PBM Maturity - the Foundation of the Enterprise-wide PBM House of Excellence
There are four major factors for sustaining cost effective project business management:
- Integrated business management and project management disciplines;
- Integrated business management project related processes;
- Maturity of the integrated project business management processes; and
- Maturity and competency of the enterprise's management in applying those processes.
If an enterprise has a project with work being performed, some form of project management, good or bad and either mature or immature will be applied to that project. In recent years, a significant body of literature has examined project management practices in business and these have indicated that successful business enterprises are becoming increasingly dependent upon the use of projects. This makes project business management, as defined by the authors of "The Power of Enterprise-Wide Project Management", a much needed core competency.
However, for project business management to be a valuable core competency in an enterprise, project success cannot be an occasional outcome. Performance that is only good, on average, cannot be considered sufficient. Repeatable successful performance on projects must be the norm, with continuous improvements of the project business management processes being sought and implemented.
The more uniformly and consistently that project business management processes are applied by the enterprise and the more mature those processes are, the greater are the positive results and benefits obtained. In addition, the return on an enterprise's investment in project management will increase as the project business management processes become more mature.
Best-in-class project organizations today, that are viewed as having highly mature (well developed and effective project business management competency), routinely achieve on-budget, on-schedule performance. Enterprises with low project business management maturity consistently jeopardize their likelihood of delivering successful projects. Their low maturity in project business management capabilities can also lead to increased project costs, resulting from items such as late project delivery or ineffective implementation and execution of an adequate project management plan or even implementation and execution of an inadequate project management plan.