Describe the value of the project management function in a business organization.

Before you begin this discussion, analyze the PMI report The High Cost of Low Performance. Figure 1: Current State of Project Outcomes shows that only 62% of strategic initiatives meet their original goals and business intent, a number that has remained relatively static over the past five years. The report goes on to note the significant disparity in financial loss per project between low-performing companies and high-performing companies.

Again, in this discussion, draw on your own experience in a business organization you currently work for or have worked for in the past. If this option is not a good fit for you, you can research an organization for this discussion.

Address the following:

  • Describe the value of the project management function in a business organization.
  • What are the key factors that make a difference in managing projects successfully to meet key deliverables on time and on budget?
  • What project management practices used by high-performing companies could be replicated by others?
  • Provide a specific example from your own experience or from business news reports in which a project has gone over budget and deadline and identify a few project management “best practices” that may have prevented the project failure.