PWC: Project Management- Improving performance, reducing risk

Check out a real PWC presentation on improving the performance and reducing the risk of project management.

PWC Presentation: Project Management- Improving performance, reducing risk

Key Learnings from the Presentation

The PwC presentation on “Project Management: Improving performance, reducing risk” provides a comprehensive overview of effective project management practices, the importance of managing change, and the implications of project failure. Here’s a detailed summary that captures the key takeaways, insights, and actionable advice:

Fundamental Importance of Project Management

• Project management is crucial for aligning projects with an organization’s strategic objectives, ensuring projects are completed on time, within budget, and to scope. It involves applying processes, methods, skills, and experience to achieve project goals.

The Strategic Imperative

• Rapid market changes and increasing complexity in projects underscore the strategic importance of project management. Effective project management enables organizations to adapt, innovate, and maintain competitive advantage.

Business Leaders’ Responsibilities

• Business leaders play a critical role in championing projects, providing clear direction, ensuring alignment with strategic objectives, and actively monitoring project progress.

Why Projects Fail

• Common reasons for project failure include changes in scope, poor planning, insufficient resources, and lack of executive sponsorship. Recognizing the warning signs of a failing project, such as scope creep, lack of progress, and poor communication, is essential for timely intervention.

Costs of Failed Projects

• Failed projects not only result in financial losses but also impact credibility, market competitiveness, employee morale, and future project appetite. Notable examples of costly project failures across various industries highlight the stakes involved.

Increasing Chances for Project Success

• Success factors include flexible project management approaches, addressing challenges head-on, enabling teams, optimizing project portfolios, and fostering close collaboration between executive and project delivery teams.

Managing the People Side of Change

• Effective change management is pivotal in ensuring project success. It involves managing the impact of change on people and ensuring they are engaged and supportive of the change. This requires a clear change management plan, effective communication, training, risk mitigation, and sustained engagement.

Key Takeaways for Strategic Planning

• Review cost structures and ensure they are optimized.
• Use milestones and “gating” mechanisms for R&D investment decisions.
• Ensure capital allocation decisions are based on robust metrics.
• Assess the value of potential divestment opportunities.
• Communicate strategic objectives and project progress with investors consistently.

About PricewaterhouseCoopers (PwC)

PwC is a global network of firms delivering assurance, tax, and consulting services aimed at building trust in society and solving important problems. In consulting, PwC helps organizations to work smarter and grow faster, offering services in strategy, technology, and transformation. The firm leverages its extensive industry expertise to help clients navigate complex business landscapes, drive efficiency, and enhance value.

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