{"id":6308,"date":"2014-08-27T12:40:50","date_gmt":"2014-08-27T17:40:50","guid":{"rendered":"http:\/\/www.watermarklearning.com\/blog\/?p=6308"},"modified":"2024-08-26T10:00:33","modified_gmt":"2024-08-26T15:00:33","slug":"pmi-requirements-management","status":"publish","type":"post","link":"https:\/\/www.watermarklearning.com\/blog\/pmi-requirements-management\/","title":{"rendered":"3 Take Aways from PMI\u2019s Pulse of the Profession: Requirements Management"},"content":{"rendered":"<p>A planned requirements approach is essential to a successful and smooth-running project. \u00a0Just like the project itself needs a <em>project<\/em> plan, the requirements process needs a <em>requirements <\/em>plan.\u00a0 This necessity has been recognized most recently in <a href=\"https:\/\/www.pmi.org\/~\/media\/PDF\/Knowledge%20Center\/PMI-Pulse-Requirements-Management-In-Depth-Report.ashx\">PMI\u2019s 2014 Pulse of the Profession: Requirements Management \u2013 A Core Competency for Project and Program Success.<\/a><\/p>\n<p>According to PMI, the Pulse report addresses \u201ca shortage of meaningful research on how organizations perceive and approach [the requirements management] component of projects and programs.&#8221;\u00a0 Thus, in May 2014, PMI surveyed more than 2,000 practitioners in order to address 4 major points of concern regarding requirements management:<\/p>\n<ul>\n<li>Critical Resources<\/li>\n<li>Training and Support<\/li>\n<li>Processes and Good Practices<\/li>\n<li>What High-Performing Organizations Do Better<\/li>\n<\/ul>\n<p>Below are some of the key points to take away from PMI\u2019s Pulse of the Profession.<\/p>\n<h2><strong><strong>1. Poor Requirements Management is Costly.<\/strong><\/strong><\/h2>\n<p>Requirements management is important, but how important?\u00a0 According to the Pulse report, 47% of unsuccessful projects fail due to poor requirements management. Not only do these unsuccessful projects waste time, but they also waste money.\u00a0 According to the report, \u201cFor every dollar spent on projects and programs, 5.1 percent is wasted due to poor requirements management\u2026this amounts to US $51 million wasted for every US $1 billion spent.\u201d<\/p>\n<p>That\u2019s a lot of wasted resources.\u00a0 If we consider that \u201conly one in five (20 percent) of organizations report high requirements management maturity,\u201d we can see how important it is for the industry to hone in on requirements management and provide organizations and employees with the tools they need to succeed.<\/p>\n<h2><strong><strong>2. Resources, Developed Skills, and Formal Processes are Crucial for Successful Requirements Management. <\/strong><\/strong><\/h2>\n<p>According to the survey results, 51% of organizations report not having sufficient resources to successfully conduct requirements management.\u00a0 Meanwhile 34% of organizations report doing poorly\u2014or nothing at all\u2014in regards to developing the requirements management skills of their employees, and only 24% of organizations report training their employees very well in this area.<\/p>\n<p>In contrast<strong><strong>, <\/strong><\/strong>the report shows that organizations \u201cthat recognize and develop the employee skills needed for effective requirements management, have significantly better project outcomes.\u201d\u00a0 Nearly half of high performing organizations reported they were doing \u201cextremely well\u201d or \u201cvery well\u201d in developing their employees\u2019 requirements management skills, compared with only 15% of low performing organizations. Overall, the organizations that reported high performance revealed 3 major contributions to their success: (1) having the necessary resources, (2) recognizing and developing employee skills, and (3) having formal processes in place.<\/p>\n<h2><strong><strong>3. A Culture Embracing Requirements Management is Key. \u00a0\u00a0<\/strong><\/strong><\/h2>\n<p>Resources, training, and processes can only go so far if top management and executive sponsors fail to embrace requirements management.\u00a0 According to the results, project performance was significantly higher in organizations where top management and executive sponsors \u201cfully value[d] requirements management as a critical competency.\u201d\u00a0 Organizations where this requirements management \u201cculture\u201d was in place not only were more successful in meeting goals, but also the projects were more likely to be delivered on time and within budget.\u00a0\u00a0<strong><strong><br \/>\n<\/strong><\/strong><\/p>\n<h2>How YOU can Improve Requirements Management<\/h2>\n<p>Keeping these 3 key points in mind can put your organization on the right track towards saving time and money on your projects.\u00a0 A great place to start is with proper training.\u00a0 Watermark Learning offers a number of resources for you and your employees that can help you improve your requirements management.<\/p>\n<p><a href=\"https:\/\/www.watermarklearning.com\/products\/requirements_management_guide.php\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-6310\" src=\"https:\/\/www.watermarklearning.com\/blog\/wp-content\/uploads\/2014\/08\/ReqPlan_cover_2013_front-202x300.jpg\" alt=\"requirements management training\" width=\"100\" height=\"148\" srcset=\"https:\/\/www.watermarklearning.com\/blog\/wp-content\/uploads\/2014\/08\/ReqPlan_cover_2013_front-202x300.jpg 202w, https:\/\/www.watermarklearning.com\/blog\/wp-content\/uploads\/2014\/08\/ReqPlan_cover_2013_front.jpg 433w\" sizes=\"auto, (max-width: 100px) 100vw, 100px\" \/><\/a>Our <a href=\"https:\/\/www.watermarklearning.com\/products\/requirements_management_guide.php\"><strong>Practitioner&#8217;s Guide to Requirements Management<\/strong><\/a>\u00a0provides realistic, step-by-step approach, and explains how to manage requirements without creating a mountain of paperwork.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A planned requirements approach is essential to a successful and smooth-running project. \u00a0Just like the project itself needs a project plan, the requirements process needs a requirements plan.\u00a0 This necessity has been recognized most recently in PMI\u2019s 2014 Pulse of the Profession: Requirements Management \u2013 A Core Competency for Project and Program Success. According to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10863,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[211,101,13,1],"tags":[22,60,160,161],"coauthors":[141],"class_list":["post-6308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management","category-requirements","category-requirements-analysis","category-watermark-learning","tag-project-management","tag-project-management-training","tag-requirements-management","tag-requirements-management-training"],"_links":{"self":[{"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/posts\/6308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/comments?post=6308"}],"version-history":[{"count":9,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/posts\/6308\/revisions"}],"predecessor-version":[{"id":11302,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/posts\/6308\/revisions\/11302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/media\/10863"}],"wp:attachment":[{"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/media?parent=6308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/categories?post=6308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/tags?post=6308"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.watermarklearning.com\/blog\/wp-json\/wp\/v2\/coauthors?post=6308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}