Why You Should Be Improving Project Management Maturity to Increase Value
For business to understand how to improve processes to better impact business outcomes, they must measure their project management maturity. The connection between process maturity and the value a project delivers is something that must be given attention.
Project management maturity looks at a combination of people, processes and tools to create a model that develops an organization's approach, methodology,and strategy that is specific to the organizations goals, strategies, resource capabilities, scope, and needs . In this article, We will take a look at the relationship between organizations’ project maturity and their value.
Improving Project Management Maturity to Increase Value
For businesses to understand what they need to do to improve processes for better business outcomes, they must measure their project management maturity. The connection between process maturity and the value a project delivers is something that must be given attention. These statistics taken from recent PM Solutions Research display the average value organizations have seen by increasing their level of project management maturity:
29 % decrease in failed projects.
16% of projects delivered ahead of schedule
23% of projects delivered under budget
37% improvement in projects aligned with objectives
21% improvement in productivity
16% cost savings per project
26% increase in customer satisfaction
- $71,000 in cost savings per project
High performance organizations have also proved to be more mature in their project management and have had the greatest increases in value. High-performing organizations are defined by the how well they realize and work to achieve their organizational goals. This graph from PM Solutions Research shows the rate at which more mature organizations offer more value:
Another thing that PM Solutions found, according to a comparison of past and current research, is that 76% of organizations have improved their project management maturity over the past five years and organizations overall have steadily moved up in levels of project management maturity between 2001 and 2014. To see more statistics, access the full PM Solutions Research Report, Project Management Maturity & Value Benchmark 2014.
If you would like to learn more about project management maturity and how it can increase the value of your project management efforts, check out our free whitepaper, The 5 Levels of Project Management Maturity. If you have any questions about other project management solutions for your organization, feel free to contact IMS.