Key economic conditions improving
Economic conditions in the project management community are showing signs of long term improvement as revealed by results from our most recent global economic study, completed in December 2014. And, several key indicators of economic progress are, in some cases, the most optimistic they’ve been since PMI began tracking them in 2009.
Three such indicators are the number of cancelled or delayed projects, hiring and laying-off of project managers. There has been a significant decrease in the number of projects cancelled or delayed in Q4 when compared to the same time last year (33% vs. 43%). This is at the lowest level since the survey began. The number of project managers laid-off is also at the lowest number since the survey began (17%). Hiring has been steadily increasing since the beginning of 2014 and is at the highest level (52%) since 2009.
Another key measure showing signs of improvement is the number of cancelled or delayed professional development activities when compared to the same time last year. High performing organizations are more likely than low performing organizations to offer project management training and they enjoy more successful projects as a result. (Source: PMI 2014 Pulse of the Profession®)
The following trending information has been collected from the quarterly PMI economic snapshot research. The most recent results below are from Q4 2014.
On the negative side, fewer projects as well as professional development activities were restarted compared with the end of 2013. This, however, is impacted by the declining numbers of cancelled project and professional development activities.