When Failure Is not an Option
Five years ago, almost half of AG Edwards’s IT projects were late and over budget. Now it boasts an 88 percent project success rate. How did it do that? By galvanizing IT, reinventing its PMO, and relying on a standard framework to track projects and create accountability.
Reader ROI
- Eight steps for improving project management
- Transforming the culture
- Reinventing the project management office
John Parker had no illusions about the considerable challenges awaiting him as CTO of AG Edwards. The management team had painted a clear picture during his job interviews in late 2001. IT costs were too high. Projects dragged on for years, if they were completed at all. Some had derailed so dramatically that the St Louis-based retail brokerage firm had to write them off. Poor project management was taking a toll on the bottom line.
The executives told Parker they needed a CTO who could overhaul the IT department and ensure that a planned five-year, $US196 million migration of a mission-critical mainframe system would proceed smoothly. They simply couldn’t afford to have a project of that magnitude follow IT’s usual MO, where systems developed in isolation - sometimes over the course of years - often failed to meet the company’s requirements once delivered. It just couldn’t happen.
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