Using Project Management to Avoid Project Pitfalls

Projects, and the ability to deliver them on-time and on-budget, represent a significant investment for an organization. Because of the critical nature of effective project management, more attention needs to be paid to how their value impacts the overall business strategy.

Companies are realizing that projects should no longer be attacked with a "one-off" mindset. Instead, projects should go through the entire project workflow to ensure the return of the project will be work it. In fact, the effectiveness of an organization’s project management process can make or break the bottom line of the business.

Topics included in this Whitepaper:

  • Major challenges in project management
  • How PM, the PMO and PPM work together: ensuring visibility, governance, productivity and control
  • The benefits of an integrated approach
  • The consequences of a lack of integration

Introduction:

Projects, and the ability to deliver them on-time and on-budget, represent a significant investment for an organization. Because of the critical nature of effective project management, more attention needs to be paid to how their value impacts the overall business strategy.

More and more companies are realizing that projects should no longer be viewed as “one-off” isolated entities, but as a core element that drives the future profitability of the business. In fact, the effectiveness of an organization’s project management process can make or break the bottom line of the business.

With this in mind, stakeholders are demanding greater accountability in the way projects are selected, managed and delivered. This is the common imperative for today’s high-growth organization. Whether this is accomplished through project management (PM), a program management office (PMO), or project portfolio management (PPM), the goals are the same.

Although many PM, PMO and PPM practices were initially developed within IT departments, in recent years it has become a mainstream feature in a wide range of industries, offering businesses of all sizes a simple framework for selecting, prioritizing and delivering projects and programs.

This white paper outlines the project pitfalls that cost companies invaluable time and money, and covers the project management roles that can be synergized to turn projects from an organizational drain to a competitive advantage.

Major challenges in project management

The main challenge facing businesses in achieving successful project delivery is this: mastering the multifaceted collaborations necessary to successfully execute the key project components seamlessly - and doing this as a natural extension of the business rather than as separate, alien and conflicting entities.

Successful integration at the strategic and operational level seeks to address this issue by enabling the business to align resources and project investments with corporate objectives, driving greater ROI from projects across the board.

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