Does investment in project management pay off?

Abstract

Purpose – There is a significant knowledge gap in the common understanding regarding the value that investment leading to an increase in project management maturity brings to the organisation. The purpose of this paper is to narrow this gap by investigating the relationship between an increase in the project management maturity level and the project's performance. Additionally, it advocates the investment roadmap approach. Design/methodology/approach – This study is part of a worldwide research initiative into maturity in project management covering 447 global companies. For this purpose, survey data from experts from 194 select companies was analysed. Findings – The cost of forthcoming projects depends on the level of maturity of project management and type of industry. Research limitations/implications – The study is limited to three different industries (machinery, construction and information technology) and by the method of assessing their future project costs. New research directions are suggested. Practical implications – The results of the study should help companies in allocating limited resources appropriately using the proposed roadmap. Social implications – An increase in project management maturity can be achieved through different investment methods. This will benefit society as well. Originality/value – The paper focuses on global companies dealing in machinery. The area has not been explored sufficiently from the project management perspective. It discusses the relationship between an increase in maturity and future project costs in three industries: machinery, construction and information technology. The paper suggests practical guidelines for project management and sequences in proper investments when resources are limited.

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