Program management maturity refers to the degree to which an organization engages in formalized methods and processes to select, prioritize, fund, initiate, and execute its programs. Better program management maturity allows the organization to select strategic programs that can deliver the maximum benefits for a positive and optimum ROI.
In general, achieving a higher degree of program management maturity provides the organization with the following benefits:
- Selected programs are aligned with an organization’s strategy
- A program’s benefits are analyzed more formally to ensure they bring the best value to the organization.
- If at any time during a program’s execution, a program is no longer aligned to the organization’s strategy and is no longer considered to bring the value and benefits that are in the interest of the organization, it is considered for cancellation and closure. This can save the organization a lot in terms of cost and effort than situations where such programs continue to run like a runaway train and crash at the end wasting an organization’s time, capital, and resources.
- An organization more mature in its program management practices becomes better at estimating the cost and time and in delivering successful business outcomes.
- An organization with mature program management practices makes the best use of an organization’s resources in delivering value to the overall enterprise.
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