Organizations Globally Waste 6.5 Crore Every 20 Seconds - says PMI's New Survey
Project Management Institute (PMI), world’s leading association for management professionals and they conducted a global survey named ‘The 2018 Pulse of the Profession’. Conducted online in October 2017, the participants to the survey included 4,455 project management professionals, 800 Project Management Office (PMO) and 447 executive leaders from different sectors around the globe. According to the survey, around 6.5 crore is wasted every 20 seconds by organisations worldwide due to ineffective strategies through improper project management methods. Additionally, results also show that India loses 8.1 percent of every dollar invested, highlighting the importance of Project Management in an organization.
Reacting to the report, Raj Kalady, Managing Director, Project Management Institute India, says, “Of the total 40,000 certified professionals in India, 55 percent certified project managers belong to IT industry, Hence, it comes as no surprise that the 2018 Pulse of the Profession India results which has 34 percent respondents representing the IT industry, shows a more positive outlook (less wastage) for the country compared to the global average. However, increasingly, even public sector companies have started laying emphasis on training programs and strengthening their existing project management units and professionals. A formal approach to project and program management can be the link that ensures that an organization has the capabilities for both change and strategy execution that it needs”.
With the increase of financial scrutiny, shifting competitive pressures, and business disruption in our era, this survey brings out the five key factors that organizations require to successfully implement a perfect strategy. These five critical factors include a right engagement by sponsors, connection between design and delivery, investment in strategy implementation, being agile on leverage disruption and success measure to ensure projects are done on time or not.
Founded in 1969, Project Management Institute (PMI) is the world’s leading association for those who consider project, product, and portfolio management as their profession. PMI advances careers and organizational success through certifications, communities, resources, tools, publications, professional development courses, and many more. It also creates communities all over the world to deliver resources, tools, networks and broader perspectives.
“Project management is the driver of strategy, but organizations are failing to bridge the gap between strategy design and its delivery”. He also adds, “Effective project management to implement organizations’ business strategy is key, and has a significant impact on the bottom-line. There is a powerful connection between effective project management and financial performance. Organizations that are ineffective with project management waste 21 times more money than those with the highest performing project management capabilities. But the good news is that by leveraging some proven practices there is huge potential for organizations to course correct and enhance financial performance,” says Mark Langley, President & CEO, Project Management Institute.
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