Knowing how to identify and counteract any potential problems in project management are the top issues most businesses are having. And just a small fraction of them are having the maximum success in solving them. As few as 3% of all businesses manage to complete 100% of their projects. But why is that? Why do projects fail?
Some of the most common hurdles tackled by businesses in 2016 are actually very surprising. For example, almost half of all businesses fail to realize the significance of project management. This kind of outlook on the future, in turn, results in IT executives setting surprisingly bleak expectations for their projects. As many as 75% of the aforementioned executives believe their projects are “doomed from the start”.
One of the biggest project management challenges that companies face is resource allocation. And not only when it comes to time and money. 23% of all projects fail due to inadequate resource forecasting, 27% due to inaccurate task/time estimates, and 29% due to inadequate cost estimates.
Estimation of resources is a difficult task, but those companies that master it are more able to meet their client’s demands, and even predict and assess them in advance. This infographic will hopefully help you get the hang of key project management challenges that cause the projects to fail.
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