The project management landscape is changing Â with an increased emphasis on productivity, reporting, and information technology. A number of studies have been completed that look into the success and Â failure rates of projects.
Below are Â 15 shocking Â statistics that reveal how project management has changed and is performing across various industries over the last 5 years.
- There is Â projected to be 15.7 million new project management roles to Â be added globally across seven project-intensive industries by 2020 reaching an economic impact of over $18 trillion, across seven project-intensive industries Â including Â Manufacturing, Finance & Insurance, Information Services, Utilities, Business Services, Oil & Gas Â and Â Construction (Project Management Institute)
- 75% of IT executives believe their projects are â€œdoomed from the start. (Geneca)
- The healthcare industry is projected to increase project management roles by 30%, Â a higher growth rate than any current project intensive industry between 2010 and Â 2020. (Project Management Institute)
- A third of all projects were successfully completed on time and on budget over the past year. (Standish Group)
- 80% of â€œhigh-performing” projects are led by a certified project manager. Â (PricewaterhouseCoopers, Insights and Trends: Current Programme and Project Management Practices 2012)
- One in six IT projects have an average cost overrun of 200%. Â (Harvard Business Review 2004)
- 44% of project managers use no software, even though PWC found that the use of commercially available PM software increases performance and satisfaction. (Pricewaterhouse Coopers)
- More than 90% of organizations perform some type of project postmortem or closeout retrospective. (The Standish Group: CHAOS Research Report 2013)
- On average, it takes 7 years in the profession to go from entry-level to managing large, complex projects. Â (ESI International: Annual Salary Survey 2013)
- The average large IT project runs 45% over budget, 7% over time, and delivers 56% less value than expected. (Project Management Institute: Pulse of the Profession 2015)
- Only 64% of projects meet their goals. (Project Management Institute: Pulse of the Profession 2015)
- 60% of companies donâ€™t measure ROI on projects. (KPMG New Zealand: Project Management Survey 2010)
- The United States economy loses $50-$150 billion per year due to failed IT projects. (Gallup Business Review)
- In just a 12 month period 49% of organizations had suffered a recent project failure. Â In the same period only 2% of organizations reported that all of their projects achieved the desired benefits. Â 86% of organizations reported a shortfall of at least 25% of targeted benefits across their portfolio of projects and many organizations failed to measure benefits so they are unaware of their true status in terms of benefits realization. (KPMG â€” Global IT Project Management Survey 2005)
- According to an IBM study, only 40% of projects meet schedule, budget and quality goals. (Harvard Business Review 2004)
If you have any other project management statistics please share them with us.