WASHINGTON--(BUSINESS WIRE)--Second paragraph, third sentence of release should read: ...entities wasted $97 million for every $1 billion invested... (instead of ...entities wasted $97 billion for every $1 billion invested...).
The corrected release reads:
PROJECT MANAGEMENT INSTITUTE AND MEMBERS OF GOVERNMENT EFFICIENCY CAUCUS DISCUSS NEW LAW AIMED AT IMPROVING FEDERAL GOVERNMENT EFFICIENCY
Signed into Law in December, Legislation Intends to Enhance Accountability across Federal Government
Project Management Institute (PMI) joined the Congressional Government Efficiency Caucus today to discuss the recent enactment and intended benefit of S.1550, the Program Management Improvement and Accountability Act of 2015 (PMIAA), which was signed into law on December 14, 2016.
The new law, strongly endorsed by PMI, was enacted with overwhelming bi-partisan support. PMIAA aims to enhance accountability and implement sound practices in project and program management throughout the federal government, which will reduce wasteful government spending. Findings unveiled last week in PMI’s 2017 Pulse of the Profession®: Success Rates Rise: Transforming the High Cost of Low Performance found that government entities wasted $97 million for every $1 billion invested in projects and programs in 20161.
At the event, PMI recognized several members of Congress for their leadership on PMIAA, including Senator Joni Ernst of Iowa, Senator Heidi Heitkamp of North Dakota, Senator Todd Young of Indiana, and Rep. Gerry Connolly of Virginia for advancing the legislation through the Senate and House of Representatives, respectively.
“This critical law will help maximize efficiency within the U.S. federal government, thereby generating more successful program outcomes and increasing the value that Americans receive for their tax dollars,” said PMI President and Chief Executive Officer Mark A. Langley. “PMIAA is an important step to improving the government’s ability to effectively manage its portfolio of projects and programs and will help ensure program managers are able to serve as stewards of taxpayer dollars. We appreciate all those who were instrumental in the ultimate passage of this legislation.”
A panel discussion was also convened at the event, featuring senior congressional staff, a former administration official, and a PMI subject-matter expert who examined the implementation of the new law aimed at generating more successful program outcomes in the government ecosystem where, according to PMI’s Pulse of the Profession, only 66 percent of projects met their goals and business intent last year.
The PMIAA reforms federal program management policy in four important ways:
|1.||Creates a formal job series and career path for program managers in the federal government.|
|2.||Develops a standards-based program management policy across the federal government.|
|3.||Recognizes the essential role of executive sponsorship and engagement by designating a senior executive in federal agencies to be responsible for program management policy and strategy.|
|4.||Shares knowledge of successful approaches to program management through an interagency council on program management.|
The importance of the PMIAA was reaffirmed today by Gene L. Dodaro, Comptroller General of the United States. In his testimony before the U.S. House Committee on Oversight & Government Reform and the U.S. Senate Committee on Homeland Security and Governmental Affairs on the release of the U.S. Government Accountability Office’s 2017 High-Risk List, Mr. Dodaro highlighted the PMIAA as a new statute that, if implemented effectively, will help foster progress on high-risk issues government-wide.
The reforms outlined in the PMIAA are consistent with PMI member input and research that shows that organizations that invest in program management talent and standards improve outcomes, accountability and efficiency. The findings demonstrated this year by PMI’s Pulse of the Profession® report also indicate that developing talent, managing benefits, establishing project management offices and enterprise project management offices, driving executive sponsors and addressing agile approaches are fundamental building blocks to all organizations achieving their highest levels of performance. Improving program management leads to benefits such as increased collaboration, improved decision making and reduced risk.
About Project Management Institute (PMI)
Project Management Institute is the world's leading not-for-profit professional membership association for the project, program and portfolio management profession. Founded in 1969, PMI delivers value for more than 2.9 million professionals working in nearly every country in the world through global advocacy, collaboration, education and research. PMI advances careers, improves organizational success and further matures the profession of project management through its globally recognized standards, certifications, resources, tools academic research, publications, professional development courses, and networking opportunities. As part of the PMI family, ProjectManagement.com and ProjectsAtWork.com create online global communities that deliver more resources, better tools, larger networks and broader perspectives.
1 Figures represent a percentage that applies to any currency.