Projects are about people as well as process
On average, organisations waste $109 million per $1 billion invested in projects. High-performing organisations, however, only let $20 million go to waste. This is an enormous disparity, and could mean the difference between your project’s success and failure. So what are the high performers doing that the rest of us aren’t?
The answer could lie in people, rather than procedure. While streamlining project processes is an obvious way to save money, managing people efficiently means better skills and knowledge transfers across your organisation, which is crucial to success in today’s information age.
Transferring knowledge is key to project success
According to the Project Management Institute, formal knowledge transfer processes deliver better project outcomes. Organisations that prioritise knowledge transfer between people see their project outcomes improved by up to 35 per cent. So how can you improve the implementation of these processes?
Again, people are key. Of the organisations that are most effective at knowledge transfer, 95 per cent identify one individual who is primarily responsible for it. As project manager, you need to effectively manage people to ensure that this task is carried out successfully.
In our knowledge-based economy, implementing a formal knowledge transfer process is crucial to ensuring the success of your project. The major obstacle here lies in finding out who has the knowledge you need, and the best way to access it. This can be done not only through knowledge capturing processes, but also by building a knowledge-friendly culture that encourages sharing and discussion among workers.
Building positive project culture for high performance
Developing a fabulous team is about more than finding the ‘right hire’. Successful organisations foster all kinds of internal cultures. For example, Google values innovation by encouraging team members to take risks. In contrast, Zappos fosters a competitive culture that prioritises team members who are assertive and set out to win at any cost.
While both organisations operate very differently, their cultures are working towards the same outcome: high performance. By taking time to focus on the kind of culture your organisation fosters and ensuring it is orientated towards high-performance outcomes, you can maximise the efficiency of your team.
Looking to learn the practical skills necessary to manage people effectively in a knowledge-based economy? RMIT Online offers postgraduate programs in Project Management. If you'd like to learn more about these leading online programs, speak to one of our expert Student Enrolment Advisors today on 1300 701 171.