39 Essential Project Management Statistics For 2024

The main focus of this blog article is project management statistics. Along with stats it also focuses on some other things in the writing. Such as the benefits of project management, and PM software.               

Basic Understanding of Project Management

First of all, a project is something that has a beginning, ending, and generating a deliverable. So, project management is a procedure. That helps in scheduling, monitoring, controlling, and reporting the project and status. In common words, the meaning is present in its name i.e., managing the project. It also covers and has a mixture of various kinds of disciplines and subjects. Such as resource management, planning, task management, risk management, scheduling, and a few more. Case management, business process management, and decision management have their connections with project management. 

Is there a need for statistics? 

What are the fresh tools of the PM system? How much budget is being wasted because of failed projects and tasks? What is the true project downfall rate? What are the benefits of using any kind of PM software? How many opportunities are you losing because of not using PM tools? What are the challenges faced by PM software? And What type of PM solutions is best for your company?

To answer all these questions in a simple and understanding way. Then only project management statistics are suitable and it works. Statistics are not just numbers or percentages. They also give a deep and broad explanation of the particular topic. In the next section, you will learn a lot about project management through stats.         

General Survey and Project Management Statistics

Some of the project management statistics of certain surveys are below. They are:

According to the project management institute (PMI) 2018 survey: 

1. Around 9.9% of every single dollar is wasted due to terrible failures and results. 

2. Almost 32% of the allocated budget goes to waste. Because the project fails in achieving the objectives and goals. 

3. 39% of projects fail because of the shift in preference by the company 

Sources from the Workplace Insight survey and the blind survey revealed that: 

4. Unstable communication and uneven supervision among teammates is common for 88% of remote employees. 

5. In fact, in just 60 days the impact of covid-19 expanded the exhaustion rate of the workers by 12%.

6. The main reason for employee burnout is the bulk loads of work for 20% of workers. 

7. For 83% of the employees, a huge bundle of emails is the reason for tiredness. 

Statistics On Project Management Benefits 

8. This part shows the benefits of using the PM system or software through statistics. They are: 

9. PMI study reveals that the companies with an evident project management pattern saw an increase in creative projects by 38%. 

10. Project management methodologies such as agile and waterfall are in use by only 21% of businesses. 

11. Gantt charts and view feature of project management is famous and mostly used by 45% of teams. 

12. The most requested element of project management is file-sharing tools. 

13. Real-time file editing and managing document features are mostly used by 62% of profitable businesses. 

14. The second most searched feature is the time tracking feature and tools.

15. Methodical project management strategies are in use by 23% of companies

16. Integrations of emails, Gantt charts, and budget supervision. These are the next desired features in the project management software 

Budget Stats On PM

In this section, it is all about the project management statistics on the budget and money. 

17. The projects are finished using an initial allowance without adding any costs by 66% of corporations that use project management software.

18. It is said by 47% of organizations use project management software.

19. That PM software created an optimistic impact on the project expenditure values accuracy.

20. The company that uses project management methods, saves 28 times more money. compared to the businesses that do not use those practices. 

21. We can see a 200% increase in budget in at least one project out of every six IT projects.

22. 50% of IT projects with a minimum fund of 1 million dollars are failing in meeting the goals.

23. For every 1 billion dollar investment, at least 109 million dollars costs for project management disputes. 

Time-related statistics on PM 

24. Below are some of the project management statistics that relate to time. 

25. On average, any project management software saves almost 498 hours (20.75 days) in a year.

26. Tasks and projects are done before the deadline by 61% of business firms that use PM solutions.

27. 46% of leaders say that completing the mission within time is one of their biggest problems.

28. One entire day is in use by 50% of project managers for building KPI reports of the project.  

Communication Statistics 

29. Below we will be knowing about the statistics on the communication feature and the challenges of communication. 

30. The first reason for project failure is said to be uneven communication by 31% of enterprises.

31. Communicating is a huge barrier for 59% of employees in the United States of America.

32. Poor and unstable communication results in a loss of 420,000 dollars every single year in companies with less than 100 employees.

33. Moreover, in enterprises with 100,000+ employees, it costs around 62 million dollars. 

Other Statistics 

34. 29% of American employees explained that the shortage of responsibility interferes with project achievement.

35. In project management, the absence of interest by higher officials creates a great loss. Because it is one of the reasons for the huge project downfall for 41% of the companies. 

36. Participation as a team is necessary for 90% of the projects rather than sole commitment. 

37. Unspecific and clouded duties are the reasons for 12% of the loss of the project. 

38. The satisfactory rate of the executives with time allotment in the company is just 9%.

39. The interaction of employees is one of the topmost factors for accomplishing the project by 71% of managers. 

Conclusion 

Researchers estimate that this project management traffic may reach 6.6 trillion dollars by the end of 2020. Project Management is on par with the current developments. It is evolving with fresh and new techniques, strategies, and tools. All those project management statistics show the present scenario of project management. It has many benefits, so it is better to choose the best software to gain more profits and growth for the company. We hope that you find these project management statistics helpful.