Is Project Management an Overhead!!

Research around the world by various premier project management bodies indicate that about 40% of the project fail to reach the desired state, due to budget overruns, failed to deliver outcomes, misalignment with strategic goals, delayed completion etc. 

Could the success ratio of the projects be increased? Does Project Management and PMO has a role to play in improving the outcome of the projects and have a better success rate? 

Studies indicate that top 11 key reasons for most project failures are either one or a combination of the below: 

1. Inadequate Project Planning 

2. Scope Creep 

3. Inappropriate Resourcing  

4. Ineffective Communication 

5. Unreliable Estimates 

6. Lack of Proper Risk Management 

7. Bad Stakeholder Engagement 

8. Inexperienced Project Managers 

9. Lack of Project Governance  

10. Poor Project Management 

11. Unsupported Organization Culture 

These factors inject excessive stress and pressure in the system, limiting the ability to deliver the project successfully. But the fact is that all of the above are curable with effective project management and application of right project management skills, knowledge, tools and techniques.  

In a nutshell, these sinking ships can be brought back to surface with the Anchor and Drive to destination by effective Project Management. But the project management is called “OVERHEAD”, literal meaning of which is “business expenses not directly attributed to creating a product or service”, really!! 

If you or your organization find yourself stuck in this paradox, reach out to Monika Rai or HiSight International. We specialize in working with Project Managers to achieve Growth, Stability and Maturity through Simplified Programs that Transforms their Operational Efficiency and Productivity forever. We have more than two decades of experience in successfully managing and providing consultation to small and medium scale projects and programs. 

We are associated with leaders in the professional training and certification industry who has facilitated the training of 500,000+ students from 3500+ corporations across 150+ countries with a success rate of 98.7%. 

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