A new survey was released today and reveals that failed projects cost Irish companies on average €580,000. The research, which involved 407 project management professionals in Ireland from a broad range of sectors and was carried out with the assistance of Pan Research, also found that almost a fifth (19%) of the recent projects that Irish organisations have undertaken have failed.
The survey was released at the PM Summit, an Irish conference for project, programme and portfolio management professionals.
The survey finds that two out of every three companies (68%) are planning to spend more on project management training and education. Furthermore, organisations are spending on average 16% more in this area this year compared to last.
There are two trades in which project management is particularly important and which make up almost half (45%) of project managers in Ireland: architecture, construction and engineering (27%); and IT and information management (18%).
Speaking this week, CEO of PM Summit, Raymond Poole said, "Inadequate or ill-prepared project management is costing Irish organisations millions and causing a great deal of stress to those involved. This research highlights that more investment, in terms of both time and money, is required to increase the success rate and reduce the huge expense of failed projects."
He added, "While it is positive to see that businesses are planning to put more money towards project management training and education this year, events such as the PM Summit are of great value in terms of sharing experiences, ideas and strategies."