According to Gallup, large projects, especially those in the information technology sectors, have a poor record. Multiple studies show that a significant share of projects overrun their original timelines or are never completed. A study by PricewaterhouseCoopers, which reviewed 10,640 projects from 200 companies in 30 countries and across various industries, found that only 2.5% of the companies successfully completed 100% of their projects. A study published in the Harvard Business Review, which analyzed 1,471 IT projects, found that the average overrun was 27%, but one in six projects had a cost overrun of 200% on average and a schedule overrun of almost 70%.
Project management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria.
Project Management is an integral part of the organization’s risk management function and effort. Risk mitigation, within the context of a project, can be defined as a measure or set of measures taken by a project manager and the project team to reduce or eliminate the risks associated with a project.
Is your organization capable in preventing you from being another statistic? Have you validated your assumptions and internal assessment of your project management capability?
Our experts have over a 100 years of reasonable and effective project management capability development in small, medium and large Fortune 500 companies. We work with you to create and/or improve your project management processes as well as mentor your staff and project managers to reach their fullest potential. We will partner with you and help you mitigate the risk of project failures. After all, failure is not an option!
Below you’ll find a link to the Project Management Institute’s (PMI) web page.