3 Reasons to Add Project Management Training to Your 2016 Business & Personal Plans
Well, here we are, the 50th week of the year. If you were as busy as I was, then you are probably thinking that this year went by too fast! Now it is possible that you will begin a review of the year’s achievements and the compilation of lessons learned to make adjustments going forward in 2016. Almost everyone around this time of the year also formulates a New Year’s Resolution list for personal and professional improvement.
I hope you enjoyed many successes this past year, but don’t despair if you didn’t. We all experience failure or disappointments in life. Whether they were the result of incorrect assumptions or human error, there are lessons to be learned that can be instrumental to your future success. Persevere; use that experience as motivation to improve yourself, the process, the system, the plan, the project, the product or service.
As true professionals, we must continue to increase our knowledge and improve our skills. Therefore, I recommend that you consider adding project management training to your new year’s resolution list.
First, even the most successful companies and organizations suffer unnecessary losses. The BCG and MIT Sloan reported that, as of this writing, $109 million out of every $1 billion of project funds is wasted. Additionally, they concluded that organizations without trained project managers spent 13 times more money on similar projects. All of this suggests to me that businesses in the US that can increase profit margins by $109 million if they were to leverage project management principles to develop efficiencies in their internal processes and execution.
Second, when companies adopt organizational project management they reach over 90% of their original project goals and business intent. One such example is Navy Federal Credit Union. In 2010 this “small to medium” financial institution had $3.9 billion in assets, served 3.4 million members and managed a portfolio of 20 projects. In just 5 years Navy Federal increased its assets to $71 billion, grew membership to 5.8 million and now manages a portfolio of 153 projects. It is no surprise they were recognized by PMI as the 2015 PMO of the Year. Can you imagine how Merry their Christmas is going to be?
Third, a recently published study concluded that Federal Government initiatives waste $148 million out of every $1 billion of project funds, only achieving 52% of the strategic initiatives goals and business intent. Despite the bad news, there are 3 luminaries: the Social Security Administration, the Bureau of Indian Affairs and the Federal Aviation Administration. All three agencies implemented Organizational Project Management and report the following benefits: SSA reports that the newly trained and certified project managers improved productivity organization-wide. The BIA reports project management practices can be implemented to effectively fight violent crimes. The FAA reports that greater reliance on standardization of processes has improved communication effectiveness, team building and stakeholder engagement.
These examples demonstrate the impact that project management can have in private organizations, our government agencies and our society. There is always room for improvement and opportunities to grow your knowledge and skills. Regardless of your level of education, work experience or certification level, there is a professional development course in project management to help you expand your knowledge base and increase your effectiveness.
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