Industry & Business

Failed Projects Cost Irish Companies €580,000

 Breaking News
  • Fáilte Ireland Unveils Range of Measures to Sustain Tourism Growth For 2019 Creating a series of long-term tourism development plans for specific geographical locations, developing new festivals to lengthen the tourism season, and promoting careers in the tourism sector – these are just some of the key initiatives Fáilte Ireland’s CEO Paul Kelly has outline, as he set out plans for 2019. As the tourism agency looks to [...]...
  • Genesys Creates 200 New Tech Jobs and Establishes Global Artificial Intelligence Centre of Excellence Genesys®, the global leader in omnichannel customer experience and contact centre solutions, has announced it is creating 200 new technology jobs in Ireland over the next three years. The senior and highly skilled technical roles are based at the company’s new Galway office. The state-of-the-art facility serves as a Genesys research and development (R&D) hub [...]...
  • Bausch Health to Expand Contact Lens Manufacturing Facility in Waterford Bausch Health Companies will invest to expand contact lens manufacturing capacity at its Bausch + Lomb sites in Waterford, Ireland and Rochester in the US. The company is adding multiple production lines at these two sites to support the manufacture of its innovative daily disposable silicone hydrogel (SiHy daily) contact lenses. “Bausch + Lomb is one [...]...
  • PropertyBridges.com Successfully Completes First Ever Peer to Peer Property Loan in Ireland Propertybridges.com, Ireland’s new peer to peer lender to the property development marketplace, has just successfully fulfilled its first loan. Over 100 lenders piled into the 250k loan for a new mews build in Sandycove, County Dublin and supported the small developer as well as made 8.5% return for themselves. The whole process took less than [...]...
  • Inclusive and Sustainable Responsible Research & Innovation More citizens are involved in science through public engagement. Natural scientists and social scientists have formed collaborations. Users are leading innovation. Open access trends are changing the publishing system. Gender equality has gained political momentum. Together, these efforts form a European-wide approach called Responsible Research and Innovation (RRI). It implies that all of society (researchers, [...]...

Failed Projects Cost Irish Companies €580,000

Failed Projects Cost Irish Companies €580,000
July 02
12:23 2018

PM Summit, Ireland’s most diverse conference for project, programme and portfolio management professionals, has announced the results of a new survey which 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.

Too many scope changes, communication and organisational problems, and poorly defined objectives were cited as the most common causes of failure while the most costly reasons were lack of involvement of all team members in project decisions and poor resource planning.

It therefore comes as no surprise that two out of every three companies (68%) are planning to spend more on project management training and education. In fact, 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%).

Raymond Poole, CEO of PM Summit, 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. 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.

“Effective project management is pivotal within all industries and with approximately 52,000 project managers in Ireland alone, there is a wealth of expertise on our doorstep that can be utilised to help ensure the fulfilment of objectives and completion of projects.”

This year’s PM Summit is taking place at Dublin Convention Centre. Tickets are now available for the PM Summit at €395 for a single ticket or €275 per person for groups of two or more (prices exclude VAT). Tickets guarantee access to three keynote presentations as well as 15 breakout sessions. Refreshments and lunch will be also provided, and delegates will have the opportunity to interact and network with peers. For more information and to register for the event, visit http://www.pmsummit.global/register/.

CAPTION:

Pictured are (L to R): Raymond Poole, CEO of PM Summit; and Vicky Poole, Director of PM Summit. Photo credit: Simon Walsh.

About Author

admin

admin

Related Articles

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4