The Importance of Strategic Value Delivery for Project Managers

AuthorAuthor

Ross Martin & Idris Manley
March 17, 2024

In this episode, Ross and Idris discuss the importance of strategic value delivery for project managers. They delve into the concept of strategic underutilization of project management by companies and explore the reasons behind it. They also explore the alarming statistic that 70% of projects fail to deliver the strategic outcomes they were intended for, and discuss the various factors that contribute to project failure. Additionally, they highlight the critical skills that project managers need at different stages of their career, including hard skills, soft skills, and domain knowledge. Tune in to gain valuable insights into the world of project management and how to excel in this field.

Chapters:

  • 0:00 Introduction

  • 1:14 Project management is strategically under-utilized by companies. Why?

  • 20:03 70% of projects fail to deliver their business outcomes. Why?

  • 37:30 What types of skills do project managers need to master, and do those change depending on where they are in their career?

Key Takeaways:

  • Strategic value delivery is crucial for project managers. It involves understanding the purpose and goals of a project beyond just the tactical aspects. Project managers should focus on the strategic value that the company is looking to achieve through the project.

  • Project management is strategically underutilized by companies. Project managers are often seen as operators who support business goals rather than being involved in strategic planning and decision-making. This perception limits their ability to contribute strategically and be part of important conversations before and after project initiation.

  • 70% of projects fail to deliver the intended strategic outcomes. Project failure can be attributed to various factors, including issues with the project deliverables, incorrect strategy, or unrealistic business goals. It is important for project managers to understand the reasons behind project failure and work towards mitigating them.

  • Project managers need to develop a range of hard and soft skills throughout their career. Hard skills include mastering project management methodologies, understanding risk management, and being proficient in project execution. Soft skills involve effective communication, negotiation, conflict resolution, and leadership abilities.

  • As project managers progress in their careers, they should focus on developing domain knowledge and understanding the specific industry or field they are working in. This knowledge allows project managers to better understand the context, challenges, and goals of the projects they are managing, enabling them to make more informed decisions and effectively collaborate with stakeholders.

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