It has now well been accepted that the implementation of project management practices adds value to any organization. One recent study showed a 28% ROI1 from project management initiatives in IT organizations. However, what is the reality in developing and following such practices? Are the returns on investment so easily shown? What are the key steps or processes for these returns to actually occur? Experience and examples from the field, points to the following critical steps in becoming a better project management organization.
Set clear goals and establish benchmarks. This allows the organization to prove the value of the PM investment as well as change practices to achieve higher returns. If your organization is lacking hard, historical numbers on projects there are other tools that can be used. Customer satisfaction forms can be used for evaluating success on previous projects and can be continued for all future projects. Even if project baselines are missing (most likely), it is usually possible to find out when previous projects were expected to start and finish and when they actually did – on a monthly or quarterly time frame. Select a sample size,...
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