NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Project Management Institute (PMI) today announced the findings of its latest research Why Good Strategies Fail: Lessons for the C-Suite. This report, which was developed with The Economist Intelligence Unit, examines the gap between strategy development and strategy implementation at global organizations. The study confirms that while executives believe delivering on strategic plans is important (88% according to the study), their organizations are falling short—often because of poor C-suite engagement. Key findings include:
- 61% of survey respondents acknowledge that their firms struggle to bridge the gap between strategy formulation and day-to-day implementation
- 44% of strategic initiatives did not succeed in the last 3 years
- 51% percent of survey respondents say the leading reason for the success of strategic initiatives is leadership buy-in and support
- Rather than micro-managing, C-suite executives should identify and focus on the key initiatives that are strategically relevant
The report also finds that financial rewards justify the efforts. According to Mark A. Langley, president and CEO of PMI, “Maintaining strategic advantage superior to competitors is no longer enough: success hinges on an organization’s ability to deliver strategy. The imperative for leaders will be deciding not just where but how.”
Download a full copy of the report here. This study is the first in PMI's "PMO Thought Leadership Series," designed to be a seminal look at PMOs and the value they can provide to organizations. Later phases of the series will take an in-depth look at how high-performing PMOs can help deliver an organization's strategy, thereby driving competitive advantage through effective project and program management. Research will continue through the rest of the year and the summary report will be presented in its entirety at the PMO Symposium in November 2013.
About Project Management Institute
PMI is the world’s largest not-for-profit membership association for the project management profession. Our professional resources and research empower more than 700,000 members, credential holders and volunteers in nearly every country in the world to enhance their careers, improve their organizations’ success and further mature the profession.
PMI’s worldwide advocacy for project management is reinforced by our globally recognized standards and certification program, extensive academic and market research programs, chapters and communities of practice, and professional development opportunities.
