Delivering business value through project management
As per Project Management Institute (PMI), it is estimated that by 2030, the global economy will need 25 million new project professionals, and the total GDP of projectized industries is estimated to increase from US$24.7 trillion in 2019 to US$34.5 trillion in 2030
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Every day, thousands of projects around the world commence with a singular purpose: to achieve an organization’s intended business goals. Project management helps strategically achieve all project goals within the given constraints. As per Project Management Institute (PMI), the world's leading for-purpose organization for the project, program, and portfolio management profession, it is estimated that by 2030, the global economy will need 25 million new project professionals, and the total GDP of projectized industries is estimated to increase from US$24.7 trillion in 2019 to US$34.5 trillion in 2030.
Project managers are responsible for understanding the vision and meeting the strategic objectives of any project. A key aspect of portfolio and project management is choosing the projects that the organization should undertake. Multi-disciplinary program managers must be aware of every aspect of all the projects, so that they can bring everything together. Typically, the success of a project is determined by the time taken and the budget consumed to complete it - but it is the delivery of business value that remains the most crucial factor in customer satisfaction.
Organizations have long turned to project managers to help them turn ideas into reality – these professionals take charge from the get-go until the project is delivered, ensuring a constant check on its progress. All in all, what truly sets this community apart is its focus on implementation — figuring out how to make something concrete out of an audacious goal.
Best practices to tackle complexity
Most projects have an inherent level of complexity that project managers have to deal with. There could be certain challenges – foreseen or unforeseen – that may come up, forcing the project to lose pace. However, to avoid making the mistake of starting a project that should not see the light of day, project managers must consider the value that will be delivered to the customer before beginning. Once the project manager has captured the project's vision, understanding how that vision translates into true business value is critical. The business value should be stated in monetary terms wherever possible, but there are also non-monetary benefits that can be realised and identified.
PMI helps executives develop capabilities to effectively sponsor projects, and trains managers in modern project management. The role of a project manager is not only about delivering the intended business outcomes – but they must also be adept at motivating their team to deliver customer satisfaction through a product or service. This is a key factor that will help the other members stay more engaged in their work, pushing them to bring the project's vision to life.
It's essential for a project manager to report on the progress of a project at frequent intervals, ensuring that corrective measures are implemented, in case anything goes off track. "It is equally important to focus on people competency by finding the right people and training them to become aware of the context of the environment to manage the expectations of the stakeholders," highlighted Joe Cahill, Chief Customer Officer (COO), PMI
Delivering transformational projects
The global community stands at a critical juncture today, dabbling with problems of the present while envisioning a more seamless feature. The environment is likely to turn more challenging as the journey progresses – yet project managers possess the capabilities to deliver inspiring solutions that have the power to transform industries. These professionals are nothing short of changemakers – as is evident from their contribution to some of the most influential projects in the world.
Recently, PMI announced its fourth annual list of 'Most Influential Projects' that showcased the top 50 influential projects this year. The list highlights the progress project teams have made on innovative projects in education, climate action, architecture, technology, healthcare, and more.
One of the most pertinent projects – Project Cheetah – the world's first intercontinental carnivore translocation – achieved success, with the consistent support of several stakeholders. Reintroducing another big cat to India after seven decades of it being declared extinct was no mean feat – but several teams of inspiring professionals, led by project managers made this a reality. The project involved multiple stakeholders, including the Wildlife Institute of India, the National Tiger Conservation Authority, and the Ministry of Environment, Forest, and Climate Change.
Another project that has attempted to shift the narrative in the country is STEM for Girls, rolled out by tech major IBM with a mission to provide tech training to 30 million people by the year 2030. Launched in May 2022 in partnership with the Government of Arunachal Pradesh Department of Education – the project aims to provide digital fluency training, coding skills, and life and career skills to 13,500 students in grades 8 to 10. IBM and state leaders are creating a resource group to roll out the tech-forward model across 130 schools, preparing the ground for a secure future for young girls.
Here are the 8 influential projects from India that featured in PMI's 'Most Influential Projects' list:
1. Metaverse Studio: For helping architects explore a new digital dimension of design
2. Koo Multi-Language Tool: For letting social media users connect and converse—in the moment, in their own language
3. Open-for-All Digital Ecosystem: For empowering even the smallest Indian companies with the fintech tools they need
4.Project Cheetah: For reintroducing another big cat to India
5. Secure Sanand: To create an environment for technology that uplifts the spirits of those in the workplace
6. Battery-Sharing Service: For creating a battery-sharing network for rickshaw drivers across India
7. Nimo Beta: For those looking to work remotely without a laptop or even a smartphone
8. STEM for Girls:
For providing tech training to 30 million people by the year 2030
A promising future
Fast-growing economies like India are bound to benefit from developing project management capabilities that allow for greater agility, transformation, and value creation.
"Over the years, companies and governments will undergo change, and it's important to note that most of the change innovation happens with projects. That's exactly why several teams that span across geographies are in dire need of project managers," Cahill added.
PMI offers certifications that are based on rigorous standards and ongoing research. Through these certifications, project professionals can demonstrate that they have mastered the strategies, tools, and communication skills that are required to drive forward the projects, asserted Cahill.
In the past, a project's success was measured based on its ability to deliver a quality scope on time and within budget. Although these factors are important to consider and control as a project progresses, they are not a true measurement of the success of a project. A project can only be considered successful if it delivers the predetermined business value to the customer. Organizations that look at project management as a critical aspect in delivering increased value to their customers will see a tangible impact on their bottom line.
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