Project management (official or otherwise) is critical to team success. While it isn’t rocket science, it isn’t a piece of cake either. Project managers (official or unofficial) almost always have a lot on their plates. They constantly need to deal with the everchanging demands, engage management, negotiate with external stakeholders, manage vendors, and do much more while coordinating and controlling everything from the helm. Sounds exhausting, doesn’t it?
Read on for the 15 interesting project management statistics project managers need to know.
15 project management stats project managers should know
The following are some of the key project management statistics you need to know in 2021.
1 – 12% of all resources are wasted due to bad project management
It is estimated that almost 54% of all organizations working on projects fail to effectively track their KPIs in real-time. This is a serious number and leads to multiple failed projects and unhappy stakeholders. Today, organizations generally waste 12% of their resources due to ineffective project management.
With effective project management and a proactive approach, this number can be brought down significantly.
2 – Most project teams are between 6–10 members
It’s a common trend nowadays to have a project team of 6–10 members in many organizations. More experienced project managers manage larger teams as well, but smaller teams are generally preferred because they are easier to manage and can get more things done without any conflict or hassle.
3 – Only 25% of organizations (1-in-4) use a project management software
Despite the numerous benefits of the best project management software, only 1-in-4 companies use them in any capacity. The rest are still using spreadsheets, paper, and a set of separate tools with little to no integration capabilities.
4 – 77% of high-performing teams use project management software
The evidence that project management software makes a marked difference to any project is unmistakable. Over 3-in-4 successful project teams actually make use of project management software. Quality project management software eases project collaboration, tracking, and periodic analysis, which makes a marked difference in the productivity of the project teams that use them.
5 – Controlling a team is among the most challenging tasks for project managers
Many project managers believe that effectively managing their project teams is among the most challenging aspects of their job. All team members have their personalities and motivations, which might clash with those of others. Without effective leadership, such clashes may breed conflict and cause problems for the entire team.
Getting everyone on the same page is truly a challenge that requires one to stay on their feet and continue learning from experiences.
6 – Most Project managers have a lot on their plate
It is estimated that only 15% of project managers focus on a single project at a time. Most of them manage around five projects, and in some rare cases, the number even goes up to 10. Managing multiple projects is not easy irrespective of the kind of industry or project. However, given the amount of competition in the market, there is no other way to maintain the competitive edge of an organization.
Modern project collaboration tools can help in this regard since they come with the capability to give offer a bird’s-eye view of all the projects you are involved in. They let you automate several processes, send out reminders, delegate tasks, and perform many other time-consuming tasks in only a few clicks.
7 – 1-in-5 project managers are overly stressed and have considered leaving the job
A project manager enjoys a lot of perks, but there is added pressure as well. 1 in 5 project managers report that they are overly stressed on the job and have considered leaving the field because of that.
Modern project management software and tools, like our very own Kissflow Project, are designed to facilitate project managers (especially the unofficial ones) in their job and reduce the burden on their shoulders. With advanced project management features, project visualization tools, analytics, and project reporting, project managers can relax and focus on important tasks without ever dropping the ball.
8 – Only a few project managers are satisfied with existing systems
It was reported in 2020 that only 35% of project managers were satisfied with the existing project management system in their organization. Changing the approach is obviously not solely the prerogative of managers. Multiple factors combine to determine the most suitable way for any organization.
However, many managers have found a way around this situation by adding project management software to the mix. Most of these tools are advanced and flexible enough to fit in irrespective of the project management approach. Over time, having effective software that’s intuitive and powerful can become as beneficial as having another experienced member on the team.
9 – Keeping track of emails is a huge problem
Effective collaboration is necessary for successful project management, and for that, you’ll need to have the right communication channels. Despite common belief, email is not an effective communication channel. It’s extremely difficult to keep track of any discussion, have the latest documents, and measure progress if you rely solely on email threads for communication.
Many project management software come with built-in collaborative suites that allow effective communication without hassle. They let you keep track of discussions, know what’s happening in the team, and keep an eye on the bigger picture without any additional effort.
10 – Budget overruns are shockingly common
In a survey, it was reported that only 43% of organizations successfully complete their projects within budget. Otherwise, budget overruns are something most project managers expect in any given project. What’s more serious is that some have given up entirely on managing the budget of their projects and do nothing to track expenses.
Effective project planning is necessary for keeping an eye on your spending.
11 – High budget projects generally fail more often
Many organizations deal with multiple complex projects that have high scopes and high budgets. It is commonly noted that high-budget projects are more susceptible to project failure. Research shows that projects, where organizations spend more than $1 Million, are 50% more likely to fail.
12 – Most project managers loathe excessive documentation
Ask any project manager about the one thing they want to take out of their job descriptions. The answer would always be documentation. According to a survey, project documentation comes on top of the things project managers want to avoid. Spending countless hours on regular reports and presentations that nobody reads is demotivating and reduces the focus from other essential tasks.
13 – Effective project processes increase success rates even under unforeseen circumstances
Ultimately, project management comes down to establishing an effective process that is suitable for your team and organization. Stats show that companies with a mature delivery process are more likely to meet their project goals.
Project teams with a mature system generally meet 77% percent of their goals while others have a success rate of 56%. Similarly, mature teams deliver 63% of their projects on time while the figure for others is at 39%. The difference in having the right approach is apparent.
14 – Managing repetitive tasks is detrimental to productivity
One common complaint among many project managers is the time they waste on repetitive and tedious tasks. A survey revealed that more than 54% of workers spend a majority of their time on tedious tasks that require no creativity and could be handled by a less expensive resource.
Today, multiple AI-based tools handle such tasks automatically. 85% of CEOs believe that AI will completely change the landscape of their organization in the next 5 years. 54% of managers believe that they can save 5 hours a day by implementing AI-based solutions for menial and repetitive tasks.
15 – Hybrid is the most preferred delivery approach in the industry
The project management approach you adopt has a significant impact on results. There are several approaches to project management and it’s almost impossible to list every single one over here. Most project managers need to decide between the predictive approach (waterfall), and the iterative approach (Agile). Both choices have their pros and cons and depend on several factors like the industry, company culture, etc.
Data shows that around 60% of organizations generally use a hybrid methodology instead of committing to a single approach. An excellent hybrid methodology can create a perfect blend that allows you to experience the flexibility of Agile and leverage the focus on a proper structure that comes with the waterfall approach.
Project management practices have gone through a lot of development over the past few years. As new technology and integrated solutions are introduced in the field, using powerful project management tools is no longer optional. Organizations that need to maintain their competitive edge and lead the field must adapt to the changing times. A project management tool can enhance their capabilities by integrating modern solutions that minimize costs and maximize benefits.
If you are looking for a project management tool that is simple to handle and focuses on the things that actually matter, then give Kissflow Project a spin. This project management tool is designed for functional and line managers who have little or no training in project management. However, its inherent project management capabilities, advanced analytics, and top-quality visualization have made it an increasingly popular choice on the market.
Interested in exploring Kissflow Project? Sign up today!
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