The world of business activities can be divided into two broad categories:
Operations and Projects. The company’s ongoing, repetitive work to produce their products to keep up their current business is known as operations. In contrast, project produces a unique product for the company in limited time with the aim to keep up their future business. Projects bring change & future business. No wonder why these days even many traditional manufacturing / operations companies do more projects on Greenfield, capacity enhancement and productivity & quality Improvements.
Tens of trillions of US$ is spent on different projects across globe. For example, the capital project and infrastructure (CP&I) alone is set to grow to more than US$ 9 trillion annually by 2025, up from spend of US$ 4 trillion in 20121
. With reports of only 41% project success rate2, we can imagine the loss of trillions and this greatly concerns the business community across globe. Project is considered success when it meets all of the scope, time, cost & quality objectives.
The top project failure reasons
are time overrun, functionality / quality issues and cost overrun and these constitute two thirds of failed projects. This reveals that projects are facing uphill task of meeting the basic 4 project objectives: scope, time, cost & quality. IBM survey2
points that the top 20% companies reports 80% project success rate and bottom 20% of companies report meager 8% project success rate.
Naturally the poor success rate of projects got the critical attention of project management institutes like Project Management Institute (PMI®), International Project Management Association (IPMA), ILX group (PRINCE2) and they have been researching to find the solution. The tenfold difference in project success rate between top & bottom 20% companies gave a clue to the solution. Accordingly the researchers identified those project management practices contributed significantly to project success and imbibed into their respective project management standards.
The companies and project managers can leverage on the research done by the project management institutes to enhance their project success rate. With world of business activities are becoming more and more project oriented, there is a growing need for competent project managers globally. Project management is the application of knowledge, skills & resources for meeting the project objectives. Many of the project managers would have started their career as technical professionals but transform as project managers later in their career. Hence getting a proper understanding of best contemporary global project management knowledge and practices help to head start their project management career as well as to benchmark ourselves, do gap analysis and improve on those areas.
The above facts or trends are known to companies. And no wonder why the companies are encouraging in-house or global project management training
to ready their project managers and customers are demanding globally certified project managers to enhance their project success rate.
So what are you waiting for? Add best global project management knowledge to complement your technical skills and become competent project manager and fill the growing requirement for global competent project managers.
Author : Srinivasan.V