Many organisations are today managing their business by projects. Project management is being applied to both traditional and non-traditional projects.
In 2008, I worked for a global financial services firm where project management was applied to every non-traditional project with profound effect; even those projects effecting change across business areas and domains, such as marketing and customer services. The driver for this major step was the successful rollout of a £60 million business critical programme where traditional and non-traditional projects were driven by identical project management governance, a new approach by the Bank. As a result, the 55 projects (with complex interdependencies) were delivered on schedule, within budget and immediately delivered business value to the organisation. Although there were challenges, especially around the inexperience of those areas working to the rigours of a project, the projects were delivered efficiently and effectively.
Other businesses have discovered, especially in such times of competitive challenges, the rigours of project management can be applied to many initiatives with great effect. Enabling organisations to adapt more quickly to rapidly changing business environments, one where globally dispersed competition erodes away at traditional marketplaces and regulatory dilemmas constantly increase business processes and administrative burdens.
Senior management have begun to view projects differently. Encompassing traditional and non-traditional projects they are expecting one thing, business value. No longer satisfied with viewing project success as delivering the project on schedule and within budget. Today, it is about delivering efficiently and effectively and above all providing business value.
It is becoming more common where a project is cancelled midstream. Where senior management doesn’t see how a project will deliver business value, even if it is meeting time and budget constraints, then the project is cancelled or put on hold until a time when business value can be delivered.
Project managers are facing big changes. Future success will not be achieved by successfully completing the project within the traditional triple constraints (time, budget and quality). Future success will be realized when the planned business value is achieved within the imposed constraints and assumptions.