Leading provider of PRINCE2® training, ILX, has responded to a study that suggests project managers are struggling to align executable initiatives with their organisations’ strategic objectives.
According to the Project Management Institute’s 2014 ‘Pulse of the Profession’ research, less than a tenth of companies rate themselves as excellent on successfully implementing measures that support and ultimately deliver strategic results. Only 56 per cent of initiatives meet business-driven goals, which results in organisations losing $109 million for every $1 billion invested in projects and programmes.
It revealed that high-performing organisations successfully complete 89 per cent of their projects, as opposed to low performers who only deliver 36 per cent of projects on time and on budget. This discrepancy translates to high achieving organisations wasting on average nearly 12 times less than their underachieving counterparts.
Unsurprisingly, projects and programmes that are aligned to an organisation’s strategic goals are successfully delivered more frequently than those that are misaligned. Earlier research had indicated that aligning project initiatives with business objectives is hugely important for adding value to an organisation. Yet, despite this, it was reported that three out of five projects are not aligned to strategy.
The ability to respond to changing market dynamics quickly was identified as being a trait common to organisations that complete more of their strategic initiatives successfully. But only 15 per cent of companies report a high degree of organisational agility.
Prominent project management consultancy and training course provider, ILX, has called for a greater emphasis on the need for a standardised project management process to help managers cope with the demands of modern business.
A spokesman for the company said: ‘These results indicate the difficulty that project professionals’ face when it comes to keeping projects aligned with strategic business initiatives.
‘Organisations that invest in standardised project management training, such as the PRINCE2 courses run by ILX, invariably find that the task becomes easier due to the adoption of standardised and repeatable principles by their staff,’ he added.
ILX is a leading global provider of Best Practice learning solutions and consulting services and is a market leader in PRINCE2 training. Operating across 100 countries, they have delivered learning solutions to corporate, public, and consumer audiences for over 25 years. They have trained over 100,000 learners in more than 5,000 organisations across their virtual and online learning programmes, as well as in classroom environments.
PRINCE2® is a registered trade mark of AXELOS Limited.
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