The Tremendous Cost of Projects that Take Too Long
For project staff, interruptions and distractions cost $30,000 per project team member every year. This isn’t just an issue with productivity, it’s also a significant issue with an organization’s ability to finish their projects and the impact of unfinished projects on the viability of an organization to survive.
As part of our webinar – 3 Crucial Steps to Finishing Projects Faster, we have the participants complete a survey on What Happens When Projects Take Too Long. The emotional energy spent in frustration and analyzing how they could do things better, costs organizations far more than just $30,000 per employee per year. The longer it takes to finish a project, beyond its due date, the less likely it is the project will ever be completed. According to McKinsey – a company who studies effective project performance found that “excelling at core project-management practices, such as short delivery cycles and rigorous quality checks” significantly improves project performance.
McKinsey says, “On average, large IT projects run 45 percent over budget and 7 percent over time, while delivering 56 percent less value than predicted. Software projects run the highest risk of cost and schedule overruns.” Companies are “betting the farm” on projects when they don’t have qualified project managers and effective project management processes. They can even end up going bankrupt because of poor project management.
So “what happens when it takes too long to finish projects” is of such significant importance – every business owner, executive, and project manager needs to make it job one to remove the roadblocks that impact the ability to finish projects.
Register for Cheetah’s free webinar – 3 Crucial Steps to Finishing Projects Faster.