Project Management Trends Present New Challenges
Cutthroat competition, performance disasters and a "prove it" mentality will increase pressure on project management leaders and teams in 2014. Why now? Because too many projects have been expensive failures. In fact, 17 percent of IT projects costing $15 million or more go so badly that they threaten to shut down their companies, according to research from McKinsey & Co. And more than two out of every five IT projects fail. To provide some insight into how organizations are planning to reverse course, ESI International offers the following top 10 trends to drive project management for 2014. The trends highlight the need to overhaul approaches that were once considered standard operating procedure. On the positive side, project managers who successfully respond to the challenges will be prime candidates for lucrative opportunities. (The median salary for project management professionals in the United States, Switzerland, Australia, Germany and the Netherlands exceeds $100,000, according to a recent salary survey from the Project Management Institute.) There is "growing unease with the status quo of current project management practices," says J. LeRoy Ward, a multi-certified project manager and executive vice president at ESI International, a project management training company. "Past failures to improve project efficiencies force the need to pull out all of the stops to deal with project complexity; implement new project management approaches; and adopt alternative leadership styles to improve project success for greater competitive advantage. In-demand project managers and leaders seem ready to face the challenge."