Irish companies are losing an average of €580,000 on failed projects according to a survey of project managers.
The report, carried out by Pan Research for the organisers of the forthcoming PM Summit, queried a sample of 407 project managers, of which 18% came from the IT sector.
Scope changes, communication and organisational problems, and poorly defined objectives were cited as the most common causes of failure while the most costly reasons were lack of involvement of all team members in project decisions and poor resource planning.
As a result, more than two-thirds of respondents (68%) said they plan to spend more on project management training and education over the coming year, with organisation spending on average 16% more in this area.
Raymond Poole, CEO, PM Summit, said: “Inadequate or ill-prepared project management is costing Irish organisations millions and causing a great deal of stress to those involved. This research highlights that more investment, in terms of both time and money, is required to increase the success rate and reduce the huge expense of failed projects.
“Effective project management is pivotal within all industries and with approximately 52,000 project managers in Ireland alone, there is a wealth of expertise on our doorstep that can be utilised to help ensure the fulfilment of objectives and completion of projects.”
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