I recently updated the readings for my MBA class at Oregon Health and Science University.   Here’s an interesting new read.

The Project Economy Has Arrived, HBR Nov – Dec 2021

This article by Antonio Nieto-Rodriguez, past chair of the Project Management Institute, is a good discussion starter when you want to talk with your fellow leaders about why it’s important to invest in project management.

“Quietly but powerfully, projects have displaced operations as the economic engine of our times.  It’s been a long time coming.”  Nieto-Rodriguez cites statistics showing that an organization’s ability to excel at projects (which he defines as changing organizations) has become even more important than operational excellence (the efficient running of organizations).   Total project-oriented economic activity is forecast to reach $20 trillion by 2027.

Since you already lead a project-based organization, that’s probably no surprise to you.  But despite the shift to projects, only about 35% of projects undertaken worldwide are fully successful, which is a tremendous waste of time and effort.  Why the shortfall?  Nieto-Rodriguez argues that many executives still undervalue projects, so they under invest in building an organization that can do projects well.  He lays out the case for adopting an organizational structure centered around projects, equipping executives to be effective project sponsors, and teaching key people good practices for managing projects.  He summarizes the key capabilities organizations need to do projects well.