Project Management: The Stats That Prove You Need To Buckle Up

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With organizations and industry continual changes, it becomes easy to lose track of project performance and how often they fail. Below are 20 surprising statistics that reveal how project management is performing across industries.

1. One in six IT projects have an average cost overrun of 200% and a schedule overrun of 70%. (Source: Harvard Business Review)

2. The United States economy loses $50-$150 billion per year due to failed IT projects. (Source: Gallup Business Review)

3. 75% of business and IT executives anticipate their software projects will fail. (Source: Geneca) 

4. 50% of all Project Management Offices (PMOs) close within just three years. (Source: KeyedIN)  

5. Fewer than a third of all projects were successfully completed on time and on budget over the past year. (Source: Standish Group)

6. Barely over half (56%) of project managers are certified. (Source: Wrike)

7. An astounding 97% of organizations believe project management is critical to business performance and organizational success. (Source: PricewaterhouseCoopers)

8. The median salary for project managers is $87,500 in the U.S. (Source: Glassdoor)  

9. There are projected to be 15 million new project management jobs within the decade. (Source: Project Management Institute)

10. 33% of projects fail because of a lack of involvement from senior management. (Source: University of Ottawa)

11. Businesses identified “capturing time/costs against projects” as their biggest project management challenge. (Source: The Access Group)  

12. Reliability, ease of use, and ease of integration are the top three requirements project managers look for when shopping for software. (Source: The Access Group)

13. 66% of project managers identified level of support as the key decider in investing in a new software. (Source: The Access Group)

14. 44% of project managers use no software, even though PWC found that the use of commercially available PM software increases performance and satisfaction. (Source: Pricewaterhouse Coopers)  

15. Two-thirds of companies are communicating with clients using project management software. (Source: Capterra)

16. Project managers were 13% less likely to use story mapping tools in 2014 than in 2013. (Source: VersionOne) 

17. 75% of IT executives believe their projects are “doomed from the start.” (Source: Geneca)  

18. High-performing organizations successfully complete 89% of their projects, while low performers complete only 36%. (Source: PMI.org)

19. 63% of companies defer to executives to decide when to eliminate or put off a project. (Source: InformationWeek)

20. 49% of organizations have a project management training program in place. (Source: PM Solutions) 

With these Statistics, one can see the importance of Project Management Training and re-Training..

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