Project Failure Statistics: The Shocking Truth - PM 360 Consulting
17033
post-template-default,single,single-post,postid-17033,single-format-standard,wp-custom-logo,theme-bridge,woocommerce-no-js,ajax_fade,page_not_loaded,,qode-content-sidebar-responsive,columns-4,qode-theme-ver-11.0,qode-theme-bridge,wpb-js-composer js-comp-ver-5.1.1,vc_responsive

Project Failure Statistics: The Shocking Truth

Project Failure Statistics

Project Failure Statistics: The Shocking Truth

 

Project Failure Statistics

When a project has failed to deliver on its promises, it’s important to look at the hard data behind the project and the people working on it if lessons are to be learned from the mistakes made and those mistakes are not repeated.

All business analysts and project managers know that the only way to progress and have more project success in the future, is to learn from the mistakes of the past. But knowing and doing in the heat of a complex project and moreover, one that is not going to plan, are two different things.

But if you want a reminder of how things can go wrong if you don’t learn from mistakes then take a look at some key project management statistics from 2015 gathered by Wrike.

The statistics are based on figures from the United States, but still provide some important lessons when it comes to the global project management approach by leading organisations. Some of these statistics may shock you, some may not surprise you, but hopefully at the very least they will give you some insight into what might have gone wrong or be going wrong with your projects, and help you understand how you can move forward and gain success.

“Only 64% of projects meet their goals”.

If you have a high percentage of projects that fail, is it time for you or your employees to get review your methodology or strategy?

“70% of companies report having at least one failed project in the last year”.

One failed project might not seem like that much of a problem, unless of course it was the one with the biggest budget, or the one for the most important client…

“Organisations lose $109 million for every $1 billion invested in projects and programs”.

That’s a lot of money, but there’s still profit being made which is the most important thing. If your percentages are much closer together, it’s time to reconsider your approach – money matters.

“High-performing organisations successfully complete 89% of projects, while low performers only complete 36% successfully. Low performers waste nearly 12 times more resources than high-performing organisations”.

This is direct evidence that high performance = a high level of resourcefulness. Strategies for resourcefulness can be learnt so you should be constantly learning and adopting new approaches to analysis and projects as market conditions change.

“Only one-third of companies always prepare a business case for new projects”.

Writing a business case is a crucial component when it comes to project success. If this is something you are regularly not doing, it’s time to rethink your strategy as your projects could be doomed to failure from the very beginning just because this one component is missing. Without a solid business case how can the requirements be defined and, more importantly, be controlled. A lack of a business case is one of the reasons for problematic scope creep.

“60% of companies don’t measure ROI on projects”.

Businesses are businesses to make money. ROI quantifies the project value.

“Average Project Success Rates:

39% of all projects succeed (delivered on time, on budget, and with required features and functions)

43% are challenged (late, over budget, and/or with fewer than the required features and functions) 18% fail (either cancelled prior to completion or delivered and never used).

Average % of features delivered – 69%

Average cost overrun – 59%

Average time overrun – 74%

 

Small Projects (less than $1 million) vs. Large Projects (more than $10 million)

Small Projects (less than $1 million)

30% are successfully
50% fail
20% are challenged

Large Projects (more than $10 million)
24% are challenged
70% fail
6% fail

The bigger risk takers tend to enjoy the bigger wins, although there is obviously a lot more at stake and the losses will be considerable. However, it is possible to take measured risks, especially when you’re using a truly sound risk management strategy that aims to identify, monitor and control all known risks. It is, unfortunately, often the unknown risks that can bring a project to the point of collapse.

“Large projects are twice as likely to be late, over budget, and missing critical features than small projects. 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”.

The most important thing to remember when it comes to large and/or complex projects, is that communication and a sound strategy and vision are shared by all of those involved in the project from the most junior team member to the most senior executive right from the outset. Large or complex projects are clearly more difficult to manage and their size and complexity means they are less likely to succeed.

Most Common Causes of Project Failure:

Changing priorities within organisation – 40%
Inaccurate requirements – 38%
Change in project objectives – 35%
Undefined risks/opportunities – 30%
Poor communication – 30%
Undefined project goals – 30%
Inadequate sponsor support – 29%
Inadequate cost estimates – 29%
Inaccurate task time estimate – 27%
Resource dependency – 25%
Poor change management – 25%
Inadequate resource forecasting – 23%
Inexperienced project manager – 20%
Limited resources – 20%
Procrastination within team – 13%
Task dependency – 11%
Other – 9%

This is proof indeed that there are is a whole host of components that need to be actively managed and controlled in order to help the project succeed.

“Despite being the top driver of project success, fewer than 2 in 3 projects had actively engaged project sponsors”.

This is of key importance when it comes to project success. Project sponsors, where possible, should be an active part of the team. Project managers should have excellent communication with the project sponsors, and manage them just like they manage the team. The sponsors should also have regular updates and fully understand their roles and responsibilities in relation to the project. Unfortunately, especially on long projects, sponsors get re-assigned to other projects, never totally engage in the project or simply lose interest as the project drags on.

 

(www.projectmanagementworks.co.uk)

(All statistics and information in bold was taken from the WRIKE complete collection of project management statistics 2015.)

 

216,921 Comments
  • Gertrude
    Posted at 15:03h, 27 May Reply

    Excellent post. I was checking continuously this blog and
    I’m impressed! Extremely useful info specifically the last part :
    ) I care for such info a lot. I was looking for this particular info
    for a long time. Thank you and best of luck.

  • office cleaning atl
    Posted at 15:04h, 27 May Reply

    Its like you read my mind! You seem to know so much about this,
    like you wrote the book in it or something. I think that you can do with some
    pics to drive the message home a little bit, but instead
    of that, this is fantastic blog. A great
    read. I’ll certainly be back.

    Check out my webpage – office cleaning atl

  • login slot633
    Posted at 15:09h, 27 May Reply

    Hi there everybody, here every person is sharing these know-how, so it’s fastidious to read this webpage, and
    I used to visit this website daily.

  • Data Center Rack Market
    Posted at 15:23h, 27 May Reply

    Hello! I could have sworn I’ve been to your blog before but after looking at some of the posts I realized
    it’s new to me. Anyhow, I’m definitely happy I found it and I’ll be book-marking
    it and checking back regularly!

  • slot wallet ไม่มีขั้นต่ำ
    Posted at 15:24h, 27 May Reply

    ในปี 2565 ทุกท่านที่ประสบพบเจอกับปัญหาในเรื่องเกี่ยวกับเงินจะหมดไปเมื่อได้ลงทุนกับ playslot888.com
    ผู้ให้บริการเว็บสล็อตตรง ที่จะสร้างรายได้ออนไลน์ ผ่านเกมslotonlineที่สามารถหาเงินได้จริง มีเกมดังให้เลือกเล่นเยอะมากหลายค่าย จากสล็อตเว็บตรง pg,สล็อต xoเว็บตรงไม่ผ่านเอเย่นต์,live22,slotjoker,สล็อต ซุปเปอร์,slot ค่าย jili,pragmatic play ซึ่งมีให้เลือกเล่นมากยิ่งกว่า 500 เกมส์ เลยทีเดียว ซึ่งการเล่นของทุกท่านจะไม่ผ่านตัวกลางใดๆ เล่นได้โดยตรง ไได้รับการรับรองจากหน่วยงานต่างแดนมากมาย ไม่ว่าจะเป็น PGSOFT ซึ่งเป็นหน่วยงานที่ควบคุมเกี่ยวกับเว็บพนันออนไลน์โดยตรง เพื่อไม่ให้ผู้ใช้บริการนั้นโดยการเอาเปรียบ เว็บสล็อตแท้ของเรานั้น ไม่มีการปรับปรุงแก้ไขดัดแปลงตัวเกมอะไร
    เล่นง่าย แตกง่ายแตกบ่อยครั้ง
    ไม่เหมือนเว็บไซต์อื่นๆที่ท่านเคยเล่นมาอย่างไม่ต้องสงสัย มีระบบที่จะเพิ่มความสะดวกให้กับสมาชิกอย่าง เว็บสล็อตฝากถอนออโต้ ที่รวดเร็วทันใจ ใช้เวลาไม่นานไม่เกิน 10 นาที อีกทั้งยังรองรับสล็อต
    ฝาก-ถอน true wallet ไม่มี บัญชีธนาคาร โดยไม่จำเป็นจะต้องใช้บัญชีธนาคาร
    อีกทั้งยังจัดเต็มไปด้วยโปรสล็อตเทิร์นน้อย แล้วก็ยังเอาอกเอาใจคนที่มีทุนน้อย
    ที่จะฝากเงินรับโบนัสฟรีๆ อย่างสล็อตฝาก10บาทรับ100,เว็บตรงฝาก20รับ100 สำหรับท่านที่สนใจอยากมีอาชีพเสริมผ่านวิถีทางออนไลน์ วันนี้ playslot888.com เปิดให้บริการสมัครเว็บสล็อต เข้ามาเปิดประสบการณ์ รวมสนุกได้ตลอด 24 ชั่วโมง ไม่มีวันหยุด และสำหรับใครที่ยังเป็นมือใหม่
    เรามีบทความ Review สล็อตออนไลน์ ซึ่งมีเกมดังมากมายอย่างเช่น วัวทอง,สล็อตบ้านขนมหวาน,Wild Bandito สามารถอ่านได้ฟรี เพิ่มโอกาสให้ เล่นสล็อตเว็บใหญ่
    แตกง่าย แตกบ่อย ได้มากยิ่งขึ้น slot wallet ไม่มีขั้นต่ำ

  • cleaning service plano tx
    Posted at 15:29h, 27 May Reply

    I carry on listening to the newscast speak about receiving
    boundless online grant applications so I have been looking
    around for the finest site to get one. Could you tell me please,
    where could i get some?

    My web page; cleaning service plano tx

  • a fantastic read
    Posted at 15:31h, 27 May Reply

    You’ve made some really good points there. I looked on the
    internet for more info about the issue and found most people will go
    along with your views on this site.

  • Kaliteli elektronik sigara
    Posted at 15:32h, 27 May Reply

    Yeni bir çalışma, e-sigaraların yasaklanması durumunda vape yapan birçok kişinin sigaraya döneceğini buldu.

    ABD Duke Üniversitesi’nde gerçekleştirilen ve mevcut e-sigara kullanıcılarına, e-sigaralarını artık alamazlarsa ne yapacaklarının sorulduğu araştırma.

    Araştırma, FDA’nın (ABD Gıda, İlaç ve Alkol düzenleyicileri) e-sigaraları araştırmaya ve
    belki de e-sigaraları çökertmeye, hatta e-sigaraları tamamen yasaklamaya başlamasıyla başladı.

    Çalışma, içinde yalnızca 240 kişi bulunan küçük olmasına rağmen, insanları
    tekrar sigara içmeye iteceği için e-sigaraların yasaklanmasıyla ilgili sorunu vurguladı.

    Yeni bir çalışma, e-sigaraların yasaklanması durumunda vape yapan birçok kişinin sigaraya döneceğini buldu.

    ABD Duke Üniversitesi’nde gerçekleştirilen ve
    mevcut e-sigara kullanıcılarına, e-sigaralarını artık alamazlarsa ne yapacaklarının sorulduğu araştırma.

    Araştırma, FDA’nın (ABD Gıda, İlaç
    ve Alkol düzenleyicileri) e-sigaraları araştırmaya ve
    belki de e-sigaraları çökertmeye, hatta e-sigaraları tamamen yasaklamaya
    başlamasıyla başladı.

    Çalışma, içinde yalnızca 240 kişi bulunan küçük
    olmasına rağmen, insanları tekrar sigara içmeye iteceği için e-sigaraların yasaklanmasıyla ilgili sorunu vurguladı.

    Yeni bir çalışma, e-sigaraların yasaklanması durumunda vape yapan birçok kişinin sigaraya
    döneceğini buldu.

    ABD Duke Üniversitesi’nde gerçekleştirilen ve mevcut e-sigara kullanıcılarına, e-sigaralarını artık alamazlarsa ne yapacaklarının sorulduğu araştırma.

    Araştırma, FDA’nın (ABD Gıda, İlaç ve Alkol düzenleyicileri) e-sigaraları araştırmaya ve belki de
    e-sigaraları çökertmeye, hatta e-sigaraları tamamen yasaklamaya başlamasıyla başladı.

    Çalışma, içinde yalnızca 240 kişi bulunan küçük olmasına rağmen, insanları tekrar sigara içmeye
    iteceği için e-sigaraların yasaklanmasıyla ilgili sorunu vurguladı.

    Yeni bir çalışma, e-sigaraların yasaklanması durumunda vape yapan birçok kişinin sigaraya
    döneceğini buldu.

    ABD Duke Üniversitesi’nde gerçekleştirilen ve mevcut e-sigara kullanıcılarına, e-sigaralarını artık alamazlarsa
    ne yapacaklarının sorulduğu araştırma.

    Araştırma, FDA’nın (ABD Gıda, İlaç ve Alkol düzenleyicileri) e-sigaraları araştırmaya ve belki de e-sigaraları çökertmeye, hatta e-sigaraları tamamen yasaklamaya başlamasıyla başladı.

    Çalışma, içinde yalnızca 240 kişi bulunan küçük olmasına
    rağmen, insanları tekrar sigara içmeye iteceği için e-sigaraların yasaklanmasıyla ilgili
    sorunu vurguladı.

    https://linktr.ee/smkesg

  • Things to Do in Bloomington
    Posted at 15:34h, 27 May Reply

    Having red this I thought it was rather enlightening.
    Iappreciate you spending some time and effort Things to Do in Bloomington put this short article together.
    I once again find myself personally spending a lot of time both reading and posting comments.
    But so what, it was still worthwhile!

  • aboutme
    Posted at 15:34h, 27 May Reply

    I just like the valuable info you provide to your articles.
    I will bookmark your blog and test once more right here regularly.
    I’m quite sure I will be told plenty of new stuff right right here!
    Best of luck for the next!

  • Remote Patient Monitoring Market
    Posted at 15:34h, 27 May Reply

    Hi there would you mind stating which blog platform
    you’re working with? I’m looking to start my own blog soon but I’m having a difficult time
    deciding between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design and
    style seems different then most blogs and I’m looking for
    something unique. P.S Sorry for getting off-topic
    but I had to ask!

  • dietosan colleferro
    Posted at 15:38h, 27 May Reply

    I really like what you guys tend to be up too. This sort of clever work and coverage!
    Keep up the excellent works guys I’ve you guys to blogroll.

  • login slot633
    Posted at 15:42h, 27 May Reply

    I have learn a few just right stuff here. Definitely price bookmarking for revisiting.
    I surprise how so much effort you place to make the sort
    of excellent informative web site.

  • office cleaning atl
    Posted at 15:48h, 27 May Reply

    Thank you for the auspicious writeup. It if truth be
    told was a leisure account it. Look complex to more delivered agreeable from you!
    However, how can we be in contact?

    My website … office cleaning atl

  • ประยุทธ์ จันโอชา
    Posted at 15:51h, 27 May Reply

    อย่าห้าวให้มากไอ้เด็กเหี้ย

  • Robyn
    Posted at 15:53h, 27 May Reply

    I really like it when people come together and share views.

    Great site, continue the good work!

  • free robux
    Posted at 15:56h, 27 May Reply

    Thanks on your marvelous posting! I seriously enjoyed reading it, you could be a great author.
    I will ensure that I bookmark your blog and definitely will come back from now on. I want to encourage yourself
    to continue your great posts, have a nice day!

  • cleaners manchester
    Posted at 15:56h, 27 May Reply

    Good post. I absolutely love this site. Continue the good work!

    Also visit my page – cleaners manchester

  • www mcafee com activate
    Posted at 16:02h, 27 May Reply

    Grеetingѕ! Very helpful advice in this particuⅼar post!

    Іt’s the little changes that produce the biggest changes.

    Тhanks a lot for sharing!

    My Ьlog post www mcafee com activate

  • cleaning business marketing
    Posted at 16:05h, 27 May Reply

    Its like you learn my thoughts! You appear to know a lot
    about this, such as you wrote the ebook in it or something.
    I believe that you just could do with a few percent to pressure the
    message house a little bit, however instead of that, that is wonderful blog.

    An excellent read. I will definitely be back.

    Feel free to surf to my web blog: cleaning business marketing

  • getting a post natal massage
    Posted at 16:07h, 27 May Reply

    In fact, a great number of questions are very much
    more sophisticated than a common typical observer might possibly conclude,
    based upon their past experiences. I’m not declaring that I happen to
    be a pro on this specific issue at-hand, therefore I think it’s for alternative online community people to take into consideration. I am definitely not striving to start problem or be demoralizing.
    Instead, I realize from knowledge that this can be
    the event. I am properly trained in Postpartum Massage Therapy,
    and in my own chosen discipline, I find it a great deal.
    Completely new Postnatal Massage Therapists are prone
    to overpromise; that is, these people don’t at this point honestly understand
    the limitations of their personal “scope of practice,” and in this way they will certainly come up with remarks that are overbroad when speaking with patients.
    It’s the same exact occurrence; they have been introduced to a theme, don’t
    comprehend the comprehensive breadth of this, and finally take
    for granted they are the Authorities. http://bridgejelly71Www.Bausch.Kr-Atlas.Monaxikoslykos@cenovis.the-m.co.kr/?a%5B%5D=%3Ca+href%3Dhttps%3A%2F%2FNjmassage.info%2F40days%3EPostnatal+womens+massage%3C%2Fa%3E

1 4,337 4,338 4,339

Post A Comment