These criteria can be easily facilitated through the introduction of best practices such as the provision of a greater assurance to stakeholders, supporting the achievement of the project and organizational goals.
According to research, there is a 20 to 30 percent improvement in productivity if a well-detailed project management methodology is adopted. In furtherance to this, the use of a formalized project management structure helps in facilitating:
1. The clarification of project scope.
2. The agreement of goals and objectives.
3. The identification of resources needed.
4. The accountability for results and performance.
5. The team members to focus on the final benefits to be achieved.
This same research revealed that about 80 to 90 percent of projects fail to deliver on time, on budget, and quality expected. The reasons for the shortcomings are given below:
• Lack of a valid business case to justify the project.
• Not well-defined objectives before the commencement of the project.
• Lack of proper communication and stakeholder management.
• The outcomes are not feasible in measurable terms from the beginning.
• No quality control.
• Sparse estimation of cost and time.
• Inadequate definition and acceptance of roles.
• Improper planning and coordination.
With a proper management system in place, the challenges of failure to deliver on time, budget, and expected quality can be easily alleviated. Though, these shortcomings do not translate to the failure of the project. No, it doesn’t as it is only a matter of effectiveness and efficiency of project execution at this stage, not a success or a failure.
Lastly, the IBQMI® Lean Project Management is a framework that helps organizations to execute well-defined organizational projects effectively and efficiently. Don’t make a common mistake, “since we have employed the use of project management system; the outcome should always be positive.” No, that’s not always the case. There are instances whereby a project has satisfied all the traditional standards it should, such as meeting the deadline, on budget, and some other technical specifications, but still deems a failed exercise and vice versa.
Establish systemic methods for the elimination of waste within a manufacturing process. Enroll in the Certified Lean Project Manager®