Before you look up the number for Advertising Standards, allow us to explain.
The value of the UK construction industry in 2018 was a little over £110bn, contributing 7% to the country’s GDP.
But quite astonishingly, project management statistics revealed that fewer than one in three construction projects last year came within 10% of their original cost plan.
While cost overrun doesn’t always mean a project has been a failure, it’s a good indicator of many other problems that need addressing. Problems that an experienced project manager could prevent.
The most common reasons for projects to fail are, in order of magnitude:
· Changing priorities within the organisation
· Inaccuracies in the brief
· Changes in project objectives
· Undefined risks or opportunities
· Bad communication
· Undefined project goals
· Inadequate sponsor support
· Underestimating costs
· Inaccurate project time estimate
· Poor change management
· Inexperienced project manager
Why having a good project manager is crucial
Now, not all project managers are created equal, and you may be lucky enough to have an in-house PM team that’s infinitely more experienced than some consultants.
But if you don’t, hiring an experienced project manager could actually pay for itself in terms of the value they bring in these key areas:
Briefing – A skilled PM can draw out and develop your project’s brief, crystallise objectives and work with you to set goals. Most importantly, they won’t shy away from asking awkward questions or challenging you if they think your objectives and goals aren’t aligned.
Identifying and managing risk – The risks management process should be undertaken alongside key stakeholders and revisited regularly throughout your project, so mitigation and management strategies are top of mind. If not, you could run into unexpected difficulties.
Leadership – Good PMs will appoint and manage sub-teams confidently, make sure that the brief, objectives and goals are clearly articulated, and that the execution of the project follows a well-defined structure.
In addition to all this, a skilled project manager should be able to understand your motivations enough to effectively become an extended member of your business.
Why run the risk of failure?
If you’re about to embark on anything from an office fit out or building remodel to a large-scale development, it makes sense to work with an experienced PM you can trust.
We can provide this, with project managers who add value from inception to completion and beyond. Get in touch on 01225 904704 or email Mark Evitts on email@example.com for a chat about how we can help.