| About bia™ » Press Releases » Projects Continue to Fail and Cost Companies Billions |
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| Projects Continue to Fail and Cost Companies Billions – New Study Explains Corporate Strategy Link |
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| According to a recent research study by management
consulting firm, Business Improvement Architects, organizations have
implemented project management tools, templates and methodologies,
but project success remains dismal. The high failure rate of projects
and the PMO is due to the fact that organizations do not have a systematic
approach to prioritizing projects and are therefore not implementing
projects that align with the corporate strategy. |
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| Toronto, Ontario, May 3, 2006— Organizations are missing an
opportunity to align projects with corporate strategy and this is
undermining project success. In a recent PriceWaterhouseCoopers survey
of 10,640 projects valued at $7.2 billion, only 2.5% of global businesses
achieve 100% project success and over 50% of global business projects
fail. |
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| According to a recent global research study by management consulting firm, Business Improvement Architects, "From Crisis To Control: A New Era in Strategic Project Management", 73% of the 750 respondent organizations that had dismantled their Project Management Office (PMO) indicated the primary reason as “lack of executive sponsorship”. Furthermore, 87% do not align projects strategically with corporate strategy. |
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| “Without a systematic approach to prioritizing all projects
with corporate strategy, executive sponsorship will always be a problem
because senior management will not see a direct benefit,” says
Michael Stanleigh, President of Business Improvement Architects. |
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| The research study provides a number of other recommendations
for organizations to improve project success including the need to
build project management into the organizational culture, improvements
in performance management and the use of project management best practices. |
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| On the basis of the findings of this study Business Improvement Architects has developed a proprietary "Project Culture Initiative™" process that helps organizations to establish an organizational culture that will align projects with corporate strategy. |
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| For more information about this research study, or the “Project
Culture Initiative™” contact Business
Improvement Architects at info@bia.ca. |
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| Michael Stanleigh is President of Business Improvement
Architects, a management consulting organization. Their research-based
consulting solutions align operational project activities with business
objectives to bring organizations back into control. |
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Contact: Sally Stanleigh, Business Improvement Architects,
Toll-Free: 1-866-346-3242
E-mail: sstanleigh@bia.ca |
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