Anyone who has ever been in charge of a big project knows that it takes a lot of time to plan, track and analyze the progress continuously. If you don’t do these things, you will quickly find that your project will not only have a greater chance of failure, but it could also become more costly than you budgeted. It’s a huge responsibility to be in charge of a project, especially when large investments are involved. You can quickly be replaced if you fail. That’s when you might need a little help from a project management professional (PMP). The thing is, project management problems are always going to come up if you don’t know how to prevent them from happening. And, that is exactly what a PMP is for.
The most significant statistics about project management problems state that more than 88% are passed deadline, over budget or even both. That could be devastating if the company undertaking those projects has invested a great deal of money in them, and if they expect them to succeed. Furthermore, for every 100 projects started, at least 94 are restarted. That is an insane amount of time being spent on nothing. Sure, there will almost certainly be research and content left to be used for the restart, but there is a massive chunk of time and money spent that will never come to any use. There are plenty of software solutions available for project management and HR duties that cut down on wasted time and money.
Villanova University did some extensive research about project management problems and put together an infographic called The Problem With Projects that I think is a great reminder about what can be done in order to safeguard your project’s time and money management. With a PMP (Project Management Professional) to overlook your project, you will have a much greater chance of succeeding within the budget and time frame you have setup. The extra investment is definitely worth it considering the average budget overrun is 188%. That is, again, a lot of money spent for nothing.
I guess it’s safe to say that every project deserves a little more management skills if 88% of all projects fail at keeping on track as far as budget and time. The solution is simple, at least according to this infographic. Whether you need a PMP or not is of course entirely up to you, but you also have the option to educate yourself in order to prevent project management problems from happening to you. These issues could mean the difference between failure and success for a company, so it is definitely worth looking into. A lot of companies budget for project management problems, which in itself is a shame. If they had a budget for solutions instead of problems, it would make whole lot more sense. Project management problems are there to be solved, and this infographic could be just one of your solutions.
Click Project Management Problems Infographic To Enlarge