Project Cost Management Statistics 2024 – Everything You Need to Know

• 41%of businesses with a high project failure rate blame a lack of involvement from higher ups in project management. ^[6]
• Over62%of highperforming companies use real time document editing and file version control features Unmet or unclear task dependencies account for12%of project failures. ^[6]
• The failure rate of projects with budgets over $1M is 50 percent higher than the failure rate of projects with budgets below $350,000. ^[7]
• One estimate of IT failure rates is between 5 percent and 15 percent, which represents a loss of $50 billion to $150 billion per year in the United States. ^[7]
• The top five causes of project failure are Change in the organization’s priorities (39%). ^[0]
• For such large IT projects, functionality issues and schedule overruns are the top two causes of failure (at 22% and 28% respectively). ^[0]
• The failure rate of projects with budgets over $1M is 50% higher than the failure rate of projects with budgets below $350,000. ^[9]
• 55% of project managers cite budget overrun as a reason for project failure. ^[4]
• The implementation of a management process, however, is shown to reduce the failure rate to 20% or below. ^[4]
• A lack of clear goals is the most common factor (37%). ^[4]
• IT project failure statistics show that 75% of respondents think their projects are always or usually doomed to fail from the start. ^[4]
• 55% of project managers cite budget overruns as a reason for project failure. ^[4]
• Construction project failure statistics show that over 50% of construction project owners worldwide (and 61% in the US). ^[4]
• 41% of underperformers say inadequate sponsor support is the main reason for project failure. ^[4]
• 41% of underperformers and 17% of high performers report inadequate sponsor support as the main reason for failure, according to project management failure statistics. ^[4]
• Around 67% of projects of organizations that undervalue project management as an essential element for driving change result in failure. ^[1]
• Also, IT projects with budgets exceeding $1 million have a 50% higher failure rate than projects with budgets below $350,000. ^[1]
• If management takes five hours or longer to make decisions, the failure rate of agile projects is 22% while the likelihood of projects producing unsatisfactory results is 53%. ^[1]
• 70% of projects are prone to failure. ^[2]
• Attempting to run too many projects is the biggest reason for project failure among 37% of organizations. ^[2]
• failure rates range between 5% to 15%. ^[2]
• Mostorganizations have a 70% failure rate. ^[10]
• Using this definition of success, A 4PM survey found that most organizations have a project failure rate of 70%, the main reason for this failure being poor project management. ^[10]
• The failure rate of large projects with budgets exceeding US$1 million was found to be almost 50% higher than for projects with budgets below $350,000. ^[10]

Project Cost Management Adoption Statistics

• Despite its impact, adoption rates for PM software remains low . ^[0]
• Project management facts show that the adoption of PM software remains low despite the fact that 77% of high performing projects use it. ^[4]
• 28% of organizations believe that the adoption of agile methods has improved their project success rates. ^[1]

Project Cost Management Latest Statistics

• 88%of remote workers face inconsistent leadership and miscommunications with other team members 83%of employees report feeling burnt out by a high volume of emails COVID 19 has increased employee burnout by12%in two months. ^[6]
• 20%of employees cite an unmanageable workload as the number one cause of burnout. ^[6]
• According to the study from the Project Management Institute, businesses with a clear project management structure in place have 38% more successful projects that met their original goals than those that did not. ^[6]
• Additional statistics showing the value of project management are Only21%of companies have standardized project management systems like waterfall and agile in place 1 in 6IT projects have a cost overrun of200%. ^[6]
• IT projects with a budget of at least$1 millionare50%more likely to fail to meet business objectives. ^[6]
• 41%of organizations reporting poor project performance say they don’t get enough support from project management and project sponsors. ^[6]
• 61%of companies using project management tools completed projects on time, while only41%of those not using them did. ^[6]
• 50%of project managers spend at least one full business day. ^[6]
• 80%of employees spend half of their workweek on “rework” caused by poor communication Close to46%of team leaders say hitting project deadlines is their biggest problem. ^[6]
• 90%of projects require team participation as opposed to individual responsibility. ^[6]
• 31%of companies say that miscommunications about project objectives is the number one reason why projects fail 59%of workers in the United States say communication is their biggest obstacle. ^[6]
• 45%of team members say Gantt charts are their most used project management feature 55%of team members say project objectives are unclear Only9%of. ^[6]
• 40%of project managers spend most of their time micromanaging employee responsibility and answering questions over email. ^[6]
• 71%of business executives say employee engagement is one of the top factors in project success. ^[6]
• Only52%of executives say their employees’ time allocation matches company priorities. ^[6]
• 76%of executives say agile project management tools will be the new normal Monday.comis used by over100,000teams across201industries. ^[6]
• Just 40 percent of projects at IBM meet the company. ^[7]
• 17 percent of IT projects go so badly, they threaten the existence of the company. ^[7]
• 80 percent of “high performing” projects are led by a certified project manager. ^[7]
• Only 2.5 percent of companies successfully complete 100 percent of their projects. ^[7]
• 57 percent of projects fail due to breakdown in communications. ^[7]
• 77 percent of high performing companies understand the value of project management. ^[7]
• 40 percent of low performing companies understand the value of project management. ^[7]
• 73 percent of respondents admit that their projects are either always or usually “doomed right from the start,” including 27 percent who always feel this way. ^[7]
• That’s a significant 20 percent decline from last year’s findings. ^[7]
• 49 percent of organizations have a project management training program in place. ^[7]
• A majority of organizations have only used one project management system. ^[7]
• 17 percent of large IT projects go so badly that they can threaten the very existence of the company. ^[7]
• Just 42 percent of organizations report having high alignment of projects to organizational strategy. ^[7]
• This lack of alignment of projects most likely contributes to the surpriseing result that nearly one half of all strategic initiativrd are reported as unsuccessful. ^[7]
• 75 percent of respondents lack confidence in project success. ^[7]
• Only 26 percent of all projects succeed. ^[7]
• The average overrun was 27 percent, but one in six projects had a cost overrun of 200% on average ad a schedule overrun of almost 70 percent. ^[7]
• Recent studies have found that, on average, nationwide construction projects exceed their budget by 16% at minimum—and often far more. ^[11]
• Many lenders recommend including a 20% contingency right off the bat for cost overrun. ^[11]
• Imagine a 20% salary increase, and you’ll have a good idea of what a significant expansion this is!. ^[11]
• The vast majority of construction projects completed in twenty countries over the course of a 70 year period—85%, to be exact!—experienced cost overrun. ^[11]
• The overall average overrun was 28%. ^[11]
• Just 25% of projects came within 10% of their original deadlines over that same time period. ^[11]
• The 10% rise in material costs far exceeds the overall inflation rate of 1.8% in 2019. ^[11]
• According to McKinsey, boosting productivity could save nearly $1.7 trillion annually. ^[11]
• 61% reported that technology processes reduced project error. ^[11]
• According to the World Economic Forum, full scale digitization could save $1.2 trillion in the Design & Engineering and Construction phases alone. ^[11]
• Only 58% of organizations fully understand the value of project management. ^[0]
• 93% of organizations report using standardized project management practices. ^[0]
• 68% more than 2/3rd of organizations in ‘s annual survey said that they used outsourced or contract project managers in 2018. ^[0]
• Only 23% of organizations use standardized project management practices across the entire organization. ^[0]
• 33% use standardized practices, but not across all departments. ^[0]
• While a small portion 7% of organizations don’t use any standard practices at all. ^[0]
• Coincidentally, 55% of organizations don’t have access to real. ^[0]
• Between 2017 and 2018, the percentage of organizations using spreadsheets to manage their agile projects dropped from 74% to 67%. ^[0]
• 56% of organizations have used only one project management system. ^[0]
• Only 41% of organizations with an enterprise wide project management office report that it is highly aligned to the organization’s strategy. ^[0]
• 80% of highperformance organizations Champions have a PMO. ^[0]
• 72% say that there is a strong alignment of the EPMO to their organizational strategy. ^[0]
• 95% of large firms reported having dedicated PMOs, either in specific departments or across the entire organization. ^[0]
• In contrast, only 75% of small firms had dedicated PMOs. ^[0]
• 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. ^[0]
• In 2016, the average PMO accounted for nearly 5% of the project budget and had a staff size of 9. ^[0]
• 49% of project managers report to the PMO (up from 42% in 2012). ^[0]
• Incidentally, highperformance organizations had far higher percentage of project managers reporting to the PMO than lowperforming organizations 68% vs 53%. ^[0]
• 50% of respondents in a survey said that their biggest challenge is that PMO processes are seen as overhead. ^[0]
• 42% said that their organizations are resistant to change and adopting new PM methodologies. ^[0]
• 41% said that their biggest challenge is demonstrating the added value of the PMO. ^[0]
• Risk management practices are widely used across most organizations 27% say they ‘always’ use them, while 35% use the ‘sometimes’. ^[0]
• Only 3% of surveyed organizations say they ‘never’ use risk management practices. ^[0]
• Among senior leaders, 87% say that they “fully” understand the importance of PM practices. ^[0]
• Only 32% of organizations say that they’re satisfied with their current PM maturity level. ^[0]
• 67% would rank their department’s PM maturity level at 3 or more. ^[0]
• However, only 47% would rank their organization wide PM maturity at level 3 or higher. ^[0]
• In PMI’s 2017 survey, 62% of successfully completed projects had sponsors who were actively supportive. ^[0]
• 78% of respondents in a Geneca survey also said that they’d like business stakeholders to be more responsive and engaged in the project. ^[0]
• Another study found that 33% of projects fail because of a lack of involvement from senior management. ^[0]
• A whopping 97% of organizations believe that project management is critical to business performance and organizational success, according to a PwC study. ^[0]
• Businesses say that the biggest impact of project management was on team communication (52%). ^[0]
• 44% also said that it improved the quality of the final product, while 38% said that it improved customer satisfaction. ^[0]
• Only 42% of respondents in Wellingtone’s survey that this role is occupied by a professional Project Manager in their organization. ^[0]
• In 2018, nearly 70% of projects met their original goals or business intent, while nearly 60% were completed within the original budget. ^[0]
• Both these figures are up from 62% and 50% respectively in 2016. ^[0]
• 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. ^[0]
• A survey published in HBR found that the average IT project overran its budget by 27%. ^[0]
• 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%. ^[0]
• An IT project with a budget over $1M is 50% more likely to fail than one with a budget below $350,000. ^[0]
• A PwC study of over 10,640 projects found that a tiny, tiny portion of companies 2.5% completed 100% of their projects successfully. ^[0]
• According to CIO, organizations that use proven PM practices waste 28x less money than their more haphazard counterparts. ^[0]
• 80% of respondents in a Geneca survey said that they spend half their time on rework. ^[0]
• Only 55% of people involved in projects team leaders and project managers feel that the project’s business objectives are clear to them. ^[0]
• More than 80% also feel that the requirements process doesn’t articulate the needs of the business. ^[0]
• 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. ^[0]
• 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. ^[0]
• 17% of IT projects can go so bad that they can threaten the very existence of the company. ^[0]
• The biggest reason for any dissatisfaction remains price (56%), followed by a lack of features (33%). ^[0]
• 64% and 67% of projects with high maturity of PM processes are delivered on time and within budget, respectively. ^[0]
• The equivalent figures for low maturity organizations are just 36% and 43%. ^[0]
• 83% of high performance organizations make an ongoing investment in project manager training. ^[0]
• 77% of such organizations have formal processes to develop PM competency. ^[0]
• In contrast, only 34% of underperformers offer similar training. ^[0]
• 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. ^[0]
• 81% of these organizations prioritize the development of technical skills (vs 13% of underperformers). ^[0]
• Despite low maturity levels, only 48% organizations have invested in accredited project management training. ^[0]
• 15% use non accredited training or courses, while more than 25% don’t invest in any training at all. ^[0]
• 60% of PMOs now have a formal project management training program, up from 11% in 2014. ^[0]
• Incidentally, high performing organizations are far more likely to have a training program than low performers (85% vs 38%). ^[0]
• Most PMOs (79%). ^[0]
• However, a significant and growing number (51%). ^[0]
• 50% of all Project Management Offices close within just three yearsKeyedIN). ^[8]
• Barely over half (56%). ^[8]
• An astounding 97% of organizations believe project management is critical to business performance and organizational success. ^[8]
• 80% of project management executives don’t know how their projects align with their company’s business strategy. ^[8]
• 33% of projects fail because of a lack of involvement from senior management. ^[8]
• Project managers were 13% less likely to use story mapping tools in 2014 than in 2013. ^[8]
• 75% of IT executives believe their projects are “doomed from the start.”. ^[8]
• High performing organizations successfully complete 89% of their projects, while low performers complete only 36%. ^[8]
• 63% of companies defer to executives to decide when to eliminate or put off a project. ^[8]
• 20.49% of organizations have a project management training program in place. ^[8]
• 39% of projects fail due to lack of planning. ^[9]
• 77% of high performing companies understand the value of project management. ^[9]
• 40% of low performing companies understand the value of project management. ^[9]
• 60% of failed projects have a duration of less than one year. ^[9]
• Achieve project success with TeamGantt one more statistic to close out this article 90% of global senior executives and project management experts say ‘good project management is key to delivering successful results and gaining a competitive edge.’. ^[9]
• it takes up to 20% of the overall project budget. ^[4]
• Editor’s Choice 70% of all projects fail. ^[4]
• 42% of companies don’t understand the need or importance of project management. ^[4]
• 62% of successfully completed projects had supportive sponsors. ^[4]
• The percentage of projects that fail is fairly high a whopping 70% of all projects fail to deliver what was promised to customers. ^[4]
• Organizations that undervalue project management see 50% more of their projects failing. ^[4]
• 3. 9.9% of every dollar is wasted due to poor performance. ^[4]
• 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. ^[4]
• This means that 42% of companies undervalue the importance of project management as a crucial component for project success. ^[4]
• 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%). ^[4]
• 75% of respondents in the IT industry lack confidence in project success. ^[4]
• Out of this 75%, 27% constantly feel this way. ^[4]
• At the same time, the majority of respondents (80%). ^[4]
• 44% of projects fail due to a lack of alignment between business and project objectives. ^[4]
• 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. ^[4]
• 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%). ^[4]
• At the same time, 55% of organizations don’t have access to real. ^[4]
• The percentage of organizations using spreadsheets to manage their agile projects dropped from 74% to 67%. ^[4]
• Jira follows with 19.50%, while Trello comes in third with 5.51%. ^[4]
• 93% of organizations use standardized project management practices. ^[4]
• Consistent practices reduce the risk and lead to better results which is why the majority (93%). ^[4]
• Project management statistics show that 73% of organizations that use formal project management approach always or often have met the goal or intent. ^[4]
• 63% have completed the projects within budget and 59% have delivered the projects on time. ^[4]
• 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. ^[4]
• 44% of high performing organizations use predictive approaches. ^[4]
• 44% of the high performers use predictive approaches, 30% use agile methods, while 23% leverage hybrid approaches. ^[4]
• Only 4% of high performing organizations use other methods. ^[4]
• Multitasking causes a 40% productivity drop. ^[4]
• If you try to do everything by yourself, you could see a productivity drop by 40%. ^[4]
• 83% of high performing organizations have ongoing project management training. ^[4]
• 81% further prioritize the development of project management technical skills and 79% prioritize the development of project management leadership skills. ^[4]
• The project management statistics for low performers in these areas are 34%, 13%, and 11%, respectively. ^[4]
• Nearly 70% of projects met their original goals or business intent. ^[4]
• In 2016, 62% of projects met the original business goals and only 50% were completed within the set budget. ^[4]
• In 2018, these numbers went up to 70% and 60%, respectively. ^[4]
• 60% of respondents point to poor resource management as their biggest challenge. ^[4]
• Other issues included poorly trained project sponsors (33%) ineffective PPM solution deployment (30%), and lack of governance (26%). ^[4]
• Roughly 50% of the respondents say so. ^[4]
• Risk management comes in second with 40%, followed by planning with 35%, and resource management with 25%. ^[4]
• 68% of projects don’t have an effective project sponsor. ^[4]
• Project management statistics show that almost a third of organizations (27%). ^[4]
• Only 3% of the respondents have said they never use risk management practices. ^[4]
• 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. ^[4]
• 87% of senior project managers fully understand the importance of PM practices. ^[4]
• Among them, 87% have said they completely understand the importance of PM practices. ^[4]
• On the other hand, the lack of involvement from senior management is the main reason why 33% of projects fail. ^[4]
• 80% of high performing organizations have reported using project management practices which further highlights this notion. ^[4]
• The estimates show that the project management costs range between 7% and 11% of the project’s total cost. ^[4]
• When adding project control support, this figure might jump to 9. ^[4]
• 5%increase in engineering and construction spending levels compared to 2021. ^[5]
• [Research & Markets] -Click to Tweet 12%increase in total construction across 2021 compared to 2020. ^[5]
• Predicted35%global growth in next 10 years. ^[5]
• 58%of owners said they’ve used or plan to use designbuild, moving away from traditional designbid. ^[5]
• [FMI] -Click to Tweet Designbuild projects are completed102%faster than traditional designbid. ^[5]
• 23%of firms report they are taking steps to improve jobsite performance with lean construction techniques, tools like BIM, and offsite prefabrication. ^[5]
• 4.7%compound annual growth in modular construction by 2026 is predicted. ^[5]
• [Research & Markets-Click to Tweet About90%of firms using prefabrication report improved productivity, improved quality, and increased schedule certainty compare to traditional stick. ^[5]
• 14%of trades report prefabricating more than50%of their work in the shop versus field. ^[5]
• 72%of firms say projects have taken longer than anticipated.[AGC]. ^[5]
• -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]. ^[5]
• 44%of firms are putting longer completion times into their bids. ^[5]
• Tweet Over50%of engineering and construction professionals report one or more underperforming projects in the previous year. ^[5]
• 69%of owners say poor contractor performance is the single biggest reason for project underperformance. ^[5]
• 68%of general contractors reported experience problems “getting off the job” on at least25%of their projects. ^[5]
• 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. ^[5]
• [Autodesk & Dodge Data & Analytics] -Click to Tweet Just25%of projects came within10%of their original deadlines in the past3years. ^[5]
• And only31%of all projects came within10%of the budget in the past3years. ^[5]
• Large projects typically take20%longer to finish than scheduled and are up to80%over budget. ^[5]
• 98%of megaprojects become delayed or over budget. ^[5]
• 77%of megaprojects around the globe are 40% or more behind schedule. ^[5]
• 6%increase in wage and salaries for construction workers in 2021. ^[5]
• to Tweet 84%of firms report construction costs have been higher than anticipated.[AGC]. ^[5]
• -Click to Tweet 14.1%increase in construction building material November 2021. ^[5]
• 53%of contractors in the U.S. feel that time constraints/ urgency of decisions presented the greatest risk to decision making. ^[5]
• 37%of construction firms say their companies missed budget and/or scheduled performance targets as a result of COVID. ^[5]
• 25%of all projects grow past scope of work in the field by over 30%. ^[5]
• Average of35%of all construction projects will have a major change. ^[5]
• Up to30%of initial data created during design and construction phases is lost by project closeout. ^[5]
• 82%of owners feel they need more collaboration with their contractors. ^[5]
• 78%of engineering and construction companies believe that project risks are increasing. ^[5]
• 43%of construction firms prioritize immediate financial goals over organizational resilience. ^[5]
• 14%of all rework in construction globally is caused by bad data. ^[5]
• Up to70%of total rework experienced in construction and engineering products are a result of design. ^[5]
• 52%of rework is caused by poor project data and miscommunication. ^[5]
• 9%of total project cost is closer to the actual total cost of rework—considering both direct and indirect factors combined. ^[5]
• Between2%and20%of total costs is the estimated amount of rework, which has a negative impact on a project schedule. ^[5]
• 62%of contractors report high levels of difficulty finding skilled workers. ^[5]
• 74%of contractors say they are asking skilled workers to do more work. ^[5]
• 72%of contractors report a challenge in meeting project schedule requirements. ^[5]
• 60%of contractors are putting in higher bids for projects [U.S. Chamber of Commerce]. ^[5]
• 44%of firms indicated labor shortages caused them to lengthen completion time for projects already underway. ^[5]
• 73%of firms report it will be more challenging to fill hourly craft positions. ^[5]
• [AGC] -Click to Tweet Percentage of young construction workers declined by30%from 2005. ^[5]
• 40%of construction jobs were lost between 2006 2011 due to the recession. ^[5]
• 21.4%industry wide turnover rate, making it one of the highest rates of all industries. ^[5]
• 20%of an individual’s base salary is the average cost of a turnover. ^[5]
• 29%of firms report investing in technology to supplement worker duties. ^[5]
• 29%of firms report they are providing incentives and bonuses to attract craft workers. ^[5]
• 92%of contractors report being at least moderately concerned about their workers having adequate skill levels. ^[5]
• to Tweet 12.8%U.S. Construction industry is unionized. ^[5]
• 32.6%of U.S. construction workforce identifies as Hispanic or Latino. ^[5]
• [TheBureau of Labor Statistics] -Click to Tweet Only13%of construction firms are women owned. ^[5]
• 56%of high trust construction companies report good turnover rates – saving them up to$750,000annually. ^[5]
• At high trust companies,4 out of 5projects are for repeat customers, potentially increasing gross margins by2. ^[5]
• -Click to Tweet High trust construction companies are2Xas likely to be explicit about requests. ^[5]
• Tweet 43%of high trust construction companies make collaboration central to how they work. ^[5]
• -Click to Tweet High trust companies are2Xmore likely to have managers that share consistent feedback. ^[5]
• 45%of construction professionals report spending more time than expected on non. ^[5]
• 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. ^[5]
• 68%of trades point to poor schedule management as the key contributors to decreased labor productivity. ^[5]
• -Click to Tweet 50%or more impact on productivity as a result of issues with construction logistics. ^[5]
• -Click to Tweet 10%impact on productivity as a result of late crew build. ^[5]
• -Click to Tweet 50%variation in productivity of two groups of workers doing identical jobs on the same site and at the same time. ^[5]
• This gap in productivity was found to vary by500%at different sites. ^[5]
• 50%of E&C firms (and33%of project owners). ^[5]
• Only16%of executives surveyed say their organizations have fully integrated systems and tools. ^[5]
• Only18%of firms reported consistently using mobile apps to access project data and collaborate. ^[5]
• 63%of contractors are currently using drones on their projects. ^[5]
• 37%of contractors expect to adopt equipment tagging by 2024. ^[5]
• 33%of contractors expect to use wearable technology in the next three years. ^[5]
• 90.9%of firms report using smartphones on a daily basis for work purposes. ^[5]
• 62.4%of companies report using mobile devices on the field for daily reporting. ^[5]
• [JB Knowledge] -Click to Tweet 21.4%of construction firms use 3 or more mobile apps for their projects. ^[5]
• 95%of all data captured in construction and engineering industry goes unused. ^[5]
• 19%UK construction firms say that their projects are entirely paper. ^[5]
• 27.8%of contractors do not bid on projects involving BIM. ^[5]
• 35.2%of construction firms cite “lack of staff to support the technology” as the primary limiting factor to adopting new technology. ^[5]
• 28%of UK construction firms say that lacking the information they need on site is the single biggest factor impacting their productivity. ^[5]
• 59%of companies state that their workforce doesn’t have the skills needed to work with BIM. ^[5]
• 56%of construction firms do not have a dedicated R&D budget. ^[5]
• 75%of respondents stated an increasing need for rapid decision making in the field. ^[5]
• -Click to Tweet Only36%of firms have implemented a process for identifying bad data and repairing it. ^[5]
• 14%of all construction rework may have been caused by bad data creating$88.69. ^[5]
• 60%of contractors rely on one tool. ^[5]
• 74%of all the multi tool contactors stated that they end up relying on one primary toll to track key processes. ^[5]
• 58%of contractors are using standardized inputs on at least half of their projects. ^[5]
• 41%of contractors agreed that non standardized data input leads to inconsistent, inaccurate, incomplete, and unusable data. ^[5]
• 70%of contractors believe that advanced technologies can increase productivity(78%), improve schedule(75%), and enhance safety(79%). ^[5]
• [USG + U.S. Chamber of Commerce] -Click to Tweet 52%consider the needs of field staff a top consideration for investing in technology. ^[5]
• But only28%actually receive feedback from field staff before investing in technology. ^[5]
• 13 21%)in the Design & Engineering and Construction phases. ^[5]
• and$0.30.5 trillion (10 17%). ^[5]
• AI has the potential to increase the construction industry’s profits by71%by 2035. ^[5]
• And55%report BIM processes reduced the time required for communications. ^[5]
• 47%of construction firms use thirdparty tools, with around60%leaning on desktop applications and40%using cloud. ^[5]
• 32%of owners and contractors use internally developed tools. ^[5]
• Only 46% of organizations place a high priority on a culture that values project management. ^[1]
• However, 52% of respondents are somewhat or very dissatisfied with the current level of PM maturity in their organization, more than the 45% rating in 2016. ^[1]
• Only 6% of organizations in Australia received more projects and worked on more programs during the COVID. ^[1]
• In addition, 48% of organizations in Australia always or often report project benefit tracking variations. ^[1]
• 61% of projects have highly involved sponsors. ^[1]
• 40% of the project and program governance activities of organizations are considered very effective. ^[1]
• 35% of project managers use MS Excel to build resource plans. ^[1]
• The percentage of organizations using spreadsheets to manage projects dropped from 66% in 2018 to 64% in 2019. ^[1]
• On average, 11.4% of investment is wasted due to poor project performance. ^[1]
• 61% of organizations provide project management training while 47% have a clear career path for project professionals. ^[1]
• An estimated 1,279,390 project management specialists and business operations specialists are employed in the United States. ^[1]
• Project management Professional certificate holders earn salaries that are 22% than those without certification. ^[1]
• Approximately, there were 6% more organizations with a project management office in 2020 (89%) than in 2019 (83%). ^[1]
• 74% of project professionals believe that more employees will work from home. ^[1]
• 54% do not have access to real time project KPIs. ^[1]
• 60% of project managers report that they always apply a defined project methodology. ^[1]
• 39% of project teams are composed of 610 people; 30.5% have more than 10 people; another 30.5% are composed of 1. ^[1]
• Also, 50% of organizations mostly or always baseline their project schedules. ^[1]
• 67% of organizations include project change management in their initiatives. ^[1]
• 72% of PMOs are projected to increase in scope and responsibilities, up from 61% in 2019. ^[1]
• 53% of organizations that are considered. ^[1]
• Project professionals manage 23% of the company’s initiatives by incorporating AI. ^[1]
• The top agile methods employed by organizations are daily standup (85%), retrospectives (81%), sprint planning (79%), sprint review (77%), and short iterations (64%). ^[1]
• 69% of project professionals state that their senior leaders value project management. ^[1]
• 67% of project managers believe that the complexity of programs and projects has increased over the past decade. ^[1]
• Additionally, 84% of CEOs have accelerated the development of a next generation operating model and the digitization of operations. ^[1]
• Surprisingly, 23% of projects do not undertake change management initiatives. ^[1]
• However, of the projects that do, 32% deem them extremely effective. ^[1]
• 59% of organizations conduct independent project performance reviews. ^[1]
• 63% of organizations work on projects that incorporate change management capability. ^[1]
• Meanwhile, in Australia, 57% of organizations use a centralized PMO to streamline project activities. ^[1]
• 51% of organizations require project professionals to have certification for their role. ^[1]
• Organizations that are highly mature in project management capabilities outperformed those that aren’t, as they met their goals 77% of the time. ^[1]
• 91% of US CEOs believe that skill directly affects a company’s financial performance. ^[1]
• 43% of companies mostly or always accomplish projects within the budget. ^[1]
• Meanwhile, 27% of projects go over budget. ^[1]
• 24% of project professionals believe that projects are hampered by unrealistic budgets. ^[1]
• 20% of project professionals believe that adopting agile techniques can lower project costs. ^[1]
• 47% of project managers believe that they are expected to deliver more value with a reduced budget and timeline. ^[1]
• Organizations with high maturity value delivery capability accomplish 67% of their projects within the allotted budget. ^[1]
• On the other hand, organizations with low maturity value delivery capability do the same for only 46% of their projects. ^[1]
• About 60% always or mostly engage in risk management. ^[1]
• 29% of projects are mostly or always completed on time. ^[1]
• To improve performance, 68% of organizations emphasize developing leadership while 65% focus on developing the technical skills of their personnel. ^[1]
• About 36% spend one or more days annually collating project reports. ^[1]
• 89% of organizations have one or more PMOs; 26% of these are less than two years old. ^[1]
• Interestingly, 54% of organizations do not have access to real. ^[1]
• The Scaled Agile Framework is the most popular scaling method with 35% of organizations applying it. ^[1]
• 59% of project managers run two to five projects, 15% work on one, 15% take on more than 10, and 11% do six to 10. ^[1]
• Business value delivered (46%), customer satisfaction (45%), and velocity (37%). ^[1]
• Agile transformations have a success rate of 41%. ^[1]
• 47% of project managers believe that their companies have built a track record of project success 58% of organizations say that project success rates have improved over the last two years. ^[1]
• Approximately 51% of organizations deliver projects that meet the business objective or original goal. ^[1]
• Meanwhile, 52% of organizations deliver projects that satisfy stakeholders. ^[1]
• In 2018, 35% of organizations in Australia completed more than 50 projects. ^[1]
• On average, organizations with high value delivery maturity complete 63% of their projects on time. ^[1]
• 58% of organizations admitted that the impact of COVID 19 has been moderate or significant, causing project delays and cancellations. ^[1]
• The number of project professionals who believe that poor resource management is a significant problem in project management increased by 60% in 2019. ^[1]
• A more recent report shows that 25% of organizations do not leverage technology suitable for team collaborations on informal projects despite this consuming 20% of their productive times at work. ^[1]
• The biggest challenges to adopting agile techniques to an organization are the resistance to change (48%), lack of leadership participation (46%), and inconsistent practices across teams (45%). ^[1]
• Organizations that have low maturity on project management technology lose the budget from failed projects 42% of the time. ^[1]
• 54% of the projects of companies with low project management technology maturity go over budget. ^[1]
• 47% of agile projects are late, have budget overruns, or result in unhappy customers. ^[1]
• Furthermore, 11% of agile projects fail outright and end up delivering nothing. ^[1]
• 56% of organizations have already developed a digital transformation strategy that incorporates AI. ^[1]
• Organizations believe that the main roles of AI would be as PM assistant (52%), PM advisor (42%), and PM substitute (3%). ^[1]
• 54% of organizations leverage agile practices but are still maturing in that regard. ^[1]
• When asked which factors are the most critical to achieving success in the future, 35% of executive leaders identified organizational agility as the top factor. ^[1]
• 32% of executive leaders believe that investing in the right technologies is the biggest factor in future success. ^[1]
• 31% of executive leaders believe that learning relevant skills is the biggest factor in future success. ^[1]
• As of 2020, 59% of organizations were using Microsoft Project Online compared to 57% in 2019. ^[1]
• 22% of organizations used the appropriate resource management solution in 2020. ^[1]
• 71% of project professionals believe that the perceived value of PMOs will increase, up from 55% in 2019. ^[1]
• The top tools used for agile project management include Atlassian Jira (67%), Microsoft Excel (40%), Microsoft Azure DevOps (23%), Google Docs (19%), VersionOne (12%), and Microsoft Project (9%). ^[1]
• 70% of companies prioritize the creation of a culture that focuses on delivering customer value. ^[1]
• Why do 47% of Agile Transformations Fail?. ^[1]
• It is estimated that only 15% of project managers focus on a single project at a time. ^[12]
• It was reported in 2020 that only 35% of project managers were satisfied with the existing project management system in their organization. ^[12]
• In a survey, it was reported that only 43% of organizations successfully complete their projects within budget. ^[12]
• Research shows that projects, where organizations spend more than $1 Million, are 50% more likely to fail. ^[12]
• Project teams with a mature system generally meet 77% percent of their goals while others have a success rate of 56%. ^[12]
• Similarly, mature teams deliver 63% of their projects on time while the figure for others is at 39%. ^[12]
• A survey revealed that more than 54% of workers spend a majority of their time on tedious tasks that require no creativity and could be handled by a less expensive resource. ^[12]
• 85% of CEOs believe that AI will completely change the landscape of their organization in the next 5 years. ^[12]
• 54% of managers believe that they can save 5 hours a day by implementing AI based solutions for menial and repetitive tasks. ^[12]
• Data shows that around 60% of organizations generally use a hybrid methodology instead of committing to a single approach. ^[12]
• In conclusion, the models were validated at a probability of 95%, at which the proposed models predict the project cost and duration at an error margin of ±0.035% of the actual cost and time. ^[13]
• Our extensive surveys have turned up knowledge that’s as close to 100% reliable as you can get in the project management world. ^[14]
• Only35%of project managers surveyed in 2020 were “somewhat or very satisfied” with the systems in place. ^[14]
• Despite the importance of PPM, only61%apply a defined project management methodology to each project. ^[14]
• Project management maturity isn’t valued.46%of organizations make project management a cultural priority — despitestatistical proofthat a mature project management process makes an organization far more likely to deliver on time and under budget. ^[14]
• As a result,54%of organizations lack the ability to track KPIs in real. ^[14]
• Across all organizations,11.4%of all resources are wasted due to inferior project management processes. ^[14]
• But there are positive signs.89%of organizations. ^[14]
• now have at least one project management office , and50%have more than one. ^[14]
• In addition,71%of PMs surveyed believe the perceived value of their role is increasing, up from55% in 2019. ^[14]
• These offices are busy.59%of project managers run between 2 and 5 projects. ^[14]
• 11% run 6 to 10 projects, and 15% run more than 10 at a time. ^[14]
• Only 15% of project managers work on only one project at a time. ^[14]
• A monday.com survey found thatRepetitive tasks are eating our productivity alive.54%of workers spend 5 or more hours per week on tedious tasks that require little or no creativity. ^[14]
• For 16%, it’s 10 or more hours. ^[14]
• Our co workers also bear some of the blame.41%of workers reported that message notifications from email, Slack, and other platforms were a major obstacle to getting work done.20%described email overload as a serious problem. ^[14]
• 57% of workers reported that they’ve begun to feel the symptoms of burnout. ^[14]
• 30% report feeling less creative than they used to be, and a whopping 63% don’t think they’re getting enough chances to do their best work. ^[14]
• 63% agree or strongly agree that AI will make a bigger difference to business than the advent of the internet. ^[14]
• As we saw above, 54% of workers believe they could save at least 5 hours by automating their most menial tasks. ^[14]
• In spite of this, however, 58% of CEOs have not implemented any kind of AI in their business, likely due to the difficulty of finding employees qualified to put it in place. ^[14]
• Companies are committing to training project managers.61%of organizations provide some form of project management training, while 47% have gone the extra mile and established a clear path for developing PM careers. ^[14]
• will makeCertification remains extremely important.22%more money than a PM who hasn’t been certified. ^[14]
• Research suggests that the most popular Agile innovation among businesses today is the daily standup, used byCompanies loveAgile project management, but they adopt it piecemeal.85% of respondents. ^[14]
• Runners up include retrospectives (81%),sprint planning(79%), sprint review (77%), and short iteration cycles (64%). ^[14]
• Across a range of organizations that are seen as innovators in PM technology and practices, 53% employ at least one Agile methodology technique. ^[14]
• The trend is to keep teams small.30.5%of project teams have 5 or fewer members. ^[14]
• Another 39% have between 6 and 10 members, leaving only 30.5% with more than 10 employees. ^[14]
• Surprisingly, the first step is empathy.91% of CEOs— as clear a consensus as we found anywhere — believe that the ability to empathize with colleagues, subordinates, and customers directly influences a company’s financial performance. ^[14]
• Only43%of companies reported that they “most of the time” or “always” complete their projects within the established budget. ^[14]
• Projects where the company spends $1 million or more fail 50% more often than projects where $350,000 or less is spent. ^[14]
• If teams and leaders take an average of 1 hour to make any decision, projects succeed at a rate of 58%. ^[14]
• When that time increases to 5 hours, the project success rate drops to 18%. ^[14]
• a role.58%of organizations said that the coronavirus pandemic had a “moderate or significant” impact on their operations, forcing them to delay or cancel projects. ^[14]
• Remember how we said earlier that only about 23% of businesses were using a dedicated project management solution?. ^[14]
• 91% of our users said they listed their project tasks on a board. ^[14]
• 88% said that their job frequently involved re prioritizing and updating their tasks, while 70% spent a lot of time keeping track of deadlines and milestones. ^[14]
• And 42% were trying to do all of this in a spreadsheet. ^[14]
• Projects go over budget by 27% on average, and one in six projects has a cost overrun of 200% [Harvard Business Review]. ^[15]
• 73% of respondents feel that their projects are either always or usually “doomed right from the start”. ^[15]
• 80% of dev teams spend half their time on rework [Geneca] 17% of IT projects go so badly that they can threaten the very existence of the company [McKinsey]. ^[15]
• [PMI] Organizations that undervalue project management see 50% more of their projects failing [Teamstage]. ^[15]
• 80% of “high performing” projects are led by a certified project manager [Wrike]. ^[15]
• Projects are 2.5x more successful when project management practices are implemented [Teamstage] 73% of organizations that use formal project management approach always or often have met the goal or intent [PMI]. ^[15]
• The results indicate that the average cost overrun for the sample collected was 4% above the bid price. ^[16]
• 37% of projects fail due to the lack of defined project objectives and milestones. ^[2]
• 55% of organizations do not have access to real. ^[2]
• 44% of projects fail due to a lack of alignment between business and project objectives. ^[2]
• 80% of organizations report that they spend at least half their time on rework. ^[2]
• 50% of projects that fail have a budget of over a million US dollars. ^[2]
• 27% of projects usually run over. ^[2]
• Only 36% of projects are completed when they are executed by low. ^[2]
• 46% of companies have come forward to accept that they do not understand the need or importance of project management. ^[2]
• 31% of companies claim a lack of a common vision is the most common reason why projects fail. ^[2]
• 41% of underperformers and 17% of champions state that the main reason why projects fail is inadequate sponsor support. ^[2]
• 47% of projects fail to meet their goals due to poor management of requirements. ^[2]
• 50% of organizations say they do have a track record of project success. ^[2]
• 75% of companies say that they lack confidence when it comes to project success. ^[2]
• 56% of companies are dissatisfied with their current level of PM maturity. ^[2]
• 38% of companies believe that the greatest barriers to success are the confusion about team roles and responsibilities. ^[2]
• 23% of organizations reported that they are always in agreement when a project is complete. ^[2]
• 20% of companies say that their IT requirements process is not the articulation of business need. ^[2]
• 87% of high performing managers believe that mature delivery capabilities can minimize risks, control costs, and increase value. ^[2]
• 45% of PMOs have clearly defined roles and responsibilities. ^[2]
• 89% of high performing companies tend to complete projects successfully. ^[2]
• 76% of high performing organizations use strategic initiatives to meet business intent and original project goals. ^[2]
• 37% of projects are almost always delivered in time. ^[2]
• 58% of organizations report more defined processes and practices as their key step to project success. ^[2]
• 45% of high performers recognize and develop their employees’ skills as required. ^[2]
• 56% of projects are bound to succeed with proper talent and change management. ^[2]
• 94% of companies agreed that project management is crucial for business growth. ^[2]
• Employee retention is expected to increase by 10% by 2020 due to organizations giving their employees the option to choose their own work style. ^[2]
• 21% of organizations use a set of standardized project management practices. ^[2]
• 55% of project managers tend to create a scope document before executing projects. ^[2]
• 28% of companies have reported using project performance techniques. ^[2]
• In the US, there was a 17% increase in project oriented jobs in the health sector. ^[2]
• 80% of federal IT projects were self described as ‘iterative’ or ‘Agile’ in 2017. ^[2]
• 25% of participating managers feel the business team is almost “always out of sync”. ^[2]
• 93% of communication service providers are using agile project management methodologies. ^[2]
• 55% of IT managers reported they have an understanding of the business objectives of their IT projects. ^[2]
• 5% of businesses claimed that project cost is the main issue faced by project managers while handling manufacturing projects. ^[2]
• 17% of IT projects fail so miserably that they could threaten the company’s existence. ^[2]
• 75% of IT executives believe their projects are doomed right from the start. ^[2]
• Only 4% of physicians have reported that they have extensive, fully functional Electronic Health Records systems. ^[2]
• IT projects with a budget of about $1 million is 50% more likely to fail as compared to projects with a budget of $350,000 or below. ^[2]
• Nearly 56% of companies have used only one project management methodology. ^[2]
• Only 11% of companies use the Agile project management methodology. ^[2]
• 71% of respondents use the Agile project management methodology more frequently than in previous years. ^[2]
• 76% of organizations believe the agile methodology will be preferred over the waterfall methodology by 2020. ^[2]
• Organizations that adopt a particular PM methodology are 28% less likely to foresee budget overruns. ^[2]
• 97% of companies believe that adopting the right project management methodology is crucial to enhance business performance. ^[2]
• 60% of project managers report they usually apply a predefined project methodology. ^[2]
• 12% of organizations invested in projects found their decision to be flawed as these projects failed due to poor performance. ^[2]
• Moving into green buildings can enhance the decision making capabilities of employees and managers by 8%. ^[2]
• 5% of employee performance is directly proportional to technological, political, or economical changes in an organization. ^[2]
• 83% of high performance organizations always invest in project management training to boost performance. ^[2]
• 90% of institutions and organizations see project management certifications as the key to ensure quality performance. ^[2]
• 56% of organizations reported they have only used one project management system. ^[2]
• 77% of organizations have defined formal processes to develop PM competency. ^[2]
• On the other hand, only 34% of underperformers offer similar training. ^[2]
• 48% of organizations have invested in accredited project management training programs. ^[2]
• 59% of organizations have invested in ongoing training for their employees on the use of project management tools and techniques. ^[2]
• Only 2% of organizations said their primary focus in the organization is on training employees. ^[2]
• 28% of organizations reported that they don’t invest in project management training. ^[2]
• 49% of organizations have a PM training program in place. ^[2]
• 57% of PMOs are hugely responsible for PM training. ^[2]
• Only42% of organizations are aligned with project strategy. ^[10]
• PMI research shows that just 42% of organizations report a high alignment of projects with good organizational strategy. ^[10]
• This lack of alignment most likely contributes to the surprising result that nearly one half of all strategic initiatives (44%). ^[10]
• 2.5% of companies successfully complete 100% of their projects. ^[10]
• 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 these companies successfully completed 100% of their projects. ^[10]
• According to a Geneca study, 75% of respondents lack confidence in project success. ^[10]
• 75% of respondents admit that their projects are either always or usually “doomed right from the start,” including 27% who always feel this way. ^[10]
• Meanwhile, 80% of subjects admitted to spending half their time on rework. ^[10]
• A Cortex study shows that 57% of projects fail due to breakdown in communications. ^[10]
• A survey by Capterra shows that 56% of organizations have used only one project management system. ^[10]
• PMI reports demonstrate that 77% of high performing companies understand the value of project management. ^[10]
• At the same time, only 40% of low performing companies understand the value of project management. ^[10]
• 80% of “high performing” projects are led by a certified project manager. ^[3]
• [8] 89% of high performing organizations value project management, 81% actively engage sponsors, 57% align projects with business strategy. ^[3]
• [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%. ^[3]
• [12] 59% say either most departments or their entire organization uses standard project management practices. ^[3]
• [6] Organizations that use a methodology 38% meet budget. ^[3]
• 26% do not use a standard methodology. ^[3]
• 8% use a combination of methods 4% use an in house method to manage projects 3% use PRINCE2. ^[3]
• [4] Having a knowledge transfer process in place boosts the chance of project success by over 20%. ^[3]
• [6] More than 90% of organizations perform some type of project postmortem or closeout retrospective. ^[3]
• [9] 64% of organizations say they frequently conduct risk management. ^[3]
• [6] 30% of project managers break up large projects into smaller segments, with deliverables and evaluations at the end of each segment. ^[3]
• 48% say the team’s technical skills 41% say executive support 26% say effective team communication. ^[3]
• 19% say Agile techniques 17% say the leadership of certified Project Managers 12% say effective soft skills among staff. ^[3]
• [5] 38% of organizations report using agile frequently. ^[3]
• [6] 75% of highly agile organizations met their goals/business intent, 65% finished on time, and 67% finished within budget. ^[3]
• Compared to organizations with low agility, where only 56% met their business goals, 40% finished on time, and 45% finished within budget. ^[3]
• [12] Agile organizations grow revenue 37% faster and generate 30% higher profits than non. ^[3]
• 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. ^[3]
• In the U.S, Project Management Professional ® certified project managers make an average of 16% more than their non credentialed peers in 2011. ^[3]
• [6] 61% of project management practitioners say their organization currently offers ongoing project management training for staff. ^[3]
• [6] PM Certification by Department37% say their entire IT department is. ^[3]
• Classroom setting –28%Online selfpaced course –24%Online situational sessions –18%Paperbased self studies –16%All of the above –13%Other. ^[3]
• –1%[4] Number of PMI Certified Project Managers. ^[3]
• [10] Popular Tools for Managing IT Projects70% use status reports68% use the project plan documentation63% use spreadsheets53. ^[3]
• level31% use communication templates25% use quality assessments21% use realtime status dashboards20% use a homegrown/in house solution18% use word processing documents10% useearned value management. ^[3]
• [11] An expected 12% growth in demand for project management professionals will result in almost 6.2 million jobs by 2020. ^[3]
• [11] The healthcare industry is projected to increase project management roles by 30% — a higher growth rate than any current project intensive industry. ^[3]
• [11] Estimated ProjectOriented Job Openings 2010. ^[3]
• [11] 83% of project organizations reported that they were understaffed at some level. ^[3]
• 44% of the reported shortages were for senior. ^[3]
• 89.4% report that it is either very difficult or somewhat difficult to find senior. ^[3]
• [7] The average large IT project runs 45% over budget, 7% over time, and delivers 56% less value than expected. ^[3]
• [6] One in six IT projects has an average cost overrun of 200% and a schedule overrun of 70%. ^[3]
• [1] Nearly 45% admit they’re unclear on the business objectives of their IT projects. ^[3]
• [3] Only 34% of respondents say IT projects almost always deliver value to the business. ^[3]
• 21% say they sometimes deliver value, and 41% say results are mixed. ^[3]
• [5] 78% said their project requirements are usually or always out of sync with the business. ^[3]
• [3] 75% of IT project leaders believe their projects are “doomed from the start.”. ^[3]
• [3] 17% of large IT projects go so badly they threaten the existence of the company.[2]. ^[3]
• Only 47% say their teams achieve 70 89% of their goals. ^[3]
• Nearly 20% say they only achieve 50 69% of their goals. ^[3]
• [3] 80% of teams say they spend at least half their time reworking completed tasks. ^[3]
• [3] Barriers to Success38% cite confusion around team roles and responsibilities.31% point to being unclear or disagreeing on what constitutes project success.77%. ^[3]
• Portfolio Project Management 53% of respondents say they have a project portfolio management process in place. ^[3]
• The number of firms with a PPM process in place grew from 64% in 2003 to 71% in 2013. ^[3]
• 26% of firms say they get a 25% or greater ROI from implementing PPM processes. ^[3]
• How Companies Prioritize Projects18% say strategic alignment14% say expected. ^[3]
• Portfolio tracking & performance monitoring – 75%Portfolio oversight –68%Portfolio planning,resource allocation, and schedule –. ^[3]
• 66%Portfolio analysis, project selection, & prioritization –65%PPM process implementation & management –61%[13]. ^[3]
• Top 5 PPM PrioritiesImproveresource planning & forecasting – 65%Implement. ^[3]
• /enhance reporting, analytics, & dashboard tools –62%Implement/enhance PPM processes –53%Implementdemand management/capacity planning processes – 42%Implement/enhance performance measurement process –. ^[3]
• [4] 55% of organizations surveyed review project portfolios monthly, 23% review them quarterly. ^[3]
• [13] PMO Popularity by Company Size61% of small organizations (88% of midsize companies ($100M $1B). ^[3]
• Number of companies with a PMO has grown from 47% to 80% from 2000. ^[3]
• 30% of companies currently without a PMO plan to start one in the coming year. ^[3]
• [16] Benefits of High Performing PMOs [16] 49% of PMOs provide project management training. ^[3]
• 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. ^[3]
• [6] 70% of companies report having at least one failed project in the last year. ^[3]
• [12] High performing organizations successfully complete 89% of projects, while low performers only complete 36% successfully. ^[3]
• [15] 60% of companies don’t measure ROI on projects. ^[3]
• [15] Average Project Success Rates [9] Average % of features delivered – 69%Average cost overrun – Average time overrun – [9] Small Projects VS. ^[3]
• Small Projects 76% are successful. ^[3]
• Large Projects 10% are successful 52% are challenged. ^[3]
• [9] Large projects are twice as likely to be late, over budget, and missing critical features than small projects. ^[3]
• 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. ^[3]
• [12] 68% of projects don’t have an effective project sponsor to provide clear direction or help address problems. ^[3]
• 64% successfully met original goals/business objectives 62% were supported by active project sponsors 55% finished within budget. ^[3]
• Only 56% of strategic initiatives meet their original goals and business intent. ^[3]
• [12] 44% of strategic initiatives were reported as unsuccessful. ^[3]
• Over 25% of companies don’t conduct a strategic review to identify how a proposed project will benefit the business. ^[3]
• [15] 60% of companies don’t consistently align projects with business strategy. ^[3]

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

Reference

1. workamajig – https://www.workamajig.com/blog/project-management-statistics.
2. financesonline – https://financesonline.com/35-essential-project-management-statistics-analysis-of-trends-data-and-market-share/.
3. proprofsproject – https://www.proprofsproject.com/blog/project-management-statistics/.
4. wrike – https://www.wrike.com/blog/complete-collection-project-management-statistics-2015/.
5. teamstage – https://teamstage.io/project-management-statistics/.
6. autodesk – https://constructionblog.autodesk.com/construction-industry-statistics/.
7. saaslist – https://saaslist.com/blog/project-management-statistics/.
8. mavenlink – https://www.mavenlink.com/blog/article/21-shocking-project-management-statistics-that-cost-business-owners-millions-each-year.
9. capterra – https://blog.capterra.com/surprising-project-management-statistics/.
10. teamgantt – https://www.teamgantt.com/blog/seven-shocking-project-management-statistics-and-lessons-we-should-learn.
11. planyard – https://planyard.com/blog/9-staggering-project-management-statistics.
12. propelleraero – https://www.propelleraero.com/blog/10-construction-project-cost-overrun-statistics-you-need-to-hear/.
13. kissflow – https://kissflow.com/project/project-management-statistics/.
14. ascelibrary – https://ascelibrary.org/doi/10.1061/%28ASCE%290742-597X%282010%2926%3A2%28105%29.
15. monday – https://monday.com/blog/project-management/project-management-statistics/.
16. lunarlab – https://lunarlab.io/scary-project-management-statistics/.
17. ascelibrary – https://ascelibrary.org/doi/full/10.1061/%28ASCE%290733-9364%282005%29131%3A11%281173%29?src=recsys.

How Useful is Project Cost Management

One of the key reasons why project cost management is so important is that it provides a clear roadmap for monitoring and controlling costs throughout the project lifecycle. By establishing a baseline budget and regularly tracking expenses against this baseline, project managers can quickly identify any discrepancies and take corrective action to keep costs in check. This proactive approach allows for better decision-making, as project managers can make informed choices about resource allocation and cost containment strategies.

Moreover, project cost management helps in setting realistic expectations around project deliverables and timelines. By understanding the cost implications of various project activities, stakeholders can make more informed decisions about project funding, resource allocation, and scheduling. This not only helps in avoiding surprises down the line but also builds trust and confidence among project stakeholders, ultimately leading to successful project outcomes.

Another important aspect of project cost management is its role in risk management. By carefully analyzing and forecasting project costs, project managers can identify potential risks and develop contingency plans to mitigate these risks. For instance, if there is a likelihood of cost overruns due to unforeseen circumstances, project managers can build in buffers in the budget to account for these risks. This proactive approach to risk management can help in minimizing the impact of unforeseen events on project costs and timelines.

Additionally, project cost management fosters accountability and transparency within project teams. When everyone is aware of the project budget and cost allocation, they are more likely to take ownership of their responsibilities and strive to stay within budget. This culture of accountability not only leads to better cost control but also promotes a sense of team unity and collaboration, which are essential for project success.

In conclusion, project cost management is a vital component of effective project management. By providing a framework for monitoring and controlling costs, setting realistic expectations, managing risks, and promoting accountability, project cost management plays a critical role in ensuring project success. Investing time and resources in project cost management practices can pay off in the long run, leading to more successful projects that are delivered on time and within budget.

In Conclusion

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