{"id":4356,"date":"2017-03-24T09:30:00","date_gmt":"2017-03-24T14:30:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=4356"},"modified":"2022-04-12T16:45:16","modified_gmt":"2022-04-12T21:45:16","slug":"improving-it-project-success-rates-blog-planview","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/","title":{"rendered":"IT Project Success Rates Are On The Rise: Project Champion or Underperformer?"},"content":{"rendered":"<p>After years of stagnate IT project success rates, it looks like the tide is turning, according to the 2017 <a title=\"Pulse of the Profession report\" href=\"https:\/\/www.pmi.org\/learning\/thought-leadership\/pulse\/pulse-of-the-profession-2017\" target=\"_blank\" rel=\"noopener\">Pulse of the Profession report<\/a> from the Project Management Institute (PMI) \u2013 a promising message for PMO leaders and C-level stakeholders alike.<\/p>\n<p>The ninth global project management survey features insights from 3,234 project management professionals, 200 senior executives, and 510 PMO directors, from a range of industries.<a href=\"https:\/\/www.cio.com\/article\/234362\/it-project-success-rates-finally-improving.html\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-4358\" title=\"CIO.com IT Project Success\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success.png\" alt=\"CIO.com IT Project Success\" width=\"328\" height=\"425\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success.png 734w, https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success-232x300.png 232w, https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success-300x388.png 300w\" sizes=\"auto, (max-width: 328px) 100vw, 328px\" \/><\/a><\/p>\n<p>Here\u2019s some of the findings I think you will find compelling:<\/p>\n<p>Responses showed that organizations wasted $97 million on average for every $1 billion invested due to poor project performance. OK, that may not seem like a huge leap forward over last year \u2013 $122 million wasted per $1 billion invested \u2013 but consider that the organizations surveyed wasted 20 percent less year-over-year. It is a significant savings. So what accounts for this higher success rates for IT projects?<\/p>\n<p>By using success metrics as a gauge, the PMI separated organizations into two distinct categories: Champions and Underperformers.<\/p>\n<ul>\n<li>Champions complete 80 percent or more of projects on-time, on-budget, and on-target with higher benefit maturity<\/li>\n<li>Underperformers see 60 percent or fewer projects completed on-time, on-budget, and meeting original goals and business intent, with lower benefit maturity<\/li>\n<li>Only 6 percent of Champions experienced projects deemed failures<\/li>\n<li>24 percent of Underperformers experienced projects deemed failures<\/li>\n<\/ul>\n<p>A recent <a title=\"IT project success rates finally improving\" href=\"https:\/\/www.cio.com\/article\/234362\/it-project-success-rates-finally-improving.html\" target=\"_blank\" rel=\"noopener\">CIO.com article<\/a> exploring these survey results points <strong>out that many organizations are focusing less on the means and more on the ends<\/strong>. By maturing their project management abilities, businesses can focus on benefits and outcomes, instead of solely on cost, time, and resources.<\/p>\n<p>Planview\u2019s chief product officer Patrick Tickle is quoted in the article:<\/p>\n<p>\u201cDigital convergence is collapsing the gap between business and IT. For so many years, we talked about how to better align IT with strategic business goals, and now it&#8217;s just a fact of life. That forces IT &#8212; and companies&#8217; PMO [project management office] &#8212; to emphasize planning and prioritization, which helps them succeed with the projects that are truly important.&#8221;<\/p>\n<p>Patrick has a compelling blog series that discusses this and more in greater depth that I think you will find interesting, <a href=\"https:\/\/blog.planview.com\/outcomes-are-different-deliver-products-and-services-that-matter\/\">Eight Reasons Why Your Business Strategy Might Just Fail<\/a>.<\/p>\n<p><a href=\"https:\/\/www.planview.com\/work-resource-management\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4042 size-full\" title=\"Work and Resource Management\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2016\/12\/wrm-infographic-blog-cta-header.png\" alt=\"Work and Resource Management\" width=\"600\" height=\"200\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2016\/12\/wrm-infographic-blog-cta-header.png 600w, https:\/\/blog.planview.com\/wp-content\/uploads\/2016\/12\/wrm-infographic-blog-cta-header-300x100.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>When it comes to increasing project success rates here are other common factors and report highlights:<\/p>\n<ul>\n<li>The number of organizations with actively engaged executive sponsorship is increasing \u2013 averaging 62 percent compared to 59 percent in 2016<\/li>\n<li>Half of those surveyed with a project management office (PMO) also have an enterprise project management office (EPMO)<\/li>\n<li>Of those who align their EPMO to strategy execution, 38 percent report that more projects meet original goals and business intent and 33 percent fewer projects are deemed failures<\/li>\n<\/ul>\n<p>The PMO plays a critical role in making sure the right projects are prioritized and delivered, therefore the PMO must have a seat at the decision-making table. I like these statistics because they speak to <a title=\"Be That PMO\" href=\"https:\/\/www.planview.com\/bethatpmo\/\" target=\"_blank\" rel=\"noopener\">Carina Hatfield\u2019s message urging organizations and their executives to rethink the role of PMO<\/a>. The PMO itself needs to change the conversations they have with their stakeholders. I highly recommend watching her video series Be That PMO. It provides prescriptive recommendations to make the shift to not only improve project delivery but ensure the organization is focused on projects with the greatest value while improving project success rates.<\/p>\n<p><a href=\"https:\/\/www.planview.com\/bethatpmo\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4183 size-full\" title=\"Be that PMO\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/01\/BethatPMO-600x200.jpg\" alt=\"Be that PMO\" width=\"600\" height=\"200\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/01\/BethatPMO-600x200.jpg 600w, https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/01\/BethatPMO-600x200-300x100.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>And finally, I want to mention this interesting point brought out in the CIO article.<\/p>\n<ul>\n<li>A full 71 percent of organizations are using agile approaches for their projects sometimes or more frequently \u2013 and are more likely to report successful projects<\/li>\n<\/ul>\n<p>When it comes to Agile, Patrick mentions that it\u2019s becoming less about following strictly defined agile processes and more about creating agility. He urges organizations to figure out what is going to best enable the business and get the project done versus what it looks like from a methodology perspective.<\/p>\n<p>I agree. It\u2019s not just about methodology. The way we work is much different and it continues to shift. <a title=\"Get Work Done - Projectplace\" href=\"https:\/\/www.planview.com\/products-solutions\/products\/projectplace\/\" target=\"_blank\" rel=\"noopener\">It\u2019s about having the right tools to get work done<\/a>.<\/p>\n<p>It\u2019s never too late to close performance gaps in your project success rate. Take a look at the links offered in this blog to get a more in-depth analysis on the subject matter. Read the CIO article and PMI surveys and see how your organizations stacks up.<\/p>\n<p>What do you think about the findings and information provided?<\/p>\n<p>Please share your thoughts below.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After years of stagnate IT project success rates, it looks like the tide is turning, according to the 2017 Pulse of the Profession report from the Project Management Institute (PMI) \u2013 a promising message for PMO leaders and C-level stakeholders alike. The ninth global project management survey features insights from 3,234 project management professionals, 200&#8230;<\/p>\n","protected":false},"author":27,"featured_media":4360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[35,477],"tags":[],"class_list":["post-4356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pmo-project-management-organizations","category-vision-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IT Project Success Rates Are on The Rise - Blog | Planview<\/title>\n<meta name=\"description\" content=\"By maturing project management abilities, businesses are able to focus on benefits and outcomes. Get the summary of the CIO.com article PMI Survey.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IT Project Success Rates Are On The Rise: Project Champion or Underperformer?\" \/>\n<meta property=\"og:description\" content=\"By maturing project management abilities, businesses are able to focus on benefits and outcomes. Get the summary of the CIO.com article PMI Survey.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-24T14:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-12T21:45:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success-Rates-Are-on-The-Rise.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Linda Roach\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@lindaroach\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Linda Roach\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/\"},\"author\":{\"name\":\"Linda Roach\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/40d082be679b8bcde1f82fa3f4cb4d85\"},\"headline\":\"IT Project Success Rates Are On The Rise: Project Champion or Underperformer?\",\"datePublished\":\"2017-03-24T14:30:00+00:00\",\"dateModified\":\"2022-04-12T21:45:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/\"},\"wordCount\":729,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success-Rates-Are-on-The-Rise.jpg\",\"articleSection\":[\"Project Portfolio Management\",\"Vision and Trends\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/\",\"url\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/\",\"name\":\"IT Project Success Rates Are on The Rise - Blog | Planview\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/improving-it-project-success-rates-blog-planview\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2017\/03\/IT-Project-Success-Rates-Are-on-The-Rise.jpg\",\"datePublished\":\"2017-03-24T14:30:00+00:00\",\"dateModified\":\"2022-04-12T21:45:16+00:00\",\"description\":\"By maturing project management abilities, businesses are able to focus on benefits and outcomes. 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