by Deloitte Partner Cathleen Benko and Harvard Business School Professor F. Warren McFarlan

Are you ever going to see the value promised from your company's project-related investments? "Connecting the Dots" argues this question is all too familiar. The concerns are real and legitimate. Technology and other project initiatives have grown faster than most companies' ability to manage them-affecting the return on trillions of dollars of investment while ill preparing companies for today's unpredictable environment.

The potential for unlocking shareholder value is staggering. For example, the Project Management Institute estimates that one quarter of the U.S. gross domestic product (US$2.3 trillion) is invested each year in projects in the U.S. alone. What's more, technology capital spending is estimated to be half of total capital expenditures yet 40% of I.T. investments fail to deliver their expected returns.

So the opportunity to seek greater return — and earnings — is clear. As you look for ways to unlock latent shareholder value, restore investor confidence, and adapt to uncertainty, focusing on your organization's project portfolio is a smart place to begin.

Why? Because the portfolio is the truest measure of organizational intent. Indeed, "Connecting the Dots" argues that your project portfolio is nothing less than your future currency — the single most important asset available for delivering on your strategic intent and shorter-term objectives. And the best way to leverage this currency is through greater alignment.

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