By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com
The 2018 Pulse of the Profession®, a global survey conducted by Project Management Institute (PMI), reveals around Rs 6.5 crore is wasted every 20 seconds collectively by organizations around the globe due to the ineffective implementation of business strategy through poor project management practices. This equates to roughly Rs 1 lakh 28,000 crores wasted a year. The study shows that on average organizations globally waste 9.9 percent of every dollar due to poor project performance and India loses 8.1% of every dollar* invested by businesses, pointing to a significant opportunity to drive financial performance. (*Figures are U.S. dollar amounts, but represent a percentage that applies to any currency.)
Commenting on the report Mr. Raj Kalady, Managing Director, Project Management Institute India said, “A higher level of maturity of project management practices is seen in India in sectors viz. IT, automotive and financial services compared to capital-intensive sectors. The private sector also reports a higher level of induction of project management than the public sector. Of the total 40,000 certified professionals in India, 55% certified project managers belong to IT industry (Source: PMI January 2018). Hence, it comes as no surprise that the 2018 Pulse of the Profession® India results which has 34% respondents representing the IT industry shows a more positive outlook (less wastage) for the country compared to the global average. This is in spite of the fact that we keep hearing about time and cost delays in government and construction projects. However, increasingly, even public sector companies have started laying emphasis on training programs and strengthening their existing project management units and professionals.” Read more
