The PMI released the PMI Pulse of the Profession report in 2019 / 2020. Here are the key points according to the PMI report.
- Organizations wasted almost 12 percent of their investment in project spend last year due to poor performance
- Most projects will be tied to technology
- They have added a “technology quotient” to their report. It’s referred to as “Project Management Technology Quotient” (PMTQ). PMI defines it as “TQ, or technology quotient is a person’s ability to adapt, manage and integrate technology based on the needs of the organization or the project at hand.”
- Work is transforming where people are working on “portfolio of projects”
- 85 percent of respondents in PwC’s 2019 CEO survey say AI “will significantly change the way they do business in the next five years.”
- A high PMTQ is defined by (1) Always-on curiosity, (2) All-inclusive leadership, and (3) A future-proof talent pool.
- Data from PMI and Forbes Insights’ The C-Suite Outlook show that while nearly 80 percent of organizations have undergone a significant transformation using disruptive technology, only about 25 percent of those initiatives have yielded tangible benefits realized against their original goals.
- The new professional reality demands a combination of technical and project management skills, leadership skills and strategic and business management skills— along with the ability to learn and keep pace with technology.
- and more
The report also highlights some of the process and project management capabilities that Pulse data show PMTQ Innovators rely on. They are:
- Prioritize developing project management technical skills
- Provide ongoing project manager training
- Prioritize developing project management business skills
- Have a formal recognition process for when staff meet certain milestones
- Have a formal process to develop project manager competency
- Have a formal knowledge transfer process
- Have a formal process to mature existing project management practices
- Have a defined career path for project managers
- Prioritize developing skills for executive sponsors