The Shocking Truth About Project Failure (And How to Avoid the Epic Fail)
If you think project failures are as rare as finding a unicorn that does your taxes, think again!
A staggering 70%* of projects miss the mark to some degree.
This should make any success-minded company sit up and take notice.
Failed projects are like black holes for time, money, and sanity. They derail progress, demotivate teams, and create negative energy that seeps into all your other work.
While the statistics might make you want to crawl back into bed, fear not!
Project Portfolio Management (PPM) is your superhero cape, offering a way to boost those success rates.
You’re right to be curious about the source* of such a striking statistic!
- KPMG Survey: A KPMG survey of project management practices in New Zealand does indeed cite the 70% failure rate figure. However, it’s important to consider this study’s specifics (location, timeframe, etc.)
- The Standish Group and CHAOS Report: The Standish Group’s CHAOS report has been tracking IT project failures for decades. While their figures fluctuate over time, their reports consistently highlight challenges in project management.
Important Considerations:
- Definition of ”Failure”: The definition of project failure can vary. It could range from projects going severely over budget to not delivering the intended outcome.
- Industry Variations: Failure rates can differ significantly between industries. Projects in software development or construction might have different failure patterns than those in marketing or service industries.
The Main Causes of Project Failure
Let’s be honest, projects go off the rails for the silliest of reasons:
Ever been on a road trip with no destination in mind? Projects without clear objectives are just as pointless – lots of driving around in circles and wasting fuel.
When stakeholders, teams, and leadership communicate like cats and dogs (with lots of hissing and confusion), projects suffer costly delays and embarrassing rework.
It starts innocently – ”Can we add this tiny feature?”… Next thing you know, your project has morphed into a Frankenstein monster that consumes your budget and your soul.
Imagine trying to build a house with a hammer and a rusty nail. Understaffed and under-resourced projects are doomed to fail, leaving teams feeling overworked, burnt out, and ready to quit.
Projects without leadership backing are like seedlings without sunlight – they wither and die before they ever get a chance to bloom.
What is Project Portfolio Management?
PPM: It’s the art of picking the right projects to support your company’s big goals.
Conclusion
- The Cost of Inaction: If you keep doing things the same way, you’ll keep getting the same results (project failure anyone?).
- The Advantage of PPM: PPM transforms project management from chaotic guesswork into a streamlined success machine.
- Call to Action: Ready to stop wasting money and start crushing those project goals? Dig deeper into PPM solutions!
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