Capital Project Management Statistics 2024 – Everything You Need to Know

• The top five causes of project failure are Change in the organization’s priorities (39%). ^[1]
• For such large IT projects, functionality issues and schedule overruns are the top two causes of failure (at 22% and 28% respectively). ^[1]
• 55% of project managers cite budget overrun as a reason for project failure. ^[2]
• The implementation of a management process, however, is shown to reduce the failure rate to 20% or below. ^[2]
• A lack of clear goals is the most common factor (37%). ^[2]
• IT project failure statistics show that 75% of respondents think their projects are always or usually doomed to fail from the start. ^[2]
• 55% of project managers cite budget overruns as a reason for project failure. ^[2]
• Construction project failure statistics show that over 50% of construction project owners worldwide (and 61% in the US). ^[2]
• 41% of underperformers say inadequate sponsor support is the main reason for project failure. ^[2]
• 41% of underperformers and 17% of high performers report inadequate sponsor support as the main reason for failure, according to project management failure statistics. ^[2]
• Successful projects are completed on schedule, within budget, and according to previously agreed quality standards i.e. meeting the Iron Triangle or Triple Constraint in order for projects to be considered a success or failure.[19]. ^[5]

Capital Project Management Adoption Statistics

• Despite its impact, adoption rates for PM software remains low . ^[1]
• Project management facts show that the adoption of PM software remains low despite the fact that 77% of high performing projects use it. ^[2]

Capital Project Management Latest Statistics

• 80% of “high performing” projects are led by a certified project manager. ^[0]
• [8] 89% of high performing organizations value project management, 81% actively engage sponsors, 57% align projects with business strategy. ^[0]
• [6] 46% of organizations admit to not fully understanding the value of project management, even though that understanding boosts the success rate of strategic initiatives by 16%. ^[0]
• [12] 59% say either most departments or their entire organization uses standard project management practices. ^[0]
• [6] Organizations that use a methodology 38% meet budget. ^[0]
• 26% do not use a standard methodology. ^[0]
• 8% use a combination of methods 4% use an in house method to manage projects 3% use PRINCE2. ^[0]
• [4] Having a knowledge transfer process in place boosts the chance of project success by over 20%. ^[0]
• [6] More than 90% of organizations perform some type of project postmortem or closeout retrospective. ^[0]
• [9] 64% of organizations say they frequently conduct risk management. ^[0]
• [6] 30% of project managers break up large projects into smaller segments, with deliverables and evaluations at the end of each segment. ^[0]
• 48% say the team’s technical skills 41% say executive support 26% say effective team communication. ^[0]
• 19% say Agile techniques 17% say the leadership of certified Project Managers 12% say effective soft skills among staff. ^[0]
• [5] 38% of organizations report using agile frequently. ^[0]
• [6] 75% of highly agile organizations met their goals/business intent, 65% finished on time, and 67% finished within budget. ^[0]
• Compared to organizations with low agility, where only 56% met their business goals, 40% finished on time, and 45% finished within budget. ^[0]
• [12] Agile organizations grow revenue 37% faster and generate 30% higher profits than non. ^[0]
• According to respondents, five days per year of projectfocused training reduced the amount of time it took to advance from an entry level project manager to a senior project manager by 12.6 months. ^[0]
• In the U.S, Project Management Professional ® certified project managers make an average of 16% more than their non credentialed peers in 2011. ^[0]
• [6] 61% of project management practitioners say their organization currently offers ongoing project management training for staff. ^[0]
• [6] PM Certification by Department37% say their entire IT department is. ^[0]
• Classroom setting –28%Online selfpaced course –24%Online situational sessions –18%Paperbased self studies –16%All of the above –13%Other. ^[0]
• –1%[4] Number of PMI Certified Project Managers. ^[0]
• [10] Popular Tools for Managing IT Projects70% use status reports68% use the project plan documentation63% use spreadsheets53. ^[0]
• level31% use communication templates25% use quality assessments21% use realtime status dashboards20% use a homegrown/in house solution18% use word processing documents10% useearned value management. ^[0]
• [11] An expected 12% growth in demand for project management professionals will result in almost 6.2 million jobs by 2020. ^[0]
• [11] The healthcare industry is projected to increase project management roles by 30% — a higher growth rate than any current project intensive industry. ^[0]
• [11] Estimated ProjectOriented Job Openings 2010. ^[0]
• [11] 83% of project organizations reported that they were understaffed at some level. ^[0]
• 44% of the reported shortages were for senior. ^[0]
• 89.4% report that it is either very difficult or somewhat difficult to find senior. ^[0]
• [7] The average large IT project runs 45% over budget, 7% over time, and delivers 56% less value than expected. ^[0]
• [6] One in six IT projects has an average cost overrun of 200% and a schedule overrun of 70%. ^[0]
• [1] Nearly 45% admit they’re unclear on the business objectives of their IT projects. ^[0]
• [3] Only 34% of respondents say IT projects almost always deliver value to the business. ^[0]
• 21% say they sometimes deliver value, and 41% say results are mixed. ^[0]
• [5] 78% said their project requirements are usually or always out of sync with the business. ^[0]
• [3] 75% of IT project leaders believe their projects are “doomed from the start.”. ^[0]
• [3] 17% of large IT projects go so badly they threaten the existence of the company.[2]. ^[0]
• Only 47% say their teams achieve 70 89% of their goals. ^[0]
• Nearly 20% say they only achieve 50 69% of their goals. ^[0]
• [3] 80% of teams say they spend at least half their time reworking completed tasks. ^[0]
• [3] Barriers to Success38% cite confusion around team roles and responsibilities.31% point to being unclear or disagreeing on what constitutes project success.77%. ^[0]
• Portfolio Project Management 53% of respondents say they have a project portfolio management process in place. ^[0]
• The number of firms with a PPM process in place grew from 64% in 2003 to 71% in 2013. ^[0]
• 26% of firms say they get a 25% or greater ROI from implementing PPM processes. ^[0]
• How Companies Prioritize Projects18% say strategic alignment14% say expected. ^[0]
• Portfolio tracking & performance monitoring – 75%Portfolio oversight –68%Portfolio planning,resource allocation, and schedule –. ^[0]
• 66%Portfolio analysis, project selection, & prioritization –65%PPM process implementation & management –61%[13]. ^[0]
• Top 5 PPM PrioritiesImproveresource planning & forecasting – 65%Implement. ^[0]
• /enhance reporting, analytics, & dashboard tools –62%Implement/enhance PPM processes –53%Implementdemand management/capacity planning processes – 42%Implement/enhance performance measurement process –. ^[0]
• [4] 55% of organizations surveyed review project portfolios monthly, 23% review them quarterly. ^[0]
• [13] PMO Popularity by Company Size61% of small organizations (88% of midsize companies ($100M $1B). ^[0]
• Number of companies with a PMO has grown from 47% to 80% from 2000. ^[0]
• 30% of companies currently without a PMO plan to start one in the coming year. ^[0]
• [16] Benefits of High Performing PMOs [16] 49% of PMOs provide project management training. ^[0]
• IT managers or business execs – Non management IT staff – Project managers within IT department – Project managers outside IT department – Outsourced project managers – [13] Only 64% of projects meet their goals. ^[0]
• [6] 70% of companies report having at least one failed project in the last year. ^[0]
• [12] High performing organizations successfully complete 89% of projects, while low performers only complete 36% successfully. ^[0]
• [15] 60% of companies don’t measure ROI on projects. ^[0]
• [15] Average Project Success Rates [9] Average % of features delivered – 69%Average cost overrun – Average time overrun – [9] Small Projects VS. ^[0]
• Small Projects 76% are successful. ^[0]
• Large Projects 10% are successful 52% are challenged. ^[0]
• [9] Large projects are twice as likely to be late, over budget, and missing critical features than small projects. ^[0]
• A large project is more than 10 times more likely to fail outright, meaning it will be cancelled or will not be used because it outlived its usefulness prior to implementation. ^[0]
• [12] 68% of projects don’t have an effective project sponsor to provide clear direction or help address problems. ^[0]
• 64% successfully met original goals/business objectives 62% were supported by active project sponsors 55% finished within budget. ^[0]
• Only 56% of strategic initiatives meet their original goals and business intent. ^[0]
• [12] 44% of strategic initiatives were reported as unsuccessful. ^[0]
• Over 25% of companies don’t conduct a strategic review to identify how a proposed project will benefit the business. ^[0]
• [15] 60% of companies don’t consistently align projects with business strategy. ^[0]
• Only 58% of organizations fully understand the value of project management. ^[1]
• 93% of organizations report using standardized project management practices. ^[1]
• 68% more than 2/3rd of organizations in ‘s annual survey said that they used outsourced or contract project managers in 2018. ^[1]
• Only 23% of organizations use standardized project management practices across the entire organization. ^[1]
• 33% use standardized practices, but not across all departments. ^[1]
• While a small portion 7% of organizations don’t use any standard practices at all. ^[1]
• Coincidentally, 55% of organizations don’t have access to real. ^[1]
• Between 2017 and 2018, the percentage of organizations using spreadsheets to manage their agile projects dropped from 74% to 67%. ^[1]
• 56% of organizations have used only one project management system. ^[1]
• Only 41% of organizations with an enterprise wide project management office report that it is highly aligned to the organization’s strategy. ^[1]
• 80% of highperformance organizations Champions have a PMO. ^[1]
• 72% say that there is a strong alignment of the EPMO to their organizational strategy. ^[1]
• 95% of large firms reported having dedicated PMOs, either in specific departments or across the entire organization. ^[1]
• In contrast, only 75% of small firms had dedicated PMOs. ^[1]
• In 2016, PMOs delivered a 33% improvement in projects delivered under budget, 27% improvement in customer satisfaction, 25% increase in productivity, and 25% reduction in failed projects. ^[1]
• In 2016, the average PMO accounted for nearly 5% of the project budget and had a staff size of 9. ^[1]
• 49% of project managers report to the PMO (up from 42% in 2012). ^[1]
• Incidentally, highperformance organizations had far higher percentage of project managers reporting to the PMO than lowperforming organizations 68% vs 53%. ^[1]
• 50% of respondents in a survey said that their biggest challenge is that PMO processes are seen as overhead. ^[1]
• 42% said that their organizations are resistant to change and adopting new PM methodologies. ^[1]
• 41% said that their biggest challenge is demonstrating the added value of the PMO. ^[1]
• Risk management practices are widely used across most organizations 27% say they ‘always’ use them, while 35% use the ‘sometimes’. ^[1]
• Only 3% of surveyed organizations say they ‘never’ use risk management practices. ^[1]
• Among senior leaders, 87% say that they “fully” understand the importance of PM practices. ^[1]
• Only 32% of organizations say that they’re satisfied with their current PM maturity level. ^[1]
• 67% would rank their department’s PM maturity level at 3 or more. ^[1]
• However, only 47% would rank their organization wide PM maturity at level 3 or higher. ^[1]
• In PMI’s 2017 survey, 62% of successfully completed projects had sponsors who were actively supportive. ^[1]
• 78% of respondents in a Geneca survey also said that they’d like business stakeholders to be more responsive and engaged in the project. ^[1]
• Another study found that 33% of projects fail because of a lack of involvement from senior management. ^[1]
• A whopping 97% of organizations believe that project management is critical to business performance and organizational success, according to a PwC study. ^[1]
• Businesses say that the biggest impact of project management was on team communication (52%). ^[1]
• 44% also said that it improved the quality of the final product, while 38% said that it improved customer satisfaction. ^[1]
• Only 42% of respondents in Wellingtone’s survey that this role is occupied by a professional Project Manager in their organization. ^[1]
• In 2018, nearly 70% of projects met their original goals or business intent, while nearly 60% were completed within the original budget. ^[1]
• Both these figures are up from 62% and 50% respectively in 2016. ^[1]
• Compared to 2017, 71% of organizations reported a lack of funding as their top project management challenge, while 49% more organizations reported an inconsistency in approach. ^[1]
• A survey published in HBR found that the average IT project overran its budget by 27%. ^[1]
• Moreover, at least one in six IT projects turns into a “black swan” with a cost overrun of 200% and a schedule overrun of 70%. ^[1]
• An IT project with a budget over $1M is 50% more likely to fail than one with a budget below $350,000. ^[1]
• A PwC study of over 10,640 projects found that a tiny, tiny portion of companies 2.5% completed 100% of their projects successfully. ^[1]
• According to CIO, organizations that use proven PM practices waste 28x less money than their more haphazard counterparts. ^[1]
• 80% of respondents in a Geneca survey said that they spend half their time on rework. ^[1]
• Only 55% of people involved in projects team leaders and project managers feel that the project’s business objectives are clear to them. ^[1]
• More than 80% also feel that the requirements process doesn’t articulate the needs of the business. ^[1]
• And when the project is wrapped up, only 23% of respondents say that project managers and stakeholders are in agreement when a project is done. ^[1]
• To give you an idea of the abysmal success rate of most projects, only 40% of projects at IBM meet the company’s three key goals schedule, budget, and quality. ^[1]
• 17% of IT projects can go so bad that they can threaten the very existence of the company. ^[1]
• The biggest reason for any dissatisfaction remains price (56%), followed by a lack of features (33%). ^[1]
• 64% and 67% of projects with high maturity of PM processes are delivered on time and within budget, respectively. ^[1]
• The equivalent figures for low maturity organizations are just 36% and 43%. ^[1]
• 83% of high performance organizations make an ongoing investment in project manager training. ^[1]
• 77% of such organizations have formal processes to develop PM competency. ^[1]
• In contrast, only 34% of underperformers offer similar training. ^[1]
• 51% of respondents in PMI’s 2018 survey said that soft skills are more important today, while only 19% said that this skill requirement is unchanged. ^[1]
• 81% of these organizations prioritize the development of technical skills (vs 13% of underperformers). ^[1]
• Despite low maturity levels, only 48% organizations have invested in accredited project management training. ^[1]
• 15% use non accredited training or courses, while more than 25% don’t invest in any training at all. ^[1]
• 60% of PMOs now have a formal project management training program, up from 11% in 2014. ^[1]
• Incidentally, high performing organizations are far more likely to have a training program than low performers (85% vs 38%). ^[1]
• Most PMOs (79%). ^[1]
• However, a significant and growing number (51%). ^[1]
• it takes up to 20% of the overall project budget. ^[2]
• Editor’s Choice 70% of all projects fail. ^[2]
• 42% of companies don’t understand the need or importance of project management. ^[2]
• 62% of successfully completed projects had supportive sponsors. ^[2]
• The percentage of projects that fail is fairly high a whopping 70% of all projects fail to deliver what was promised to customers. ^[2]
• Organizations that undervalue project management see 50% more of their projects failing. ^[2]
• 3. 9.9% of every dollar is wasted due to poor performance. ^[2]
• The latest project management stats show that 58% of organizations fully understand the value of implementing project management as a way to achieve better performance. ^[2]
• This means that 42% of companies undervalue the importance of project management as a crucial component for project success. ^[2]
• The Pulse project management statistics show that high performing organizations with proven PM practices in place have met their original goals 2.5 times more often (89% vs. 34%). ^[2]
• 75% of respondents in the IT industry lack confidence in project success. ^[2]
• Out of this 75%, 27% constantly feel this way. ^[2]
• At the same time, the majority of respondents (80%). ^[2]
• 44% of projects fail due to a lack of alignment between business and project objectives. ^[2]
• They have further reported that only 31% of their projects were delivered within 10% of the budget and 25% within 10% of the original timeframe. ^[2]
• Organizations with a higher percentage (more than 80%) actively engaged sponsors to have 40% more successful projects than organizations with a lower percentage of projects (less than 50%). ^[2]
• At the same time, 55% of organizations don’t have access to real. ^[2]
• The percentage of organizations using spreadsheets to manage their agile projects dropped from 74% to 67%. ^[2]
• Jira follows with 19.50%, while Trello comes in third with 5.51%. ^[2]
• 93% of organizations use standardized project management practices. ^[2]
• Consistent practices reduce the risk and lead to better results which is why the majority (93%). ^[2]
• Project management statistics show that 73% of organizations that use formal project management approach always or often have met the goal or intent. ^[2]
• 63% have completed the projects within budget and 59% have delivered the projects on time. ^[2]
• By comparison, only 58% of organizations that rarely/never use formal PM methods have met the initial goals, 48% complete the projects within budget, and 43% have delivered the projects on time. ^[2]
• 44% of high performing organizations use predictive approaches. ^[2]
• 44% of the high performers use predictive approaches, 30% use agile methods, while 23% leverage hybrid approaches. ^[2]
• Only 4% of high performing organizations use other methods. ^[2]
• Multitasking causes a 40% productivity drop. ^[2]
• If you try to do everything by yourself, you could see a productivity drop by 40%. ^[2]
• 83% of high performing organizations have ongoing project management training. ^[2]
• 81% further prioritize the development of project management technical skills and 79% prioritize the development of project management leadership skills. ^[2]
• The project management statistics for low performers in these areas are 34%, 13%, and 11%, respectively. ^[2]
• Nearly 70% of projects met their original goals or business intent. ^[2]
• In 2016, 62% of projects met the original business goals and only 50% were completed within the set budget. ^[2]
• In 2018, these numbers went up to 70% and 60%, respectively. ^[2]
• 60% of respondents point to poor resource management as their biggest challenge. ^[2]
• Other issues included poorly trained project sponsors (33%) ineffective PPM solution deployment (30%), and lack of governance (26%). ^[2]
• Roughly 50% of the respondents say so. ^[2]
• Risk management comes in second with 40%, followed by planning with 35%, and resource management with 25%. ^[2]
• 68% of projects don’t have an effective project sponsor. ^[2]
• Project management statistics show that almost a third of organizations (27%). ^[2]
• Only 3% of the respondents have said they never use risk management practices. ^[2]
• Also, 78% of respondents in the Geneca project management survey have said they would like the business stakeholders to be more engaged in the project. ^[2]
• 87% of senior project managers fully understand the importance of PM practices. ^[2]
• Among them, 87% have said they completely understand the importance of PM practices. ^[2]
• On the other hand, the lack of involvement from senior management is the main reason why 33% of projects fail. ^[2]
• 80% of high performing organizations have reported using project management practices which further highlights this notion. ^[2]
• The estimates show that the project management costs range between 7% and 11% of the project’s total cost. ^[2]
• When adding project control support, this figure might jump to 9. ^[2]
• In a survey of IT decision makers,53% said ERP was an investment priority, in addition to CRM. ^[3]
• In a survey of IT decision makers, 50% of companiesare soon acquiring, upgrading or planning to update ERP systems soon. ^[3]
• In a 2019 survey,67% of distributors and manufacturersdescribed their implementations as successful or very successful. ^[3]
• When asked what went wrong during implementation, only After ERP implementation,49% of companies said they improved all business processes. ^[3]
• Only 5% of business said they didn’t see any improvement. ^[3]
• After ERP implementation, A 2020 report found that93% of organizationsreport their ERP projects as successful. ^[3]
• Regarding implementation,minor customization was needed by 10% of respondents, some customization was needed by 33% and significant customization was needed by 37%. ^[3]
• Regarding implementation, For a group of companies that underwent ERP implementation, nearly half(49%). ^[3]
• Expansion of the initial project scope was the Nearlyone third of companies communicate about ERP implementationbefore selecting the product, 56% do it during the selection process and 13% share information right before going live. ^[3]
• ERP implementation led tobusiness process improvement for 95% of businesses. ^[3]
• In a study of companies implementing ERP, 85% had a projected timeline for ROI. ^[3]
• Of that group,82% achieved ROI in their expected time. ^[3]
• Thetop three business goalscited for implementation are achieving cost savings (46%), better performance metrics (46%) and improved efficiencies in business transactions (40%). ^[3]
• When asked to selectareas where ERP produced ROI, the top three answers were reduced IT costs (40%), reduced inventory levels (38%) and reduced cycle time (35%). ^[3]
• the cost of owning an ERP system is approximately3 5% of annual revenue. ^[3]
• For large companies — revenue over $1 billion — the cost of owning an ERP system is2 3% of annual revenue. ^[3]
• Other responses included inventory and distribution (67%), CRM and sales (33%) and technology (21%). ^[3]
• In a survey of 84% of ERP users had an expected ERP spend of less than2% of annual income. ^[3]
• 84% of ERP users had an expected ERP spend of less than 40% of companiesidentified better functionality as their primary reason for implementing an ERP system. ^[3]
• In an IDC survey of small businesses with 50–99 employees, 58% supported investing in cloud and hosted solutions. ^[3]
• ERP systems are an important investment and should be a top priority, according to53% of IT decision makersin a recent survey. ^[3]
• Forrester Research estimates that 2020 cloud subscriptions for business applications accounted for The same study found that cloud based ERP systems had a 21% enterprise application growth rate in the public cloud in 2018. ^[3]
• By 2024, An international survey of ERP users indicated64% of companies use SaaS, 21% use cloud ERP and only 15% using on. ^[3]
• An international survey of ERP users indicated Cloud deployments account for 44%of all implementations for survey respondents in manufacturing and distribution. ^[3]
• According to a Gartner report, by 2024,65% of CIOspredict that artificial intelligence will be integrated into ERP systems. ^[3]
• According to a Gartner report, by 2024, 53% of UK CIO’sare looking for more intelligent ERP systems that include technology like machine learning, AI and automation. ^[3]
• CIO’s listed 15% percent of organizationsplan to increase their Internet of Things budget. ^[3]
• A broader move to more personalization across ERP systems leads82% of UK CIO’sto choose ERP systems with some customization or use UI overlays. ^[3]
• A broader move to more personalization across ERP systems leads About80% of IT developerssay AI and machine learning will replace a considerable amount of ERP processes soon. ^[3]
• Yet only10 percent of CIOsreported that AI and machine learning are a core part of their ERP. ^[3]
• Yet only A 2018 survey in the UK found that53% of IT. ^[3]
• A 2018 survey in the UK found that 75% of CIOssay they are leveraging their ERP to engage customers in real time. ^[3]
• found that50% fail the first time around. ^[3]
• Implementation can take30% longer than anticipated. ^[3]
• 51% of companies experience operational disruptionwhen. ^[3]
• ERP Implementation 93% of organizations report their ERP projects as successful Return on Investment 95% of companies saw process improvement from ERPs. ^[3]
• 1 Manufacturing companies are the most likely adopters of ERP Cloud Technology. ^[3]
• 53% of enterprises with ERP use cloud. ^[3]
• 85% of IT developers say AI and machine learning will replace business processes. ^[3]
• Employment of architectural and engineering managers is projected to grow 4 percent from 2020 to 2030, slower than the average for all occupations. ^[6]
• Employment of financial managers is projected to grow 17 percent from 2020 to 2030, much faster than the average for all occupations. ^[7]
• Between 2018 and 2028, the career is expected to grow 10% and produce 46,200 job opportunities across the U.S. ^[8]
• We’ve determined that 70.2% of Capital Project Managers have a bachelor’s degree. ^[8]
• In terms of higher education levels, we found that 17.1% of Capital Project Managers have master’s degrees. ^[8]
• The top 10 percent makes over $134,000 per year, while the bottom 10 percent under $69,000 per year. ^[8]
• Out of all the resumes we looked through, 27.1% of Capital Project Managers listed Project Management on their resume, but soft skills such as Analytical skills and Business skills are important as well. ^[8]
• Project Management, 27.1% Construction Projects, 9.1% Facility, 6.3% Portfolio, 5.1% Infrastructure, 3.5% Other Skills, 48.9% See All Capital Project Manager Skills Best States For a Capital Project Manager. ^[8]
• 5%increase in engineering and construction spending levels compared to 2021. ^[4]
• [Research & Markets] -Click to Tweet 12%increase in total construction across 2021 compared to 2020. ^[4]
• Predicted35%global growth in next 10 years. ^[4]
• 58%of owners said they’ve used or plan to use designbuild, moving away from traditional designbid. ^[4]
• [FMI] -Click to Tweet Designbuild projects are completed102%faster than traditional designbid. ^[4]
• 23%of firms report they are taking steps to improve jobsite performance with lean construction techniques, tools like BIM, and offsite prefabrication. ^[4]
• 4.7%compound annual growth in modular construction by 2026 is predicted. ^[4]
• [Research & Markets-Click to Tweet About90%of firms using prefabrication report improved productivity, improved quality, and increased schedule certainty compare to traditional stick. ^[4]
• 14%of trades report prefabricating more than50%of their work in the shop versus field. ^[4]
• 72%of firms say projects have taken longer than anticipated.[AGC]. ^[4]
• -Click to Tweet 46%of firms report a project was postponed in but was rescheduled, but 32% had projects postponed or canceled and has not been rescheduled.[AGC]. ^[4]
• 44%of firms are putting longer completion times into their bids. ^[4]
• Tweet Over50%of engineering and construction professionals report one or more underperforming projects in the previous year. ^[4]
• 69%of owners say poor contractor performance is the single biggest reason for project underperformance. ^[4]
• 68%of general contractors reported experience problems “getting off the job” on at least25%of their projects. ^[4]
• 66%of general contractors are carrying added costs from overtime/second shifts on at leastthree quartersof their projects due to schedule slippage, with50%of them needing to extend the project end date. ^[4]
• [Autodesk & Dodge Data & Analytics] -Click to Tweet Just25%of projects came within10%of their original deadlines in the past3years. ^[4]
• And only31%of all projects came within10%of the budget in the past3years. ^[4]
• Large projects typically take20%longer to finish than scheduled and are up to80%over budget. ^[4]
• 98%of megaprojects become delayed or over budget. ^[4]
• 77%of megaprojects around the globe are 40% or more behind schedule. ^[4]
• 6%increase in wage and salaries for construction workers in 2021. ^[4]
• to Tweet 84%of firms report construction costs have been higher than anticipated.[AGC]. ^[4]
• -Click to Tweet 14.1%increase in construction building material November 2021. ^[4]
• 53%of contractors in the U.S. feel that time constraints/ urgency of decisions presented the greatest risk to decision making. ^[4]
• 37%of construction firms say their companies missed budget and/or scheduled performance targets as a result of COVID. ^[4]
• 25%of all projects grow past scope of work in the field by over 30%. ^[4]
• Average of35%of all construction projects will have a major change. ^[4]
• Up to30%of initial data created during design and construction phases is lost by project closeout. ^[4]
• 82%of owners feel they need more collaboration with their contractors. ^[4]
• 78%of engineering and construction companies believe that project risks are increasing. ^[4]
• 43%of construction firms prioritize immediate financial goals over organizational resilience. ^[4]
• 14%of all rework in construction globally is caused by bad data. ^[4]
• Up to70%of total rework experienced in construction and engineering products are a result of design. ^[4]
• 52%of rework is caused by poor project data and miscommunication. ^[4]
• 9%of total project cost is closer to the actual total cost of rework—considering both direct and indirect factors combined. ^[4]
• Between2%and20%of total costs is the estimated amount of rework, which has a negative impact on a project schedule. ^[4]
• 62%of contractors report high levels of difficulty finding skilled workers. ^[4]
• 74%of contractors say they are asking skilled workers to do more work. ^[4]
• 72%of contractors report a challenge in meeting project schedule requirements. ^[4]
• 60%of contractors are putting in higher bids for projects [U.S. Chamber of Commerce]. ^[4]
• 44%of firms indicated labor shortages caused them to lengthen completion time for projects already underway. ^[4]
• 73%of firms report it will be more challenging to fill hourly craft positions. ^[4]
• [AGC] -Click to Tweet Percentage of young construction workers declined by30%from 2005. ^[4]
• 40%of construction jobs were lost between 2006 2011 due to the recession. ^[4]
• 21.4%industry wide turnover rate, making it one of the highest rates of all industries. ^[4]
• 20%of an individual’s base salary is the average cost of a turnover. ^[4]
• 29%of firms report investing in technology to supplement worker duties. ^[4]
• 29%of firms report they are providing incentives and bonuses to attract craft workers. ^[4]
• 92%of contractors report being at least moderately concerned about their workers having adequate skill levels. ^[4]
• to Tweet 12.8%U.S. Construction industry is unionized. ^[4]
• 32.6%of U.S. construction workforce identifies as Hispanic or Latino. ^[4]
• [TheBureau of Labor Statistics] -Click to Tweet Only13%of construction firms are women owned. ^[4]
• 56%of high trust construction companies report good turnover rates – saving them up to$750,000annually. ^[4]
• At high trust companies,4 out of 5projects are for repeat customers, potentially increasing gross margins by2. ^[4]
• -Click to Tweet High trust construction companies are2Xas likely to be explicit about requests. ^[4]
• Tweet 43%of high trust construction companies make collaboration central to how they work. ^[4]
• -Click to Tweet High trust companies are2Xmore likely to have managers that share consistent feedback. ^[4]
• 45%of construction professionals report spending more time than expected on non. ^[4]
• 60%of general contractors see problems with coordination and communication between project team members and issues with the quality of contract documents as the key contributors to decreased labor productivity. ^[4]
• 68%of trades point to poor schedule management as the key contributors to decreased labor productivity. ^[4]
• -Click to Tweet 50%or more impact on productivity as a result of issues with construction logistics. ^[4]
• -Click to Tweet 10%impact on productivity as a result of late crew build. ^[4]
• -Click to Tweet 50%variation in productivity of two groups of workers doing identical jobs on the same site and at the same time. ^[4]
• This gap in productivity was found to vary by500%at different sites. ^[4]
• 50%of E&C firms (and33%of project owners). ^[4]
• Only16%of executives surveyed say their organizations have fully integrated systems and tools. ^[4]
• Only18%of firms reported consistently using mobile apps to access project data and collaborate. ^[4]
• 63%of contractors are currently using drones on their projects. ^[4]
• 37%of contractors expect to adopt equipment tagging by 2024. ^[4]
• 33%of contractors expect to use wearable technology in the next three years. ^[4]
• 90.9%of firms report using smartphones on a daily basis for work purposes. ^[4]
• 62.4%of companies report using mobile devices on the field for daily reporting. ^[4]
• [JB Knowledge] -Click to Tweet 21.4%of construction firms use 3 or more mobile apps for their projects. ^[4]
• 95%of all data captured in construction and engineering industry goes unused. ^[4]
• 19%UK construction firms say that their projects are entirely paper. ^[4]
• 27.8%of contractors do not bid on projects involving BIM. ^[4]
• 35.2%of construction firms cite “lack of staff to support the technology” as the primary limiting factor to adopting new technology. ^[4]
• 28%of UK construction firms say that lacking the information they need on site is the single biggest factor impacting their productivity. ^[4]
• 59%of companies state that their workforce doesn’t have the skills needed to work with BIM. ^[4]
• 56%of construction firms do not have a dedicated R&D budget. ^[4]
• 75%of respondents stated an increasing need for rapid decision making in the field. ^[4]
• -Click to Tweet Only36%of firms have implemented a process for identifying bad data and repairing it. ^[4]
• 14%of all construction rework may have been caused by bad data creating$88.69. ^[4]
• 60%of contractors rely on one tool. ^[4]
• 74%of all the multi tool contactors stated that they end up relying on one primary toll to track key processes. ^[4]
• 58%of contractors are using standardized inputs on at least half of their projects. ^[4]
• 41%of contractors agreed that non standardized data input leads to inconsistent, inaccurate, incomplete, and unusable data. ^[4]
• 70%of contractors believe that advanced technologies can increase productivity(78%), improve schedule(75%), and enhance safety(79%). ^[4]
• [USG + U.S. Chamber of Commerce] -Click to Tweet 52%consider the needs of field staff a top consideration for investing in technology. ^[4]
• But only28%actually receive feedback from field staff before investing in technology. ^[4]
• 13 21%)in the Design & Engineering and Construction phases. ^[4]
• and$0.30.5 trillion (10 17%). ^[4]
• AI has the potential to increase the construction industry’s profits by71%by 2035. ^[4]
• And55%report BIM processes reduced the time required for communications. ^[4]
• 47%of construction firms use thirdparty tools, with around60%leaning on desktop applications and40%using cloud. ^[4]
• 32%of owners and contractors use internally developed tools. ^[4]
• In 2013, global investment in energy, infrastructure, mining, and realestate related projects was about $6 trillion; by 2030, that, could be $13 trillion, according to McKinsey research. ^[9]
• Our research estimates that 98 percent of megaprojects suffer cost overruns of more than 30 percent; 77 percent are at least 40 percent late. ^[9]
• This helped the company optimize locations, team sizes, and work flows, and resulted in productivityimprovements of up to 25 percent. ^[9]
• In one case, this translated into building a 30story structure in just 360 hours; on site construction work amounted to only 7 percent of the construction work. ^[9]
• Instead, through preassembly , parallel processing, and setting up a flexible team, the firm cut labor costs in half and completed installation 43 percent faster than estimated. ^[9]
• Planned out Stable demand will likely lead to consistent operating conditions for industry companies Construction Project Management Services in the US industry trends. ^[10]
• attach_money Market Size $192bn business Number of Businesses 10,531 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[10]
• Feasibility studies, including environmental impact assessment and community consultation 00.5% increase 0. ^[10]

I know you want to use Capital Project Management Software, thus we made this list of best Capital Project Management Software. We also wrote about how to learn Capital Project Management Software and how to install Capital Project Management Software. Recently we wrote how to uninstall Capital Project Management Software for newbie users. Don’t forgot to check latest Capital Project Management statistics of 2024.

Reference

1. wrike – https://www.wrike.com/blog/complete-collection-project-management-statistics-2015/.
2. workamajig – https://www.workamajig.com/blog/project-management-statistics.
3. teamstage – https://teamstage.io/project-management-statistics/.
4. netsuite – https://www.netsuite.com/portal/resource/articles/erp/erp-statistics.shtml.
5. autodesk – https://constructionblog.autodesk.com/construction-industry-statistics/.
6. wikipedia – https://en.wikipedia.org/wiki/Project_management.
7. bls – https://www.bls.gov/ooh/management/architectural-and-engineering-managers.htm.
8. bls – https://www.bls.gov/ooh/management/financial-managers.htm.
9. zippia – https://www.zippia.com/capital-project-manager-jobs/.
10. mckinsey – https://www.mckinsey.com/business-functions/operations/our-insights/the-construction-productivity-imperative.
11. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/construction-project-management-services-industry/.

How Useful is Capital Project Management

One of the key benefits of capital project management is its ability to bring structure and organization to complex and large-scale projects. Without proper management in place, projects can easily spiral out of control, leading to cost overruns, missed deadlines, and overall inefficiency. A well-executed capital project management plan lays out clear objectives, timelines, and responsibilities, ensuring that everyone is on the same page and working towards a common goal.

Moreover, capital project management also helps in reducing risks associated with project implementation. By identifying potential risks early on and developing risk management strategies, project managers can mitigate these risks and prevent them from derailing the project. This proactive approach not only ensures the project’s success but also saves both time and money that would otherwise be wasted on fixing problems that could have been prevented.

In addition to risk management, capital project management also plays a crucial role in resource allocation and utilization. This includes not only financial resources but also human resources, materials, and equipment. By effectively managing resources, project managers can optimize their utilization, avoid unnecessary waste, and ensure that the project stays within budget and meets its goals.

Furthermore, capital project management fosters effective communication and collaboration among team members and stakeholders. By establishing clear lines of communication, project managers can ensure that everyone is informed of project progress, challenges, and decisions. This transparency fosters trust and collaboration, leading to a more cohesive team that is better equipped to overcome obstacles and deliver successful outcomes.

Another significant benefit of capital project management is its focus on continuous improvement and learning. Through project reviews, evaluations, and post-mortems, organizations can identify what worked well and what could be improved for future projects. This continuous feedback loop helps organizations refine their project management processes, allowing them to become more efficient, effective, and successful in their future endeavors.

In conclusion, capital project management is not just a useful tool for organizations – it is an essential one. By providing structure, risk management, resource optimization, communication, collaboration, and continuous improvement, capital project management sets the foundation for successful project implementation. It is an investment that pays off in the form of cost savings, time efficiency, and project success. Organizations that prioritize capital project management are better equipped to navigate the complexities of project implementation and achieve their desired outcomes.

In Conclusion

Be it Capital Project Management benefits statistics, Capital Project Management usage statistics, Capital Project Management productivity statistics, Capital Project Management adoption statistics, Capital Project Management roi statistics, Capital Project Management market statistics, statistics on use of Capital Project Management, Capital Project Management analytics statistics, statistics of companies that use Capital Project Management, statistics small businesses using Capital Project Management, top Capital Project Management systems usa statistics, Capital Project Management software market statistics, statistics dissatisfied with Capital Project Management, statistics of businesses using Capital Project Management, Capital Project Management key statistics, Capital Project Management systems statistics, nonprofit Capital Project Management statistics, Capital Project Management failure statistics, top Capital Project Management statistics, best Capital Project Management statistics, Capital Project Management statistics small business, Capital Project Management statistics 2024, Capital Project Management statistics 2021, Capital Project Management statistics 2024 you will find all from this page. 🙂

We tried our best to provide all the Capital Project Management statistics on this page. Please comment below and share your opinion if we missed any Capital Project Management statistics.