Strategies for Project Recovery

  Manufacturing   Risk Management   ProjectsAtWork  

A new study shows that more than a third of projects are at risk and, not surprising, a key factor for recovering troubled projects is the actions of the project managers.

Call it a measure of job security for project managers.

New results from a PM Solutions study titled “Strategies for Project Recovery” show that the actions taken by project managers are critical factors in successfully recovering troubled projects. The study finds that the average firm manages $200 million in projects each year, and more than a third of those projects — $74 million worth — are at risk. But when project managers work to set troubled projects right, they are successful at least 75 percent of the time, according to the study.

“Project managers not only play a significant role in addressing the root causes of troubled projects, they are the key resource in effectively managing the process to recover them,” said J. Kent Crawford, PMP, CEO of PM Solutions, Glen Mills, Pa.

PM Solutions surveyed 163 high-level project management employees from large, mid-sized and small organizations in various industries including manufacturing, health care, technology, professional services, finance and government.The primary purpose of the study was to identify the causes of troubled projects and the strategies that lead to successful project recovery.

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