It’s all in the numbers.
Good communications are important to project success rates — this may seem obvious, but where’s the proof? It’s in the numbers.
As revealed in our new report from PMI Pulse of the Profession®, 55 percent of project managers agree that effective communications to all stakeholders is the most critical success factor in project management.
In fact, for every US$1 billion spent on projects, US$135 million is at risk — and a startling 56 percent of that amount — US$75 million — is at risk due to ineffective communications.
Meanwhile, high-performing organizations risk 14 times fewer dollars than their low-performing counterparts. If on average 80 percent of your projects finish on time, on budget and on goal, you’re a high performer. This success goes hand in hand with effective communications.
What characterizes effective communications and what challenges do organizations commonly face?
What key initiatives can improve communications and foster success in complex and risky environments?
Go in depth on this essential facet of project pitfalls and success.