Project management has got a lot of cogs as well as wheels, which require to run in unison to develop maximum positive outcomes for a project. But, nowadays, project management is not entirely about the project only; it requires a unique approach as well as requires to take into account the scenarios of the real world. In fact, running through all the options of project management is difficult, and also inefficiencies arise heavily during the project period.
In today’s service-oriented environment, it is very beneficial to identify issues even before they come up and get to the depth of it as well as nip it in the corner. So, let us have a look at the results of ineffective as well as inappropriate project management methods.
The subtle outcomes of correct project management can be outlined as follows.
* According to the PMI’s predictions of growth of the industry, in between the years 2010 and 2020, there will be around 7 million new project management jobs opened up worldwide which are spread across seven industries of project-intensive with an economic shadow of nearly USD 6.61 trillion which is a huge amount.
* In fact, the employment of project managers will get an increment in the same by around 60% in India, which is close to 33% in China as well as by more than 40% in the regions of UAE.
* China as well as India also go forward in calculated project-oriented career openings between the year 2010-2020 by almost 8 million and nearly 4 million jobs, respectively.
Unavoidable prospects of ineffective management of projects
An executive works on an average of around 45 hours a week, out of which nearly 17 hours in a week is said to be gone in vain. On an average analysis for a week, executives use close to 5.4 hours in a discussion. Almost 69% of those employees believe discussions provide no beneficial outcomes. A recent report presented by IBM; it shows that around 68% of project failure was due to improper project management. In fact, as far as 45% of senior employees in companies believe executives can be more productive if discussions were not called for once a week.
According to the latest study of time management, industry professionals believe, on average, an executive is either disturbed or interrupted at least 6 to 7 times within an hour, which is basically close to around 50 to 56 interruptions on a busy workday. The worst part of the same is 80% of such disturbances are considered trivial errors.
Reasons for the Failure of a project
According to PMI’s report of the professional pulse, it shows that organizations lose an amount, which is close to saying,USD 109 million for every billion made to be used on projects as well as programs around the globe. Let us have a clear and wider look at what are the main reasons for which a project fails in the first place.
- Project outcome is not well properly
- Inability to precisely formulate time as well as effort for the project
- Inefficient details and information about the project plans
- Failure to realize the potential threats down the line
- Project managers or executives who lack the required experience to handle the project efficiently
Impact of the inefficient management of the project
- From the point of view of a contractor, the contractor may or may not have experienced financial instability or loss while remaining aims are unfulfilled. If the aims are not accomplished due to the contractor, it will inflict a bad impression on the reputation of the company. Thereby, the company would surely face difficulty in getting future business in the same realm of work, especially if the competition is easily accessible. Industries are known to adopt major changes in their guidelines after such failures to get back the confidence of the clients.
- It does not matter who is responsible because the Failure of a project is considered as the project owner’s Failure. The project owner is bound to accept the losses due to the unfulfilled aims. Depending on the strength of the company, the business results can vary anywhere from the company going into a state of broke to heavy delays in further business plans.
Therefore, it is well advised to make a handout of the same beforehand to avoid any such impacts or outcomes.