It is an often-misattributed quote, but Einstein didn’t actually say, “the definition of insanity is doing the same thing over and over and expecting different results”. There has been much research carried out and it is generally agreed that he did not write or speak those words.
Be that as it may, it does seem particularly relevant when applied to our ability to deliver projects.
Year after year, the Standish Group’s Chaos Report confirms that project success rates are disappointingly stable at around 30%. The vast majority of projects are late, over budget, deliver only a subset of the original requirements, are never used or are cancelled. We have had Project Management software tools for over 30 years, PPM and Resource Management tools for almost as long, yet we seem unable to rise above a bar that is set so low. What is going on?
Even with the above tools in place, we will inevitably encounter the same contention for resources, delays and failures. Organisations spend weeks or months gathering project demand, estimating effort and timelines, prioritising and aligning demand with the business in order to produce a plan (probably in a Spreadsheet). Within this lengthy planning process, errors occur at each stage and are magnified over time leading to increased risk and cost. Often innovation is stifled as organisations place caps on the number of projects as a means to control the chaos. There is a better way…
Top-Down Automated Portfolio Planning enables you to dramatically reduce the time taken to generate your initial plan and then iterate repeatedly, each time improving the plan. Automation allows you to see the impact of changes across the whole portfolio immediately, allowing you to engage with all business stakeholders to collaboratively and continually produce the best possible plan. Automation allows you to respond quicker to change, better utilise your budget and resources and to focus on delivering innovation to the business.
In one of our case studies, a national bank, in a single year, was able to deliver over 50% more projects on time, increase the number of projects in the portfolio by more than 20%, complete 36% more projects in the year and move from a 6% budget overspend to a 3% saving.