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Companies lose $1 million every 20 secs when they don’t apply Project Management techniques

Last report of 2018 from PMI reveals that companies lose $1 million every 20 seconds as they don’t apply project management techniques. This is one of the last challenges that universities and study centers have to solve. Create a training in project management that allows students to work in really complex and unstable environments, as companies live in with the current market situation. Having said that, it is extremely important that study centers collaborate with companies in building these trainings, so they are adapted to their real needs.

HR departments or HR functions will need to focus on this when planning training needs for certain functions, but also to align these needs with the business goals.

The report above mentioned “the pulse of the profession 2018”, which is the annual study that the Project Management Institute publish and that analyses the health of the companies associated to the project management areas.

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Following the results of this survey, organisations, big and SMES, waste around $2Billion per year in a collective way as they don’t implement best practices in project management.

New tools come to the market every day to help managing projects. New techniques and methodologies like Agile fill your dashboard on Linkedin with plenty of connections talking about how they use on daily basis fun techniques to improve their results. Unfortunately that is only the reality in some of the big technological companies and big multinationals. However, not everyone is fully trained when they reach to the project management level. Sadly, it is difficult to find someone with the technical skills that the project need and the PM skills needed to make the project efficient.

More and more, the market is evolving to hire fully trained PMs where the priority is that they have experience in managing projects, not necessarily in the industry or technology involved, and HR departments are adapting their searchs to those prefered skills.

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The results of this research, shows the relevance of the Project Managers or project directors within a company and how their work can have a direct impact in their organisations. They speak about how the profession, borned in the XX century, is now more relevant than ever.

“A Project Manager, properly trained and with a sistematic vision has a higher chance of facing successfully the challenge of the “liquid modernity” that Bauman defined and this concept, moved to the organisational universe means working in higher levels of complexity and uncertainty”

Rafael Lostado, Director at the Project Management Masters at the European University in Spain

The report shows that one in three projects don’t meet their objectives. 43% of them is related to budget, and 48% of them related to time deadlines. Dr Lostado explains how this could be solved by implementing Project management roles in the organisation¡ons’ organigram.

“This profile has the vision of the project and puts right in the middle to the client. This vision has the classic skills, like organisation, leadership, communication, negotiation, problem solving and the knowledge of technical solutions that help to execute a project”

The context of the current market needs more immediate results from professionals and quality becomes more important especially in front of the clients and Universities and study centers need to approach this in an effective way.

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