Why Project Management?

Anyone with the financial means to do so can develop an intent to manage a project without the proper knowledge and specific experience. However, theresults will not be favorable for any of the variables that matter, such as scope, budget and schedule. The truth is they will lose money—in the millions—as a result of their innocence and obvious unsophistication in the subject. In the United States, around 68% of the projects fail in at least one of the three critical areas and 98% of those failed projects lacked the services of a project manager. Even more revealing, the remaining 32% of the projects that did not fail were properly organized and managed by an experienced workforce and included the services of an experienced project manager. More so, for every billion invested in the United States, $122 million is wasted due to lack of project performance and proper management. Even more shocking, the failure rate is 50% higher for projects with budgets over $1 million. In most cases, the project owner doesn’t even know they are losing money or that they are overspending.

Next time you are acting as a project sponsor or if you are the actual project owner, realize that you may not have the correct talent in your organization to properly develop a project. Additionally, make the right choice and wisely avoid assigning your project and its management to an inexperienced workforce.

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