The findings unveiled today in PMI's 2017 Pulse of the Profession: Success Rates Rise, Transforming the High Cost of Low Performance, demonstrate that last year organisations across the globe reduced the average amount of money they wasted on projects and programmes by 20 per cent over the previous year.
The study found that, globally, organisations wasted an average of $97 million for every $1 billion invested in projects and programmes in 2016, compared to $122 million per $1 billion in the year prior.
According to the latest report by PMI, India reported the lowest average monetary waste on projects ($73 million per $1 billion), followed by China and West Asia ($82 million per $1billion).
Europe, on the other hand, reported the highest average waste on project spending at $131 million per $1billion.
Commenting on the latest development, Raj Kalady, Managing Director, PMI India, said, "As organisations face increasingly complex challenges from forces such as innovation, disruption, uncertainties, and the demands of a global business environment, the inextricable link between strategy and implementation must be addressed. What's also critical is an understanding of how change occurs: Operations run the business; but projects change the business. A formal approach to project and programme management can be the link that ensures that an organisation has the capabilities for change and strategy execution that it needs."
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in