Link between project management excellence and long-term success

Here is an interesting article that I found very enlightening.

This is extract from ‘Closing the gap’: The link between project management excellence and long-term success is an Economist
Intelligence Unit briefing paper, sponsored by Oracle. The Economist Intelligence Unit conducted the survey and analysis, and wrote the report.

(click picture to download copy of paper)

Note: The report was based on a survey of 213 senior executives and project managers worldwide and in-depth interviews with nine executives and project management experts in the fields of industrial manufacturing; architecture, engineering and construction; aerospace and defence; mining and metals; pulp and paper; and utilities, oil and gas.

Conclusion

To be successful, companies should consider the following best practices;

• To maintain a competitive advantage and ensure that projects generate maximum value for the company, business leaders must link every project management decision, from the choosing of projects to the way teams will measure outcomes, to the strategic goals of the organisation.
• Training, mentoring and other development activities for project management professionals should be tied to specific skills gaps and career planning.
• To prove that a project was a success, it is necessary to measure more than timeliness and adherence to budget; companies should also measure outcomes against project goals, determine whether the project delivered bottom-line results and assess the satisfaction of clients and stakeholders with the project.
• A lessons-learned database, in which project teams document project challenges and how they were handled, is a valuable tool for avoiding mistakes in the future.
• Leaders who continue to focus on improving project management strategies and methodologies as the economy rebounds will garner the greatest long-term success.

Hope this helps in understanding the relevance and importance of structured Project Management processes within the organisation.