The project management landscape is changing with an increased emphasis on productivity, reporting, and information technology. A number of studies have been completed that look into the success and failure rates of projects.
Below are 15 shocking statistics that reveal how project management has changed and is performing across various industries over the last 5 years.
- There is projected to be 15.7 million new project management roles to be added globally across seven project-intensive industries by 2020 reaching an economic impact of over $18 trillion, across seven project-intensive industries including Manufacturing, Finance & Insurance, Information Services, Utilities, Business Services, Oil & Gas and Construction (Project Management Institute)
- 75% of IT executives believe their projects are “doomed from the start. (Geneca)
- The healthcare industry is projected to increase project management roles by 30%, a higher growth rate than any current project intensive industry between 2010 and 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 “high-performing” projects are led by a certified project manager. (PricewaterhouseCoopers, Insights and Trends: Current Programme and Project Management Practices 2012)
- One in six IT projects have an average cost overrun of 200%. (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. (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 don’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. In the same period only 2% of organizations reported that all of their projects achieved the desired benefits. 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 – 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.