Effective project communications (2)

In line with my recent post about communications, PMI has published a “Pulse of the Profession” report entitled, “The Essential Role of Communications.”  This report only serves to buttress the importance of excellent communications on a project. I’ll summarize some findings below:

•  The most crucial success factor in project management is effective communications to all stakeholders. 
•  A previous PMI report revealed that US$135 million is at risk for every US$1 billion spent on a project. Further research on the importance of effective communications uncovers that a startling 56 percent (US$75 million of that US$135 million) is at risk due to ineffective communications
• Many organizations admit that they are currently

  not placing adequate importance on effectively communicating

  critical project information, especially when explaining the

  business benefits of strategic initiatives to stakeholders at all

  levels of a project.

• Effective

  communications leads to more successful projects, allowing

  organizations to become high performers (completing an average of 80 percent of projects on time, on budget and

  meeting original goals)

Solutions:

1. PMO directors and senior project leaders need to take ownership and better
   communicate the strategic and business benefits of projects to those responsible for
   their implementation.
2. High performers understand that various stakeholder groups use language differently
   and tailor communications accordingly; they also recognize that all groups need to
   have a clear vision for the project and, ultimately, organizational success.
3. Acknowledge the value of project management, including project
   management communications.
4. Use standardized project communications practices, and use them effectively. One form of standardized project management practice is a formal communications plan, which, though standardized, must be adaptable and suitable to all stakeholders. Findings show that high performers are using formal project communications plans more frequently and more effectively.

Source: PMI’s Pulse of the Profession In-Depth Report: The Essential Role of Communications.

http://www.pmi.org/Knowledge-Center/~/media/PDF/Business-Solutions/The-High-Cost-Low-Performance-The-Essential-Role-of-Communications.ashx

(NOTE: This will download for some reason in an unopenable ASH file. Be sure to save or print as a PDF.