The Cost of Failing to Plan

Originally posted on the ProjExc Project Excellence Blog on 25-Mar-08

Sadly no surprises to those of us at ProjExc, from an article discussing the cost of failing to plan a project. For the full article, refer to onrec.com.

The article explains that UK companies are wasting millions of pounds every day on development projects because their planning process is flawed from the outset. They refer to a new survey of 500 professional project managers showing a third of technology assignments in the digital, media and telecoms industries are doomed from the start because they have been so poorly conceived.

The survey from PM3 Consulting, says companies often fall at the first hurdle because they have failed to establish a coherent or realistic business case for a project. “Most worrying is the inability of these companies to identify the real benefits of a project or what it will really cost,” say the consultants “As a result projects run over time, over budget, deliver poor quality products and often fail to realise any tangible business benefits at all.”

Like the consultants who delivered the survey ProjExc believe the answer is to get experienced project managers in place. We also believe that as well as competent project managers, they usually need a toolbox with appropriate processes, systems and of course that elusive leadership ability at hand.

The research found that “many companies can’t articulate what they want from a project, yet 89% recognise that they need a project manager to take overall control,”, and that over half of companies (51%) have unrealistic expectations of their projects and 56% do not define their project success criteria.