps to increase alignment, executive engagement, and modeling of best leadership practices.
Full article here: How Risk Reduction Is (and Isn't) Rocket Science