Inadequate project management leading to failure 'costing Irish firms millions'
Almost one fifth of recent projects that Irish companies have undertaken have failed, costing on average €580,000.
New research has identified that communication and organisational problems were most common causes of the failure, in addition to too many scope changes and poorly defined objectives.
However, the most costly issues cited were poor resource planning and a lack of involvement of all team members in project decisions.
The team behind PM Summit conference, assisted by Pan Research, surveyed 407 project management professionals working in Ireland across a range of sectors.
CEO PM Summit Raymond Poole said that "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," he said.
The report found that over two thirds (68pc) of companies will be investing more money in the area of project management training, on average 16pc more this year compared with last.
Architecture, construction and engineering (27pc); and IT and information management (18pc), are the two trades that account for 45pc of the total of all project managers in Ireland.
"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," said Mr Poole.
This year’s PM Summit is taking place at Dublin Convention Centre.