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Did you know… A Few Facts Relating to Change Management
April 24, 2014

Project Management Institute (PMI)®’s 2014 Pulse of the Profession: The High Cost of Low Performance report, highlights that organizations lose US$109 million for every US$1 billion invested in all projects, due to poor project performance, which are caused by two primary reasons:

  • Insufficient timely and clear communications (59%)
  • Lack of effective leadership (56%)

 

So what are good change management practices? 

 

These are the common practices that the organizations that are highly effective at change management share, to ensure the success of their strategic initiatives:- 

  • Having well-defined and unambiguous milestones and metrics (86%)
  • Having senior management fully engaged and committed to change (86%)
  • Establishing and communicating concrete ownership and accountability (84%)
  • Using standardized project management practices (81%)
  • Having engaged executive sponsors (81%)

 

It comes as no surprise that these practices are not frequently used within organizations that are not very good at change management.

Having each of these practices, though important and used frequently by the successful organisations, is not enough to sustain the benefits of the change.  To successfully implement and sustain change, organisations also need:-

  • Standardized project and program management practices
  • Engaged sponsors, who actively rally senior management, to commit to change
  • To effectively manage people through change

 

Further details of the topic can be found from PMI’s Pulse of the Profession In-Depth Report: Enabling Organizational Change Through Strategic Initiatives, March 2014 or check the website www.peakperformancepm.com.au to see what we offer in the Change Management space.

 

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