Why Is Program/ Project Management A Critical Investment?

Mid-size to large firms implement projects to optimize critical tasks and processes due to the high market demand for quality, on-time delivery, budget, and resources constraints. Project Management principles and practices increases the success rate, while driving accountability.  Here are few statistics to note why it is important to have the right project management team:

  • For every $1 billion invested in the United States, $122 million was wasted due to lacking project performance (Source: PMI)
  • 87% of high-performing managers believe that mature delivery capabilities can minimize risks, control costs, and increase value. (Source: PMI)
  • 45% of PMOs have clearly defined roles and responsibilities. (Source: Wellington)
  • 58% of organizations report more defined processes and practices as their key step to project success. (Source: PMI)
  • 94% of companies agreed that project management is crucial for business growth. (Source: Capterra)
  • 83% of high-performance organizations always invest in project management training to boost performance. (Source: PMI)
  • 55% of IT managers reported they have an understanding of the business objectives of their IT projects. (Source: Geneca)
  • 75 % of IT executives believe their projects are ‘doomed from the start’ (Source: Geneca).
  • 21% of organizations use a set of standardized project management practices. (Source: PMI)
  • 59% of US workers say communication is their team’s biggest obstacle to success, followed by accountability (29%) (Source: Atlassian).
  • The global project management industry is projected to grow by $6.61 trillion. (Source: PMI)

At PMO Solution Pro, LLC, we understand the importance of program/project management and we know how to efficiently implement the support structure.

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