To be sure, execution is an art that separates successful organizations from less successful ones. Consequently, execution is the most important and foundational component for project managers.
According to Project Management Institute (PMI), for every $1 billion invested, organizations waste $122 million due to poor project performance — just over 12 percent in project investment thrown away. That’s the finding of the 2016 Pulse of the Profession®, PMI’s annual global survey of project, program and portfolio managers that charts the major trends in project management.
Sadly, the 2016 PMI findings represent a 14 percent increase in wasted investment from the 2015 PMI findings which showed $107 million lost to poor project performance out of every $1 billion spent. The very real concern is that project management performance problems are increasing in spite of the fact that more project managers carry PMP certifications than ever before. All this translates to significant amounts of money, time and energy being lost. It’s time to address what’s missing.
With the rising cost of strategic projects in new product development and technology implementation, shrinking project outcomes, shifting global trends, the pace of market changes and an uncertain economy, organizations must shift their thinking. They must embrace project management as a strategic competency that must be supported and strengthened to reduce risk, cut costs and significantly improve success rates.
Execution Leadership for Project Managers is the missing link.