PPM is a set of business practices that brings the world of projects into tight integration with other business operations. In the past, the absence of this integration has resulted in a large disconnect between the projects' function and the rest of the operations of the enterprise. Without this essential connectivity, a lot of effort goes into doing projects right—even if they are not the right projects.
We have projects proposed and approved that do not deliver the promised benefits. We have projects that are wrong; they are not in sync with the goals of the enterprise. We have projects that have excessive risk, yet the risk is set aside when the project is considered for approval. We have projects that get approved solely because of the political power of the project sponsor. These projects drain valuable and scarce resources from more beneficial projects.
We have projects that are failing at an early stage. Yet they are continued until total failure is recognized and the team admits that the product cannot be delivered. We have projects that are designed to generate income (or cost savings), but because of various kinds of failures, they become a burden instead. We have projects that slip so badly in time that they miss the window of opportunity. Yet they are continued when they should be terminated.
So what we have here are two distinct and costly problems:
• Projects that should not have been selected to be in the pipeline
• Projects that remain in the pipeline even after they no longer serve the company's best interests
The result is that many projects are not delivering on their promises or are not supporting the goals of the enterprise.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.