Project failures happen for a reason. Smart and successful companies identify why projects or programs failed so that they can correct their approach in the future.
According to an annual survey by the Project Management Institute (PMI), one in four strategic initiatives fail.* That kind of loss can spell disaster for a company. The survey identified five factors predominantly responsible for strategic initiative failures so that companies can proactively design their projects for success. These factors include:
As companies identify more of their projects as strategic initiatives, it puts an emphasis on the need for success. Whether you’re a professional project manager or studying to become one, being aware of the typical causes of project failure can help you identify what needs to be done in order to reach your goals.
*Project Management Institute, Pulse of the Profession: 9th Global Project Management Survey, on the internet at www.pmi.org/-/media/pmi/documents/public/pdf/learning/thought-leadership/pulse/pulse-of-the-profession-2017.pdf.