KUALA LUMPUR: The Project Management Institute (PMI) has called on project leaders worldwide to evaluate and bolster their Project Management Technology Quotient (PMTQ).

According to PMI’s Pulse of the Profession report, organisations wasted almost 12 per cent of their investment in project spend last year due to poor performance.

The company has developed the tenets of PMTQ by drawing on insights from innovator companies that put a high priority on digital skill acquisition and knowledge, coupled with a commitment to a strong project management culture.

PMTQ adds a layer of project management to the concept of technology quotient which is defined as a person’s ability to adapt, manage and integrate content advances in technology for a project or organisation.

Based on data from the report, PMI’s annual global survey of project management professionals was used to identify PMTQ Innovators – organisations that prioritise the development of digital skills for project management – versus the Laggards.

Project managers with high PMTQ are always looking out for what’s next and trying out new project delivery approaches, ideas, perspectives and technology as compared to PMTQ Laggards.

Moreover, leaders not only effectively manage people but also technology as the report indicates that 78 per cent of PMTQ innovators prioritise developing project management business skills, in comparison to five per cent of PMTQ Laggards.

In addition, these innovators recruit and retain project talent with the skills needed for the digital workforce. They identify employees who can keep up with the trends and adapt their abilities, accordingly.

The report highlights feedback and insights from 3,133 project management professionals, 441 Project Management Office directors and 368 executive leaders from a range of industries. For more information, contact https://www.pmi.org. –Bernama