Does your organization face difficulty in completing projects on time? Do your managers fail to manage their projects effectively?
Many organizations do not understand the importance of project management. Hence their project management maturity levels are not very strong. As per Wellington, only 32%of the organizations say they are satisfied with their current project management maturity level. 67% would rank their department’s project management level at three or more out of five.
But Project Management is an essential function for the success of every organization. As per PWC, 97% of organizations believe that project management is critical to business performance and organizational success.
Advantages of Good Project Management
Good project management can have several positive impacts. As per Capterra, the significant implications of good project management as per business are as follows:
- 52% say that team communication improves.
- 44% say the quality of the final product improves.
- 38% say it enhances customer satisfaction.
- 66% say it helped improve Communication with customers.
Reasons for Project Failure
On the other hand, lousy project management leads to failure in delivering projects on time and ultimately results in customer dissatisfaction, loss of business, and loss of profit.
As per a PWC study, only 2.5% of companies completed 100% of their projects successfully. The rest of the companies either failed to meet some original targets or missed the budget or timeline.
As per PMI, the top reasons for project failure are as follows:
- Change in organizational priorities (39%).
- Change in project objectives (37%).
- Inaccurate requirements gathering (35%).
- Impaired vision (29%).
- Poor Communication (29%).
Furthermore, another significant cause of project failure is Rework, an essential source of delay. 80% of the respondents per Geneca survey say that they spend half of their time on Rework.
To add on, another major cause of failures poor stakeholder-project manager alignment. As per the Geneca survey, more than 80% of respondents feel that the project’s business objectives are clear.
Continuing further, some project management challenges are leading to project failure as per the Wellington survey is:
- Poorly trained manager.
- Attempting too many projects.
- A lack of project funding.
- Inconsistency in approach.
- Doing the wrong project.
- Lack of appropriate software.
- Lack of senior management support.
- Poor resource management.
- Poorly trained project sponsors.
- Lack of Governance.
- Lack of planning skills.
- Ineffectively implemented EPM.
- Poor Risk Management.
- Frequent changes to the scope.
- The imperfect project selection process.
- Lack of visibility of project status
Project Management Training
As we can see from above, a significant reason for project failure is lack of training in Project Management. This reason alone results in more than 30% of projects meeting with loss. Organizations need to understand this and train their employees, especially the project managers, in Project Management Skills.
Project Management Skill training is just like any other skill training and can be undertaken by employees independently.
Moreover, organizations can only help the employees to enroll in online training videos on Project Management. These videos are self-paced and can be seen by the employees at any time as per their convenience.
Hence, employees can watch them from their laptop, tab, or even from their mobile. They can complete these videos in between work, so they do not need any particular time.
Once the employee undergoes the training, they will better understand how the project should be effective management.
It will increase the sound impacts, decrease the chances of failure, and finally complete the project on time.
Do you want to complete your projects on time? Learn project management with us by joining our course designed by innovative professionals. To know the details of the course, Meet Us here.
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Project Management training is very important for the success of the project. Thanks for sharing this blog.
Project management training is necessary because it gives motivation and direction to the team to do tasks. Project management includes project planning, clear objectives, budget and timelines . That’s why it is very important to have training of Project management.
Project management is very important for any organization. Poor project management can result in missing deadlines, piling up a lot of work and hence failure of the project. So every organization must spend ample amount of time and energy in project management which can lead to success.
Thank you for the post
Company success is directly proportional to project management. This article details all that one needs to know about project management. Thanks for sharing.
Being a project management student has guided me to various aspects of a project. The skills required for a good project management are greatly explained in this blog. Thank you
The article is very informative on how important is project management. It is very important to train new members on how it is managed and to make them understand the importance.
Project management is very necessary, as it not only makes us learn about managing projects but also how to behave in personal life. Very important topic
A projects success depends greatly on the skill of a project manager.There are many skills and approaches to be used while managing a project.This article gave an overall insight into the area of Project Management.
Thanks for the sharing.
Project management is important in business because it helps you to achieve the goals of company efficiently and effectively. Thanks for sharing this information