By Guest contributor |
Project Management Institute (PMI) completed its biggest research study in its 55-year history at the end of 2024. The reason? A hard truth: successful organisations are built on successful projects, but project success is rarely well defined.
The world is changing at a pace we can barely keep up with, due to AI, climate urgencies, innovation, geopolitical shifts and regulatory instability. Every business, government and institution is scrambling to adapt. For most, it is either transform or face irrelevance.
Transformation means projects, and lots of them. Some small, some massive, some important and some critical. These projects mobilise scarce resources and their success determines whether real change and progress happen. That’s why projects currently sit very high on every CEO’s agenda as the enabler of the transformation inherent in their mandate.
For too long projects have mostly been judged by three rigid metrics: time, cost and scope. This is no longer enough in the current age of innovation. What matters now is whether key stakeholders such as executives and customers see an outcome that makes their investment worthwhile. In short, a successful project is one that delivers value that is worth the effort and expense.
Our research also shows that project professionals and executives can drive success by focusing on what really matters. This includes going beyond checklists to ensure projects align with broader strategic goals, deliver social impact and develop strong, motivated teams that push projects forward.
But more than anything, success requires a mindset shift among project professionals and the executives who empower them. To achieve this mindset, they can adopt a call for action that we at PMI abbreviate as MORE: manage perception, own success beyond project management, relentlessly reassess and expand perspective.
First, it’s critical to manage perception. A project isn’t successful just because it’s ‘done’. Stakeholders must be able to see the value generated by the project, which means project professionals need to actively shape and communicate outcomes, not just execute tasks.
Second, project professionals must own success beyond project management success. It’s no longer enough to simply manage schedules, predefined scopes and budgets, and project leaders must take full accountability to minimise waste and ensure there is a clear alignment with business priorities.
Third, there is a need to relentlessly reassess as consumer needs, competition, technologies and regulations evolve. Teams must continuously evaluate whether the project is still solving the right problem and doing so efficiently. If not, then it is time to make changes.
Last, project professionals need to expand their perspective. The best project leaders think beyond their immediate task; they can see the bigger picture outside of their organisation and understand how their project holds value in the wider world to drive results that truly matter.
The key point to take away from the research is that it’s time for project professionals to step up. It is evident they hold great potential for driving meaningful and successful transformation, but to capitalise on this they need to challenge outdated thinking and take ownership of value creation.
There is a clear message for executives too. Projects are the engine of transformation but if executives want meaningful results, they must empower project professionals and hold them accountable to not just deliver, but also own, success. Give them a real voice, invest in them and expect them to challenge assumptions to maximise value and reduce waste.
Pierre Le Manh is president and CEO of PMI
Discover more insights like this in the Spring 2025 issue of Technology Record. Don’t miss out – subscribe for free today and get future issues delivered straight to your inbox.