Project Management Statistics:- For several years, project management has been constantly evolving. Collaborative approach, agile method, online project management software, etc. The number of companies using project management is increasing, as are the emergence of tools and methods to simplify the lives of manager’s projects and their teams, and drive the project towards success.
Surprising Project Management Statistics
Here are some figures about project management that might surprise you.
Growing Project Management
Between 2010 and 2020, 15.7 million new jobs are expected to be created in project management globally.
In 2010, it was commercial services and industrial production that hired the most people in project management, respectively 2 million and 630,000 jobs. Between 2010 and 2020, health services will join commercial services as high-growth employment sectors in project management.
The demand for project management professionals is expected to increase by 12%, resulting in the creation of nearly 6.2 million jobs by 2020.
The healthcare industry is increasingly investing in project management. It is expected to increase project management positions by 30%, a higher rate of growth than any other industry using project management.
Success and Failure of Projects
In general, the project failure rate is high. The greater the complexity and size of a project is the greater the risk of failure will be. This seems logical.
Large projects are twice as likely to be overdue, over budget, or fail to include critical functionality compared to smaller projects.
A big project is 10 times more likely to fail completely, meaning it will be canceled or will not be used because its utility is outdated even before it is set up.
- 39% of all projects are completed (delivered on time, on budget, with all required features and functionality),
- 43% are delivered but are experiencing problems (late, over budget, and / or missing features and functionality),
- 18% fail (either canceled before being completed, or delivered but never used).
Only 64% of projects achieve their objectives.
Small projects (less than $ 1 million):
- 76% end,
- 20% are delivered but are late, over budget, and / or with features and functionality missing,
- 4% fail.
Major projects (more than $ 10 million):
- 10% end,
- 52% are delivered but are late, over budget, and / or with features and functionality missing,
- 38% fail.
The top 10 most common causes of project failure:
- Changing priorities within the organization
- Inadequate Requirements
- Change in Project Objectives
- Undefined risks or opportunities
- Bad communication
- Project objectives vague
- Poor cost estimates
- Poor time estimate per task
- Resource dependency
- Poor change management
An inexperienced project leader and procrastination (a tendency to always overnight) within the team are also part of the causes of failure of a project.
The Keys to a Successful Project
I n February 2014, Information Week conducted an e study on project management from 421 firms with more than 100 employees in North America.
To the question “what are the keys to the success of a project? “ Here are the main answers (two possible answers):
- 48% answer the technical skills of the team.
- 41% answer the support of the framing.
- 26% responded to effective communication within the team.
- 19% answer agile methods.
- 17% answer the qualities of leader of a qualified project manager.
- 12% answer the personal qualities of some members of the team.
The use of Project Management Software
Project management software, such as Planzone, is becoming more widespread. In view of their many advantages, we can understand why: planning and monitoring of project development, information centralization, simplification of exchanges, transparency and visibility … They promote collaborative work and enable you to be organized, performing and effective.
- 77% of companies use project management software.
- The most used features are document sharing, time tracking, email integration and Gantt charts.
- 66% of organizations use project management software to communicate with their clients.
As a project manager, you’ve probably already heard about it. As opposed to traditional methods of project management, agile methods favor more interaction with the client. The project is divided into several stages, each requiring the client’s validation to move on to the next. Changes and contingencies are possible and the client can change his project as and when.
38% of companies report frequent use of the agile method.
“Agile” organizations increase their income 37% faster and generate 30% more profits than “non-Agile” companies.
If you manage a small project, adopt agile methods, use project management software and choose a competent team with whom you communicate effectively, you have every chance to lead your project towards success. It’s your turn!
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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