Industry & Business

Failed Projects Cost Irish Companies €580,000

 Breaking News
  • Finch Capital to Step Up Investment Activity in Irish Fintech Market Finch Capital, a leading early stage venture capital firm with offices in Amsterdam, London and Singapore, has announced that it now has an active presence in the Irish market and is dedicating up to €20 million to Irish start-ups in the fintech sector, following a €10 million investment from Enterprise Ireland. In 2018, Finch Capital closed [...]...
  • ESB and Coillte in Discussions to Deliver Renewable Energy Projects ESB is engaged in bilateral discussions with Coillte which, if successful, would lead to the establishment of a new joint venture development company to deliver 1,000 MW of renewable energy by 2030. It is proposed that a new joint venture will build on a successful track record of the two companies working together at Raheenleagh [...]...
  • Grocery Market Fends Off January Blues The Irish grocery market followed up a record-breaking festive period by posting year-on-year sales growth of 3.4% during the 12 weeks to 27 January. Despite shoppers tightening the purse strings, the latest figures from Kantar Worldpanel show a strong start to 2019 as New Year’s resolutions shaped shopping baskets. Douglas Faughnan, consumer insight director at Kantar [...]...
  • McAleer & Rushe Commences Construction on London Development Northern Ireland-based developer and contractor McAleer & Rushe has announced that construction is to commence on a new 620 room hotel and hybrid aparthotel development in Paddington, London with a contract value worth c.£82 million. Led by developer Concierge 3, a consortium of BSW Land & Property, Staycity and The Pickstock Group, the scheme is the final stage of the [...]...
  • Launch of 182,500 sq ft Seamark Building Marks Completion of Dublin 4 Redevelopment Project Chartered Land has announced that the major €45 million transformation of the eight storey 182,500 sq ft Seamark Building at the Elmpark Green campus in Dublin 4 is now complete. The completion of the Seamark Building, prominently located at the front of the campus with panoramic views over Dublin Bay, brings an end to the [...]...

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