According to the Project Management Institute (PMI), 74% of all projects fail, come in over budget or run past the original deadline every year, resulting in approximately $75 billion spent on failed projects. Whay do you think such failures happen in projects? Well, one of the key reasons for this is that historically organizations have failed to realise the importance of having skilled Project Managers on staff. In addition to that, the understanding of PM competency and the tools to evaluate the same are not present in most organizations. The essential need for competent Project Managers is felt by a number of stakeholders in every organization. However, the right understanding of the PM competency or the availability of tools to measure the same is currently absent.
In this CD, a model of PM Competency based on iWay and sWay has been defined.This model shows a close resemblance with what has been given in PMBOK®, which has been applied to an organization's PM pool to illustrate how an individual's PM Competency will in turn effect The Organization's PM Competency and how it can be improved.