It is well known that a large percentage of projects fail to deliver the benefits expected by the business. In fact, according to The Standish Group, more than 70% of projects fail to deliver on time, within budget and to specification. So why do so many projects fail to meet the customers’ requirements? Poor sponsorship, lack of defined requirements, and miscommunication between the project team and stakeholders are some of the most common causes.
However, the most frequent cause of project failure is the lack of adoption of a Project Management Methodology. Without using a methodology from the outset:
- Project teams start building deliverables without defining the project’s scope and objectives
- Project roles and responsibilities are unclear, and lines of communications are undefined
- There are no quality targets set, so it’s difficult to know when deliverables are really finished
- The customer can never be certain of the project’s progress or when it is likely to be complete
- Project managers must attempt to manage change, risks, and issues ”on the fly.”
It is no surprise that many projects are cancelled before they even reach the planning stage of the project. A best practice Project Management Methodology provides structured processes at the outset for initiating, planning, executing, and closing projects. IPMM helps us define your project objectives, create comprehensive project plans, and establish the processes required to monitor and control your project effectively.