5 Stats that Prove Your Business Should Care About Project Management Education

Whether large or small, project management affects every business. Yet, many companies don’t seem to properly appreciate the importance of having a good project management team. “Accidental” project managers – employees without special PM training, who simply fall into the role – are commonplace, even in large corporations. Recent statistics, though, show why any sized business should be concerned about having a well-educated project manager.
What the Stats Show About Project Management
For every $1 billion invested in the United States, $122 million is wasted due to poor project performance. (Source: PMI.org)
Yes, over 12% of business investments are wasted due to improper project management. Spending more to hire or train a qualified project manager can actually help save your business money in the long run!
75% of business and IT executives anticipate their software projects will fail. (Source: Geneca)
This isn’t just a case of negative thinking. Employees know when a project is not being properly managed, and this will affect not just their outlook, but the quality of their work.
Fewer than a third of all projects are successfully completed on time and on budget. (Source: Standish Group)
Again, this can often be prevented if company executives are willing to invest the right kind of resources into preparing and managing the project.
Only 56% of project managers are certified. (Source: Wrike)
While certification alone cannot determine the success of a project, it is worth noting that barely over half of project managers are certified.
80% of “high-performing” projects are led by a certified project manager. (Source: PriceWaterhouseCoopers)
Having a certified project manager heading your team can greatly increase the odds that your project will be completed on time and on budget.
What Can You Do To Make Sure Your Projects Succeed?
Large-scale projects are extremely difficult to manage, but that does not mean that your company has to be doomed to failure. If you are prone to utilizing “accidental project managers,” consider training one or more of your employees in project management. Having at least one staffer reach out to obtain a PM certification will help increase productivity and success rates for all future projects.
According to Price Waterhouse Coopers, 97% of companies believe project management is vital to business performance and organizational success. But, many don’t back up this belief by training their project managers. Don’t make that mistake! Project management education is well-worth the time and money involved.
The Project Management Institute (PMI) offers eight certifications for various aspects of project management. These certifications require rigorous training, testing, and ongoing education to maintain. Employers can feel secure knowing that if they work with PMI certified project managers, they are working with highly skilled individuals.
Project Vanguards was created to address the growing need for quality project management education. Classes are taught by PMI registered educators, and fulfill all education requirements for obtaining the PMP (Project Management Professional) certification. For organizations wishing to train multiple employees at once, we offer private classes and rebates for large groups. Read more about our classes here, or call 888-503-7108 to learn more.