Optimism is a valuable trait. But to a strategic project portfolio, it can be a downfall.
Integrated Project Management Company, Inc. (IPM) has surveyed 1,330 people over the course of six years when assessing project portfolios. Fully 56 percent of people say they’re confident in their organization’s ability to meet its strategic goals. Yet only 40 percent say their projects finish on time. Confidence is even higher for executives, 65 percent of whom say they’re confident the company is able to meet its strategic goals. And only 36 percent of executives say projects finish on time.
The results back up the thesis of IPM’s white paper, “Prioritization’s Toughest Challenge: Human Nature.” One of the biases working against prioritization and project portfolio management is overoptimism. We seem to be hard-wired to plan for the best-case scenario or what we want to happen. But in reality, confidence is outweighed by the ability to get projects done on time.
Combine Strategy and Project Portfolio Management
Within an effective project portfolio management (PPM) process, companies determine priorities and align on the projects that will help them accomplish their most important work. While almost two-thirds of respondents say their portfolio is aligned to their strategic goals, only one in five are satisfied with their PPM practices. Download the PDF for the complete data.
What Might be Hindering the Strategic Project Portfolio
The five biggest challenges to the project portfolio, in order, are (respondents could select three):
Not enough people to complete the number of projects
Changing priorities
Projects are not well executed (over budget, late, additional resources required)
There are too many projects that don’t provide a sizable benefit to the organization
The portfolio is not analyzed
Prioritization Can Align the Organization
A company with advanced project portfolio management and effective strategic prioritization can align the entire organization on its mission-critical work. And building a reliable execution competency can increase the chances of accomplishing it.
Strategic prioritization is critical for long-term success. Focusing your organization on the most critical projects increases the chances of accomplishing them. And research shows it…
By Scott Grzesiak, Executive Vice President of Strategic Growth, Integrated Project Management Company, Inc. Early in my career as a manufacturing engineer, I did whatever…
Strategic prioritization is challenging for many reasons. The toughest may be that it requires overcoming 300,000 years of human evolution. In theory, using advanced prioritization…
Healthcare organizations often partner with laboratory services providers to help improve efficiency and quality, reduce costs, expand services, and increase satisfaction for both patients and…
Strategic prioritization is challenging but necessary. You have to compare apples to oranges without complete data. You—and all your colleagues—have to set aside personal motivations…
At face value it’s hard to argue against strategic prioritization. It makes sense that when you channel your efforts and resources toward one goal, you’ll…
Read the article below or click here to download the PDF → For 20 years, healthcare providers, payers, vendors, and other organizations have asked IPM…