PM Solutions Introduces First Assessment Tool for Measuring the Value of Project Management Improvement InitiativespmValue(SM) Scorecard Gives Business Decision Makers Convincing Data to Justify Project Management Investments HAVERTOWN, Pa., March 6, 2003 -- PM Solutions today introduced the first tool for measuring the impact of project management improvement initiatives. The pmValue Scorecard (SM), a customized evaluation process developed by PM Solutions' Center for Business Practices (CBP), enables businesses to accurately measure the results of project management improvement initiatives. Such initiatives include project office implementations, methodology development, project management software and tools integration, staff training, and project management maturity. Data from the pmValue Scorecard enables project managers to track their progress, share statistics with key members of their organizations, and provide quantifiable metrics to senior management determining the value of project management improvement initiatives. According to a new CBP survey, "Project Management: The State of the Industry" (http://www.pmsolutions.com/articles/pdfs/general/industry_news.pdf), executives report that resource allocation, economic pressures, and limited visibility are three of the biggest project management challenges their companies face. Other common challenges include developing a consistent approach to managing projects, and managing too many or the wrong projects. "Whenever we talk to our customers and participants in benchmarking forums and research, they consistently mention the need to justify their project management initiatives to senior-level management," said Jim Pennypacker, director of the CBP. "Until now, however, a comprehensive measurement process didn't exist. We developed the pmValue Scorecard to give project management professionals the quantifiable results they need to improve their processes and get executive buy-in. The results of this process can lead to advancements in the way organizations implement project management improvement initiatives or even lead to new initiatives, taking their project management strategy to the next level." Bruce Miller, Vice President of Consulting and Business Development for PM Solutions, added, "Whether it's people, business processes, or technology, many companies invest significantly in project management initiatives. The pmValue Scorecard allows companies to validate and quantify the strategic importance of project management to overall business success. Using tangible metrics, it clearly demonstrates to our customers why project management improvement initiatives are worth the investment." How It Works PM Solutions' team custom builds the pmValue Scorecard for clients on site, using a five-step program that meets each organization's specialized needs. The five steps are: -- Step 1: pmValue Strategic Planning - provides a detailed strategy for implementing the pmValue Scorecard and process, from objectives to cost and scheduling. -- Step 2: Organizational Assessment Data Capture - identifies organizational elements - such as stakeholders, organizational structure, and key business processes - that affect the pmValue Scorecard. -- Step 3: Alignment of pmValue Scorecard with Business Strategy - analyzes the data from preliminary surveys and interviews to align the pmValue Scorecard project with an organization's strategy and objectives. -- Step 4: pmValue Scorecard Development - develops a method for tracking the results of project management by selecting key measures from financial, customer, project management process, and learning and growth perspectives. Includes the development of cause-and-effect linkages, ownership of results, and determination of data requirements. -- Step 5: pmValue Implementation Planning - develops a process for implementing the pmValue Scorecard in an organization. Includes the development of a plan for capturing and analyzing data, as well as communicating the results throughout the organization. About the Center for Business Practices(R) The Center for Business Practices (www.cbponline.com) is a knowledge center created to capture, organize, and transfer business practice knowledge to project stakeholders, helping them excel in today's rapidly changing business environment. Harnessing project management knowledge and expertise, the CBP holds regular Benchmarking Forums, publishes research and benchmarking reports, the newsletter People on Projects: A Project Management Best Practices Report, a free e-mail newsletter The Best Practices e-Advisor, and, in partnership with publishing house Marcel Dekker, the PM Practices book series. The CBP offers a pmValue(SM) measurement system designed to help organizations justify their continued investment in project management practices. About PM Solutions, The Project Management Experts(R) PM Solutions is a management consulting, training, and research firm dedicated to optimizing business performance through project management initiatives. Core services include organizational project management maturity assessments, Strategic Project Office deployment and enhancement, methodology development, corporate training, project management technology integration, project portfolio management, and professional staffing/outsourcing services. PM Solutions' comprehensive approach integrates business strategies with project management practices, enabling sound management decision-making and higher profitability. Headquartered in Havertown, a suburb of Philadelphia, Pa., PM Solutions has built its reputation by providing premier service to clients through the most knowledgeable and expert consultants in project management. For more information, visit www.pmsolutions.com.
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