Nationally, One In Six Large Projects Costs 200 Percent More Than Planned

According to a 2014 article by teamgantt, projects budgeted for more than $1 million are 50 percent more likely to fail than projects budgeted below $350,000.
This is why 90 percent of global senior executives say good project management is a necessary ingredient in producing success, and gaining a competitive advantage.
According to a 2010 study, failed projects account for 8.9 percent of GDP. Failed projects can ruin businesses, bankrupt families, and devastate economies. Good project management is needed to stop the hemorrhage of funds. The Project Management Institute (PMI) promotes a framework of standards and best practices that significantly improve project performance and success.
Here in New Mexico, we take project management seriously. The NM State IT Enterprise Project Management Office (EPMO) employs PMI methodology to maintain a stunning 86 percent project success rate, while the national average is only 63 percent. Retired Los Alamos County CIO, Laura Gonzales, said, “after we implemented PMI methodologies for Los Alamos’ IT projects, our projects consistently completed on time and within budget. Good project management is integral to success.”
Additionally, chapter president, Michael Adams said, “Earning my PMP certification was challenging, but worthwhile, because I learned some really useful skills, plus I received a promotion and 30% pay increase at work.”
PMI’s Otowi Bridge Chapter is hosting a Project Management Professional (PMP) training course at UNM-LA with classes running 3:15-5:45 p.m., April 13 and every Wednesday through July 27.
The $680 tuition includes a one-year membership with PMI and the local Otowi Bridge Chapter. Space is limited. Registration is available online here.