The Six Key Drivers Of Successful Project Management

Today’s fiercely competitive business environments are ever changing. Couple this corporate atmosphere with the current economic roller coaster and organizations are faced with a myriad of challenges driven by regulatory revisions and logistical restructuring.

Adapting to this environment and developing methods to face the opportunities and challenges it presents has become a vital necessity for businesses. 

The Six Tips for Successful Project Management 

How do you put your organization in a position to meet these opportunities and face these evolving challenges? The short solution is by embracing project management. In order to stay competitive, today’s organizations need to move beyond just focusing on everyday operations to improving the way they deliver projects as their competitive strategy. 

Stressing project management excellence is one of the best ways to combat slow economic growth, shifting global market priorities and embrace a push for innovation.   A 2012 Project Management Institute study shows that 20% of organizations describe having “high” project management maturity, up from 11% in 2006.

A PWC study, reviewing over 10,000 projects from over 200 companies found that only 2.5% of the companies successfully completed 100% of their goals.  A similar study in the Harvard Business Review found one in every six projects has an average cost overrun of 200%, as well as a schedule overruns of 70% or greater.

To prevent these types of statistics from occurring in your project portfolio, there are several key strategies every organization should adopt.  While there is a wide range of important and beneficial factors to incorporate in your business strategy, we’ve composed a list of the six key drivers of successful project management. Placing emphasis on these six key elements can create the environment where your business thrives and your competitive advantage grows.