Facts about Project management (Part 1)

Project management is the process of many activities that involve the application of knowledge, skills, experience, method, and techniques to obtain the project requirements. This is a significant aspect that builds a larger and professional business. Not well control projects can lead a company to get lost or go bankrupt. All factors related to project management are considerable. Let see some fact and statistics about this field of business operation. I think some information can surprise you.

 

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Statistic numbers show how projects running in reality:

What is the situation of projects in reality? How do companies run their project? Good or not good? Let’s read and get your conclusion.

 

1. Over one- third projects have no baseline. (Source: Wellingtone)
2. More than 10% of $ 1 billion invested in the U.S was misspent because of insufficient project management   (Source: PMI.org)
3. Less than 30% of successful projects were completed on time with the dítributed budget. (Source: Standish Group)
4. Three – fourth of CTO believe their projects are failed from the beginning (Source: Geneca)
5. Nearly 90% of professional organizations have a 90% rate of projects are completed, while less-professional organizations only get 36% on their project are completed. (Source: PMI.org)
6. More than 60% of the decision related to cancel or delay a project come from the executives (Source: InformationWeek)

Firstly, How does project management influence the result of a project? Secondly, in Which ways do companies nowadays manage their project? Thirdly, How much do you know about the project manager job in reality? Finally, The numbers below will answer these questions:

 

1. The field of project management worldwide is expected to grow by $6600 billion (Source: PMI)
2. A half of Project Management Offices (PMOs) close after three years. (Source: KeyedIN)
3. More than 50% of project managers have certification in thí field. (Source: Wrike)
4. Almost organizations believe in the importance of project management in business operations and the company’s success. (Source: PricewaterhouseCoopers)
5. A  project manager in the U.S receives an $87,500 average salary. (Source: Glassdoor)
6. Four- fifth of project managers don’t know how to fit the business strategies with their projects. (Source: Changepoint)
7. The biggest threat that many businesses face is “capturing time/costs against projects”. (Source: The Access Group)
8. Nearly 45% of project managers don’t use any software to support their performance. (Source: Pricewaterhouse Coopers)

 

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Several reasons make a project fail. Let see and find out how is the right direction to run a project. I hope the statistic here will be useful for you.

 

1. Lack of specific objectives and goals lead to nearly 40% of projects fail. (Source: PMI)
2. More than half of organizations don’t set real-time KPIs to their projects (Source: Wellingtone)
3. 70% of projects incline to fail. (Source: 4pm)
4. Don’t have the involvement of senior manager lead to one-third of projects fail. (Source: University of Ottawa)
5. 80% organization said that they had spent so much time to rework (more than 50% of the time) (Source: Geneca)
6. A large budget can’t make a project come to success. According to Gartner, 50% of projects that fail have over a million U.S dollar budget. (Source: Gartner)
7.  About 27% of projects spend over their budget. (Source: PMI)
8. Nearly 50% of companies admit that they don’t clearly understand the role of project management in their business operation. (Source: PMI)
9. More than 45% of the project can’t obtain their management requirement. (Source: PMI)
10. Running multiple projects at the same time is the biggest reason why projects fail among 37% of organizations. (Source: Wellingtone)
11. 50% of organizations report that they do have a tracking system for successful projects. (Source: Wellingtone)
12. The 3 main causes of project failure according to Enkillc are: “inconsistent execution, lack of continuous team improvement and poor scalability”. (Source: Enkillc)
13. More than half of companies now are unsatisfied with their project management. (Source: Wellingtone)
14. The 2 biggest barriers to the company’s success among 38% of companies are uncertain about role and duty in the project team. (Source: Geneca)

After understanding what factors lead a project to be a failure, so the statistic below will illustrate to you many dimensions that contribute to a successful project. Let view and find out which one helps you to ensure the project comes to succeed.

 

1. About 87% of well-performing managers believe insufficient delivery capabilities can minimize risks, maximize value as well as control expenditure. (Source: PMI)
2.  45% of PMOs have identified roles and duties. (Source: Wellingtone)
3. 76% of productive organizations use strategic initiatives to meet business intent and original project goals. (Source: PMI)
4. 37% of projects are almost always delivered on time. (Source: Wellingtone)
5. 58% of organizations said that clearly defined processes and practices as their key step to project success. (Source: PMI)
6. About 45% of well-performing employees realize and develop their skills as required. (Source: PMI)
7. ALmost firms (94%)of companies believe that project management is critical for business development. (Source: Capterra)

Most companies now are using a project management technique because they understand the importance of them in running their business. Project management techniques are used to increase the working productivity as well as to reduce time-consuming and cut down the cost. So, what techniques high appreciate by many companies? I hope you will find in these numbers:

 

1. 21% of organizations use a set of standardized project management practices. (Source: PMI)
2. More than half (55%) of project managers generate an extent document before implement projects. (Source: Wellingtone)
3. Just nearly 30% of companies report that they are already using project performance techniques. (Source: PMI)
4. The mature process is more and more widespread among well-performing organizations. (Source: PMI)
5. In 2014, the rate of project managers use story mapping tools dropped by 13% in comparison to 2013. (Source: VersionOne)