About the Book
Why this Book and why Now?
You can’t read any project management publication or business trade journal these days without seeing references to the astronomically high failure rates for projects. It’s common to see project failure rates being reported as high as 60%, 70% and even up to 85%! These failed projects, consequently, result in billions of dollars of wasted money. It’s also common to see business leaders commiserating around water coolers about their out of control project costs and the negligible business value that results from all this spending. It pains me to see such staggering statistics and discontent from corporate leaders because I know it’s not due to the lack of effort or competence of project professionals around the world. There is something inherently flawed in the way projects are being managed and executed at all levels of organizations to have so many of them result as failures. These flawed approaches have to stop if we are to prevent this disturbing trend from continuing.
Why do so many projects fail? Quite simply, it’s because they don’t deliver the financial value or business benefits they are set out to deliver. At best, they deliver a fraction of their targeted business outcomes. What’s truly unfortunate is that project professionals often execute these projects flawlessly and receive sign-off and approval from satisfied stakeholders, and yet these projects still don’t deliver the expected results. A strong emphasis is placed upon project delivery, but the focus on value attainment is seriously lacking.
The transformation from project management to project value management is long overdue. All levels of organizations must embrace this transformation if they are to turn their project failures into project successes. Project investments can only be successful when they deliver their expected business returns. By embracing and implementing business-focused, value-driven project processes and techniques, organizations can consistently achieve optimal and sustainable business returns from their project investments. This book shows how organizations and individuals can make this transformation.