PMI’s 2016 Pulse of the Profession®: The High Cost of Low Performance finds that over 10% of project budgets are wasted because of poor project management practices. To avoid these losses the article recommends:
- Look beyond technical skills. Leverage blended skills of well-rounded professionals capable of strategic planing.
- Recognize the strategic role of an enterprise-wide project management office (EPMO) and get it aligned to strategy. PMOs can deliver improved business performance.
- Drive success with executive sponsors. Executive sponsors critical for financing, stakeholder support and fostering collaboration within an organization.