Four ways to improve project performance
So how do companies maximize the chances that their IT projects deliver the expected value on time and within budget? A recent surveys of IT executives indicate that the key to success lies in mastering four broad dimensions. The following elements make up this approach:
- focusing on managing strategy and stakeholders instead of exclusively concentrating on budget and scheduling
- mastering technology and project content by securing critical internal and external talent
- building effective teams by aligning their incentives with the overall goals of projects
- excelling at core project-management practices, such as short delivery cycles and rigorous quality checks
According to survey responses, an inability to master the first two dimensions typically causes about half of all cost overruns, while poor performance on the second two dimensions accounts for an additional 40 percent of overspending.