Project Success And Failure Of A Project Management Essay example

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Achieving the anticipated outcome of cost, time, and quality are traditionally what determines the success or failure of a project (Chipulu et al., 2014). Project success is dependent on the support of senior management (Young & Poon, 2013), but the knowledge valued by senior managers is different from the knowledge valued by project managers (Crawford, 2005). Furthermore, the lack of proper governance makes project management methodologies ineffective (Young & Poon, 2013).
Existing research has identified certain gaps in understanding the important role senior manager’s play in project success (Ahmed & bin Mohamad, 2016). The Project Management Institute (2016) in their annual report “The High Cost of Low Performance” identified a difference in the perception of project management between executive leaders and PMO directors. Young & Poon (2013) reported there is a significant gap understanding project success and failures in the IT Industry specifically.
For every $1bn invested in projects $122m ended up wasted in 2015, which was a 12% increase over the previous year (Project Management Institute, 2016). When organizational leaders put a high priority on project management, 71% of projects meet their original goals compared to only 51% for a low priority placed on project management (Project Management Institute, 2016). Finally, projects see 2.5 times greater success rate when proven project management methodologies are used (Project Management Institute, 2016). However,…

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