Risks and Benefits in Enterprise Project Management

Enterprise project management can be a risky business, but also a very rewarding one when everything works as expected. Unfortunately, managing projects of this size can be fraught with pitfalls and the cost of failure is often too high for an organization to absorb, let alone tolerate. But what can organizations do to mitigate these risks as much as possible, while still delivering projects as promised?
A recent market study from ProjectManagement.com revealed that 43% percent of the participants operate at the low end (Level or 2) of maturity for project management. Operating at these levels for enterprise-scale projects leads to increased risk, delivery issues, and cost overruns. Conversely, organizations operating at the high end of the scale (Level 5) are consistently able to deliver projects on schedule, on budget, and that meet business needs.
Can these organizations with low project management maturity take a page out of the playbooks of Level 5 organizations to avoid some of the risks that have been plaguing them? Absolutely. And with the right strategy and a reasonable amount of effort, Level 1 and 2 organizations can begin to shift the momentum in the right direction.
Create a formal Project Management Office (PMO)
Creating a “formal” Project Management Office (PMO) might sound daunting, but PMOs can come in all shapes and sizes. Whether it’s one person or a team of dozens, the focus of the PMO is to help stakeholders and resources navigate the waters—determining which projects to take on, what project methodology is the best fit, managing resources effectively, and keeping teams in the loop on the health of a project.
Create an effective intake and governance process
When project requests are coming in from all direction, but there’s no objective way to evaluate them, many organizations will just take them all on without really knowing if there’s a realistic chance of success. A project intake process helps you evaluate requests against established criteria to help you sort out which projects should get the green light now, which should wait to a better time, and which won’t deliver enough ROI to the business to even start. And for projects that underway, a governance process enables you to see if a project should continue or if it should be paused or canceled due factors that may arise midstream.
Conduct resource capacity on an ongoing basis
Project resources are often working across multiple projects concurrently and/or need to split their time between project work and tickets. For a project manager, ensuring their project resources area allocated properly for adequate coverage of all needs can be a delicate balancing act, but it’s essential to the success of projects and day-to-day operations.
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Thursday January 01, 1970