In today’s increasingly uncertain business environment, the only constant remains change. The risks of not planning far outweigh ‘winging’ it out there. Business leaders and organisations are under immense pressure to navigate a world of constant disruption, changes in the competitive landscape and yet, there is no denying that a huge SHIFT has or is happening, impacting all of us whether at work or at play.
THE SHIFT : projects and how we manage them are becoming absolutely crucial to personal/business success. Organisations are realising that how well they deliver their projects, whether it is for the own internal benefits, as a service for customers or just as a means to an end for their own products, directly correlate to results in the boardroom.
You can’t take a chance on project deliveries anymore. You can’t hide beneath a cloak that since there are so many uncertainties, changes to requirements, people leaving and joining, you can just roll the dice with minimal planning, hire the first project manager who comes along, and hope that things work out.. And this SHIFT, interestingly happened as early as 2016…
In 2016, the PMIAA (Program Management Improvement and Accountability Act) was signed into law by then President Obama. Think about this for a second. One of the world’s greatest super-power, well some would argue aside from China, the United States of America decided to legalise project management and endorse it as a key success factor for all government agencies. Effectively, this meant that for the entire business community and the tens of thousands staff working in the 430 agencies, departments and sub-agencies that form the USA government, not complying to the act was not an option, leading to legal action. Why did the USA do this?
Well, that year, the economy was losing practically 10% of every dollar spent on projects in USA.. this loss directly attributable to poor project performance… when you consider that the USA government was irrefutably the biggest project implementor running into several billions of US dollars in their projects, this loss was not to be trifled with. Many of the USA government programs were also falling way short of their Key Performance Indicator targets hitting alarmingly low 50-60% targets..
We are seeing results of this shift evident in many of today’s global organisations, senior management are coming out with key messages linking, re-enforcing project management directly to an organisation’s success..
The Project Management Institute, the world’s largest and most established association that have brought us the ever – popular certifications like PMP, PMI-RMP, Agile CP, has devoted their entire brand name into driving what is now known as the project economy.. both project and economy side by side..
Underpinning this shift is the increasing influence of analytics and the intelligent use of data to shape decisions in businesses. In today’s increasingly complex landscape, making the right decisions at the right time can make or break any organisation. Having the ability to decide on whether to jump on to a project based on the exact nature of the organisation’s business and within the exact same context of her industry will differentiate those that thrive in the new data-driven economy and those who fall by the way-side. With enough data, analytics powers thought leadership and can often allow businesses to make the right call. Analytics enable project leaders to see where problem areas lie, and indirectly enable them to make sense of what to prioritise and when to implement improvements. The environment may change, the forces that shape competitors may change, but an organisation’s DNA remains, and if a formulae based on actual project data can be derived to predict project outcomes based on trend data, historical outcomes and risk factors – the possibilities would be limitless.
That’s exactly what ProjAnalysis© does for our clients. Recently launched in Q4 2019, ProjAnalysis© is a risk based predictive model that will predict project outcomes, based on a basket of risk factors.. and you can find out more information under our suite of products here. It is our vision that ProjAnalysis© represents the first of our steps to bring data-driven decision making into the field of project and management excellence. Watch this space..