Failed projects costing Irish firms an average of €580,000, survey finds

Failed projects are costing Irish companies an average of €580,000, a survey has found.

Almost a fifth of project managers in Ireland are involved in IT and information management, with 27 per cent in architecture, construction and engineering.

The research was carried out for PM Summit, an Irish conference for project, programme and portfolio management professionals, by Pan Research. It questioned 407 project management professionals in Ireland from a broad range of sectors, asking them about their previous 10 projects.

The research found that 19 per cent of recent projects undertaken by Irish organisations have failed. Among the most commonly cited reasons for the failure were too many scope changes, communication and organisational problems, and poorly defined objectives.

Third ‘industrial revolution’ will not transform our lives

---

Tixserve offers way to fight against ticket fraud

---

Making a case for artificial intelligence in the legal profession

---

Divide between art and science is disappearing, InspireFest told

---

A lack of involvement from all team members in project decisions and poor resource planning were among the most costly reasons.

Training and education

More than two-thirds of companies said they would invest more in training and education to combat this, spending an average of 16 per cent more compared to last year.

"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," said Raymond Poole, chief executive of PM Summit.

“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.”

The PM Summit is taking place at Dublin Convention Centre on July 17th.