The Impact of Ineffective Project Management Infographic
Project management has lots of cogs and wheels which need to run in unison to create maximum value for a project. But, today project management is not about project anymore, it needs a holistic approach and needs to take into account the real world scenarios. In fact, covering all the aspects of project management is difficult and inefficiencies crop up during the project lifecycle.
In today’s service-based environment, it is very important to recognize problems even before they occur and get to the root of it and nip it in the bud. So, let us take a look at the impact of ineffective project management techniques.
The Importance of Project Management
- According to PMI’s “Industry Growth Forecast”, between 2010 and 2020, there will be 15.7 million new project management roles created globally which is spread across seven project-intensive industries with an economic footprint of ~USD 6.61 trillion.
- In fact, project managers’ employment will increase by almost 60% in India, close to 33% in China and by more than 40% in the UAE.
- China and India also lead in estimated project-oriented job openings in 2010-2020 by 8 million and 4 million jobs respectively.
Important Entities of Ineffective Project Management
- An employee works on an average 45 hours a week. Out of which 17 hours in a week is said to be unproductive.
- On an average in a week employees spend close to 5.6 hours in a meeting. And 69% of employees believe meetings are not productive.
- In a recent IBM report, it states that 68% of project failure was due to poor project management.
- In fact, 45% of senior executives in organizations world over believe employees can be more productive if meetings were banned once a week.
- According to the latest time management study, industry experts believe, on an average an employee is disturbed / interrupted at least 7 times in an hour which is close to 56 interruptions on a typical workday. The sad part is 80% of interruptions are considered trivial issues.
Typical Traits of an Ineffective Project Manager
- He is always complaining but does not offer an solutions.
- He is not proactive and does not anticipate problems to manage risks.
- Inability to manage time properly.
- Gets a bad reputation by not having good relationships.
- Lacks direction mid-project / closing the project.
- Inability to properly delegate work and manage scope.
- Lacks skills to improve his / team’s performance.
Why does a project fail?
According to PMI’s “Pulse of the Profession” report, it states that organizations lose close to ~USD 109 million for every billion spent on projects and programs across the globe. Let us take a look at why a project fails in the first place.
- Project scope is not defined properly
- Inability to accurately estimate time and effort for the project
- Inefficient detailing of project plans
- Failure to identify potential risks down the line
- Project managers who lack necessary experience to carry out the project
- Not using formal project management methodologies and strategies
- Not creating a robust communication channels between team, stakeholders and customers
- Failure to track new requirements and changes in processes