Yes, you read that right - only 0.5% truly succeed... โ
Over the years I've seen firsthand how this affects businesses across every sector.
McKinsey's latest research makes it even more concerning:ย
The Real Cost of Project Failures:
45% of large tech projects run over budgetย
7 months is the average delay for major projects
$66M is lost for every $1B invested due to poor project performance
Let me break down the ๐ฑ ๐ฏ๐ถ๐ด๐ด๐ฒ๐๐ ๐ฝ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐ ๐ธ๐ถ๐น๐น๐ฒ๐ฟ๐ I've observed (and helped solve):
๐๐๐๐๐ ๐ข๐ฏ๐ท๐ฒ๐ฐ๐๐ถ๐๐ฒ๐ย
ย 37% of projects fail due to changing objectives (PMI)ย
Teams waste 28% of their time on poorly defined goals
Pro tip: Document your "definition of done" before day 1.
๐๐น๐ถ๐ป๐ฑ ๐ฆ๐ฝ๐ผ๐๐ย
in Risk Management โข 80% of project crashes come from unidentified risksย
Only 28% of organizations use risk management tools
Reality check: You can't fix what you don't track.
๐๐ผ๐บ๐ฝ๐น๐ฒ๐ ๐ถ๐๐ ๐๐ต๐ฎ๐ผ๐ย
ย Teams juggle 200+ tasks per project on average but some have tens of thousands tasks and are โฆlost!
94% of executives say modern projects are more complex than 5 years ago
Personal learning: Less is more. Focus on What Matters.
๐๐ผ๐บ๐บ๐๐ป๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป ๐๐ฎ๐ฟ๐ฟ๐ถ๐ฒ๐ฟ๐ย
ย 56% of projects fail due to poor communication (Deloitte) .
Average project involves 8+ stakeholder groups.
Our approach: Create single sources of truth.
๐ฅ๐ฒ๐๐ผ๐๐ฟ๐ฐ๐ฒ ๐๐ฟ๐ฒ๐ฎ๐บ๐ ๐๐ ๐ฅ๐ฒ๐ฎ๐น๐ถ๐๐ย
ย 27% of projects go over budget due to poor estimation.
Teams underestimate needed resources by 40% on average.