Now imagine that enabling a project manager to do their job effectively is not just an asset, but often the contrast between prosperity or ruin. While looking at the fact that organizations may have to handle advanced projects that can change or develop very quickly, this is the right time for companies to have all the right project managers. However, it should be remembered that during this difficult project management period, what are the indicators and data? In this blog, we are wading through some powerful data that provide a stark demonstration of the indispensable role of project management statistics in many industries and the impact that this discipline has left on them.
What is Project Management?
Project management is the coordination of company resources to advance the completion of specific work, events, or duties. 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 often 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 and 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 in Project Management
Planning, initiation, execution, monitoring, and closing are the general stages of the PMP process.
Every project requires a comprehensive strategy that details how things will begin, develop, and come to a successful conclusion. Architecture design evolves from ideas to sketches, blueprints, and assembly of components, crucial at each stage for project completion. The architect is merely one person who contributes one puzzle piece.
7 Essential Project Management Statistics
Now let’s have a look at 7 Essential project management statistics 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.
- Unfortunately, the development of project management solutions is not progressing as quickly. In a 2020 poll, only 35% of project managers felt “somewhat or very happy” with existing mechanisms. Despite the significance of PPM, only 61% of projects are managed using a specific project management approach.
- Why? A lack of value is placed on project management maturity. Even though 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 organizations 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 organizations as a result of subpar project management procedures. According to surveys, firms that do not effectively include project management in their plans will see a ratio of 2/3 more outright project failures.
- However, 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.
- Companies have committed 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 PMP training.
Conclusion:
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. Don’t miss out on this opportunity to advance your career. So, enroll today in PMP certification for success in your career journey.
