The International Organization for Standardization (ISO) has published standards that help businesses implement projects. Recently, businesses are designing and implementing many new projects, which bring social and economic benefits.
A perfect world, led by a project economy, is a place where people are encouraged to develop the skills needed to turn ideas into reality. This phenomenon occurs when organizations create extraordinary value to exceed the expectations of stakeholders, successfully implementing many projects. However, research shows that only 35% of projects launched globally are successful. This means that there are huge costs, such as: wasted time, wasted money, resources and opportunities.
Slowly but surely, projects have dominated the workplace as a critical driver for business, bringing innovation, growth and success. To some extent, the growth of the economy from the implementation of projects means the growth of vacant jobs. The Project Management Institute (PMI) predicted that the value of project activities worldwide will reach $20 trillion by 2027, creating new jobs for 88 million people.
In today’s competitive landscape, a business can only succeed if it embraces innovation and creativity, and effective project management brings innovation to the business. Effective project management helps organizations accomplish work systematically, by defining goals and objectives, and by implementing appropriate strategies within a given time frame. The published ISO 21503 and ISO 21504 standards will help improve project management and leadership, guiding organizations toward greater efficiency and results.
A program is a group of projects that are similar or related to each other and are often managed and coordinated together. The ISO 21503 standard provides guidance on the concepts, prerequisites and practices of program management, which are important and have an impact on their performance.
Effective project management is essential for the success of an organization.
A project portfolio is a group of different programs that are implemented within the same organization. The ISO 21504 standard provides guidance on the principles of project and program portfolio management. Project and program portfolio management supports organizational strategies to deliver value.
Shqip