I've been doing project management of various sorts from day one of my, um, 'career' and am fully aware of the difference between actual project management and the froth which it tends to drown in, and I've seen plenty of projects which delivered all the pie charts and fishbone diagrams but failed utterly because something important got lost - like the product needed to work, or not kill people, or failed to kill people.
Higher level management does sometimes need the kind of bullshit metrics it produces though, and when an operation is 99.9% efficient its really hard to compete with a competitor which is 99.95% efficient, that last 0.05% does come out of all the team standups and second by second process analysis.
Русский военный корабль, иди на хуй!