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When evaluating and prioritising projects, it is not enough to look at the business case. We also need to understand how the project connects to a higher purpose.
Unfortunately, few organisations consider articulating the why of their projects even though it is vital for selecting and prioritising the best projects.
Project management methodologies require projects to have a well-defined business case.
Unfortunately, when we put together a business case, fundamentals such as cost or schedule estimates fall prey to biases. As a result, we fail to show a failing business case. If someone wants to do a project, they will present it in the most favourable light possible.
Research found only 2.5% of companies successfully complete 100% of their projects.
Understanding projects for their purpose is essential as it can help leaders decide whether the project makes sense strategically. The purpose is a key driver for engaging team members and the organisation and motivating them to support a project. Yet few organisations know how to articulate a project's purpose.
Purpose-driven companies are 2.5 times better at driving innovation and transformation and generate 30% more revenue from innovations launched in the previous year.
One method of finding the purpose of a project is to ask why you are doing the project. When you find an answer, ask why again. Leaders should ask this question four to seven times to get to the essence of the matter. For example, you're implementing a new HR system to make your employees happier and improve overall performance.
Once you've uncovered the purpose, ask "by when?" and "how much?" to have a specific and measurable goal with a clear deadline.
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