The Value And Reality Of Implementing Better Project Management
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The Value and Reality of Enhanced Project Management
Summary
Embracing effective project management practices can significantly benefit organizations. A recent study reported a 28% ROI from implementing these practices in IT firms. But how straightforward is it to achieve such returns? What steps are necessary to realize these benefits? Real-world experience highlights several crucial elements.
Key Steps for Success
Establish Clear Goals
Setting clear objectives and benchmarks is vital for demonstrating the value of project management investments. Without historical data, utilize tools like customer satisfaction surveys to assess past project success. Even if initial project baselines are unavailable, tracking estimated versus actual start and finish times can provide insights. As the process evolves, data accuracy will improve.
Secure Committed Sponsors
Strong sponsorship is essential. In one government department, lack of committed leadership led to the abandonment of a newly introduced training program. Conversely, a pharmaceutical company saw success when their sponsor actively participated and insisted on the use of new tools and techniques, facilitating smoother adoption and appreciation of the changes.
Manage Expectations
Early successes often arise from implementing basic processes and templates. However, results may take longer than anticipated. Even for short-term projects, organizations generally need about a year to ingratiate new systems. To maintain momentum, highlight individual achievements from using the new tools, as illustrated by a PM whose advocacy for shorter meetings led to widespread approval and further adoption of innovative practices.
Conclusion
Transforming organizational practices isn’t easy, but by setting measurable goals, securing dedicated sponsors, and managing expectations, positive changes can be realized. With perseverance and strategic implementation, project management practices can indeed yield significant returns.
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