The planning and coordination of a company’s resources to advance the completion of a certain work, event, or duty is known as project management. The resources managed include people, money, technology, and intellectual property, and it may involve a one-time project or continuing work.
Project management is frequently connected to industries like engineering, building, and, more recently, healthcare and information technology (IT), which frequently require the completion of a complicated set of components and their precise assembly to produce a finished product.
Regardless of the industry, the project manager’s duties typically consist of determining when and by whom the various project components are to be completed as well as helping to establish the project’s goals and objectives. Additionally, they develop quality control checks to guarantee finished components adhere to a set standard.
Proficiency of project management
Planning, initiation, execution, monitoring, and closing are the general stages of the project management process.
Every project requires a comprehensive strategy that details how things will begin, develop, and come to a successful conclusion. For instance, the design begins with an idea in architecture and develops through sketches, blueprint drafting, and other stages as thousands of tiny components come together at each stage. The architect is merely one person who contributes one puzzle piece. The project manager assembles everything.
Now let’s have a look at 7 Essential project management stats that you should know.
- Project managers are under more pressure than ever. Nowadays project managers are expected to update internal procedures in addition to launching new products. Therefore, according to 4 out of 5 project managers, project portfolio management is essential to their success.
- Unfortunately, the development of project management solutions is not progressing as quickly. In a poll conducted in 2020, just 35% of project managers reported being “somewhat or very happy” with the mechanisms in place. Despite the significance of PPM, only 61% of projects are managed using a specific approach.
- Why? Lack of value is placed on project management maturity. Despite the fact that statistics show that firms with a well-developed project management process are much more likely to produce products on time and within budget, just 46% of organisations prioritize project management as a cultural priority.
- And the stakes are at an all-time high. 11.4% of all resources are lost across all organisations as a result of subpar project management procedures. According to surveys, firms that do not effectively include project management into their plans will see a ratio of 2/3 more outright project failures.
- Though, there are encouraging indicators. Project management offices (PMOs) are now present in 89% of firms, and 50% have several PMOs. In addition, 71% of PMs surveyed, up from 55% in 2019, think that the perceived value of their role is rising.
- The offices are crowded. 59% of project managers oversee two to five projects at once. 11% run six to ten projects at once, and 15% run more than ten. Approximately 15% of project managers only oversee one project at once.
We can only hope that as more businesses invest in project portfolio management, fewer of these lessons will need to be learned the hard way.
- Companies have made a commitment to project management training. While 47% of firms have gone above and above to create a clear route for building PM careers, 61% of organizations offer some sort of project management training.
The project management statistics show a thriving, expanding set of practices as we begin 2022, but one that still has a long way to go. We believe the difference between businesses that adopt project management procedures and those that disregard safety precautions will further widen.