Change is needed in the approaches currently used in many organizations to define and deliver projects and programs. The current model for managing projects and programs is typically generating failure rates in excess of 50% and to keep doing the same thing, expecting different outcomes is, to quote Einstein, "the definition of insanity"! Thinking in terms of developing strategic capabilities, for effectively managing projects, reframes the project delivery/success paradigm.
The only reason for undertaking a project or program is to create value through the realization of benefits. Some projects generate significant intangible benefits such as reduced risk, enhanced prestige or in the case of regulatory requirements, the simple ability to keep trading. Others are focused on generating a positive financial return, while most generate a combination of financial and intangible returns. PDC provides the framework to define the requirements, and then achieve the objectives, to realize the intended value for the organization.
Within the PDC maturity framework, doing projects "right" is a Level 2 phenomena, doing the "right projects, right" is Level 3; the optimum is Levels 4 and 5 where the right projects are done for the right strategic reasons and are effectively supported by the organization's executive to deliver the maximum return (tangible and intangible) on the organization's investment.