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It isn't long before even the best project plan is rendered obsolete by new realities. And in an environment of shared resources and common strategic goals, the impact can spread like a virus. To succeed, organizations must apply collaborative tools and practices that go beyond planning and bring enterprise-wide project execution to the forefront.
In a famous FedEx TV commercial, a lowly shipping clerk is on the phone getting the parameters of a critical project — namely, sending a very important package overnight to an impatient customer. After each instruction, he confidently responds, "I can do that! I can do that!" Then he hangs up the phone with a horrified look and asks himself, "How am I gonna do that?"
The Program and Portfolio Management Maturity Model is an effective tool for organizations to quickly decide what PPM improvements they should make to enhance their organizations' abilities to optimize investments, execute big changes and deliver value.
The Standish Group's "CHAOS Summary 2009" report shows a marked decrease in IT project success rates, with 32 percent of all projects succeeding. It's one thing to know that 68 percent of all IT projects don't succeed. But it's another to look across your company and realize you have no way of knowing which of your projects might be in the 68 percent bucket and which have the potential to be in the 32 percent bucket.
Project Portfolio Management is gaining respect for effecting successful project outcomes, creating a discipline of informed, confident decision-making and better stewardship over scarce resources.