Companies are created, structured and run primarily to deliver operational products and services. Projects, however, are still critical to these organisations’ successes – in creating, enhancing, replacing and retiring products and services in response to competitive and market demands. The challenge, then, is to arrive at an approach to managing projects in organisations that can co-exist with their current operational focus. Here is a whistle-stop tour of the critical success factors:

A clear sense of direction and a plan for its attainment. Strategic plans are all too often viewed as theoretical statements that have no practical bearing on the direction of the company. The disconnect for many is the failure to follow through. The mechanism for delivery, however, is project management – every strategic plan should articulate the projects that will allow for its attainment, and every project should directly align with and support the delivery of the strategic plan.

An objective means of defining project priority. For many companies, the priority of projects is determined by who last screamed loudest. For others, priority is ‘high’ – for everything. In both cases, priority is a reaction rather than a deliberate choice. To be successful, a prioritisation must be objective, flexible and balanced. It must be able to allow the organisation to determine a clear order of delivery. It must be able to respond to changes in the marketplace and the availability of resources, money and time. And it must be able to provide a balanced picture of the fit, value and risk factors associated with a project.

Clearly defined project outcomes and benefits. One of the primary risks associated with project management is not defining and agreeing on requirements and scope. While requirements may change over the course of the project, the reality is that all projects are initiated for a reason. They are intended to deliver some tangible benefit for the investment being made, such as saving time and money and reducing risk, and this return must be understood and objectively defined.

A commitment to realise the project outcomes. Even where projects take the time to define the outcomes they are expected to deliver, for the majority of projects there is no formal effort to evaluate whether the benefits were actually attained. The realisation of project benefits – ensuring that we receive our return on investment, in whatever form it was defined – is essential to both governing individual projects and verifying the attainment of the organisation’s overall strategic goals.