2016 Saw Fewer Construction Firms Meeting Project Targets
In their annual study of 4,000 American companies, the “Pulse of the Profession”, the Project Management Instute (PMI) saw declines in many of the success factors they track. Most concerning, the percentage of projects meeting their goals — like on-time delivery — took a signiﬁcant dip.
Compared to last year, fewer projects are being completed within budget or meeting original goals. Only 51% of projects were completed on time, while more projects were actually failing, creating significant monetary loss for their organizations than in prior years.
More critical is the money that continues to be wasted when projects aren’t managed well. They estimate that $122 million is wasted for every $1 billion invested due to poor project performance. That’s a 12 percent increase over last year.
These 2016 Pulse findings continue to reinforce that when organizations fully embrace project and program management practices, they have better outcomes. The research also shows that when organizations invest in software tools and training for professional project managers, they achieve improved project performance.
The study concludes: “Without a doubt, good project management drives more success, lowers the risk, and increases the chance of success for delivering the economic value of the project.”
Contact us if you’re looking for ways to improve project performance at your company.
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