2020 has pushed many companies to postpone and/or cancel their projects as Covid and economical setbacks moved in. Between slow downs and the need for new ways to manage operations, what do companies look for to achieve in 2021? Whether the aim is to be more efficient or to increase profit margins, the change is driven through projects. What is each companies risk appetite when it comes to manage their projects? Let’s look at some statistics.
According to Hive.com “an incredible 70% of organizations have suffered at least one project failure in the prior 12 months and 50% of respondents indicated that their project failed to consistently achieve what they set out to achieve. Additionally, only 58% of organizations understand the value of project management. Good project management directly translates to less money wasted. Organizations that invest in proven Project Management practices waste 28x less money because more of their strategic initiatives are completed successfully.”
PMI.org– Pulse of the profession also indicates that “9.9% of every dollar is wasted due to poor project performance— that’s $99 million for every $1 billion invested”