When executives use project portfolio management, strategic initiatives have a better chance for success. But are many organizations’ leaders missing in action? This concept is explored in the EIU study, Why Good Strategies Fail: Lessons for the C-Suite, sponsored by PMI.1 According to this study, the top reasons for the success of strategic initiatives are leadership support and buy-in.
Yet only half of those surveyed say that strategy implementation as a whole receives appropriate attention from the C-suite. Our Thought Leadership Series on project portfolio management continues the conversation around the critical importance of executive visibility to strategy implementation equal to their participation in strategy development.
Organizations are increasingly recognizing that effective project portfolio management, often referred to as simply portfolio management, helps them make decisions that will set them apart from competitors. Our 2015 Pulse of the Profession® report shows that only organizations with high portfolio management maturity average 71 percent of their strategic initiatives meeting goals compared to only 43 percent of organizations with low maturity. Could this set your organization apart?