Capital Project Management Statistics


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Capital Project Management Statistics 2023: Facts about Capital Project Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Capital Project Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Capital Project Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 56 Capital Project Management Statistics on this page 🙂

Capital Project Management “Latest” Statistics

  • More than 300 top decision makers from throughout the capital projects value chain responded to our poll in September 2020, and they predicted that by implementing these principles broadly, costs and delivery times could be reduced by 30 to 40%.[2]

Capital Project Management “Cap” Statistics

  • 63% of businesses focus on initiatives that include the capacity to handle change.[1]
  • Organizations that are highly mature in project management capabilities outperformed those that aren’t, as they met their goals 77% of the time.[1]

Capital Project Management “Great” Statistics

  • The failure rate of it projects with expenditures above $1,000,000 is 50% greater than that of initiatives with budgets under $350,000.[1]
  • According to 47% of project managers, they are expected to offer greater value while working with a tighter budget and schedule.[1]

Capital Project Management “Project” Statistics

  • The top three benefits of agile project techniques include the ability to handle changing priorities (70%), project visibility (65%), and business/IT alignment (65%) (Digital.ai, 2020).[1]
  • The high expenses of staff turnover, which range from 50% to 200% of an employee’s compensation, need to serve as motivation to pay attention to those involved in the project the closest.[3]
  • 28% of firms think that using agile approaches has increased the success of their projects.[1]
  • 39% of project teams are composed of 6-10 people; 30.5% have more than 10 people; another 30.5% are composed of 1-5 people (Girl’s Guide to Project Management, 2021).[1]
  • 40% of an organization’s project and program governance efforts to be very successful.[1]
  • According to Wellington (2020), 47% of project managers think their organizations have a history of successful projects.[1]
  • Projects from businesses with low levels of project management technology maturity run over budget 54% of the time.[1]
  • 58% of organizations admitted that the impact of COVID-19 has been moderate or significant, causing project delays and cancellations (KPMG, 2020).[1]
  • KPMG estimates that 59% of businesses carry out independent project performance evaluations.[1]
  • 59% of project managers run two to five projects, 15% work on one, 15% take on more than 10, and 11% do six to 10.[1]
  • 47% of firms provide a defined career path for project professionals, compared to 61% that offer project management training.[1]
  • The complexity of programs and projects has reportedly risen over the previous ten years, according to 67% of project managers.[1]
  • According to 71% of project professionals, PMOs perceived value will rise from 55% in 2019.[1]
  • According to projections, 72% of PMOs would have expanded roles and duties, up from 61% in 2019.[1]
  • 75% of project professionals anticipate a rise in the use of team collaboration tools.[1]
  • According to the US Bureau of Labor Statistics (2021), 1,279,390 project management and business operations experts are working in the country.[1]
  • Approximately, there were 6% more organizations with a project management office (PMO) in 2020 (89%) than in 2019 (83%).[1]
  • Organizations that undervalue project management as a crucial component for driving change see failure in around 67% of their initiatives.[1]
  • 20% of project experts think that agile methodologies may reduce project expenses.[1]
  • According to 24% of project experts, are what prevent initiatives from succeeding.[1]
  • The top three indicators of a single agile project’s success are business value produced (46%), customer satisfaction (45%), and velocity (37%).[1]
  • 44% of managers disagree with the usage of software in project management.[1]
  • 66% of project professionals said that 20 had supported their choice to spend money on project management software.[1]
  • The failure rate of agile projects is 22% and the risk of programs delivering subpar outcomes is 53% if management takes five hours or more to make decisions.[1]
  • According to 48% of Australian businesses, project benefit tracking discrepancies are always or often reported.[1]
  • It’s interesting to note that more than 45% of the firms that have used project management systems have seen some, most, or all of the desired advantages.[1]
  • Currently, the project management software market share is led by Jira at 36.57%, Microsoft Project at 19.78%, and Smartsheet at 5.17%. (Datanyze, 2021)44% of managers do not believe in the use of software in managing projects (Hive, 2020).[1]
  • A culture that appreciates project management is prioritized by just 46% of firms, according to PMI (2020).[1]
  • Meanwhile, in Australia, 57% of organizations use a centralized PMO to streamline project activities.[1]
  • 42% of the time, companies with poor project management technology maturity lose money on unsuccessful projects.[1]
  • 67% of projects are completed by companies with high value delivery maturity and under budget.[1]
  • The proportion of project professionals that consider ineffective resource management to be a serious issue in project management rose by 60%.[1]
  • From 2020 to 2022, the market for project management software is anticipated to grow at a CAGR of 10.67%.[1]
  • Only 10% of projects adopt integrated project delivery, whereas others see it as a risk or advisor.[4]

Capital Project Management “Management” Statistics

  • Project management professionals with a PMP certification make 22% more money than those without one.[1]

Capital Project Management “Other” Statistics

  • According to 31% of senior executives, acquiring applicable skills is the single most important component towards future success.[1]
  • 40% of programs consistently or mainly provide their intended advantages.[1]
  • 70% of businesses place a high priority on developing a culture that emphasizes providing value to customers.[1]
  • When investing in digital PM software, 73% of firms say that the top three needs to look for are dependability, simplicity of use, and ease of integration; yet, they believe that the solutions available today lack these three characteristics.[1]
  • Project managers predict that more workers will work from home, according to 74% of them.[1]
  • There are PMOs in 89% of businesses, and 26% of them are less than two years old.[1]
  • According to KPMG (2020), 84% of CEOs have hastened the creation of an operational model for the next generation and the digitalization of operations.[1]
  • About 51% of businesses complete initiatives that satisfy the primary purpose or business objective.[1]
  • As of 2020, 59% of organizations were using Microsoft Project Online compared to 57% in 2019 (Wellingtone, 2020; Wellingtone, 2019).[1]
  • However, 52% of respondents are somewhat or very dissatisfied with the current level of PM maturity in their organization, more than the 45% rating in 2016 (Wellingtone, 2020).[1]
  • During the COVID-19 epidemic, just 6% of Australian companies acquired more contracts and engaged on more initiatives.[1]
  • Organizations anticipate that AI will mostly serve as a PM assistant (52% ), PM adviser (42%), and PM replacement (3%).[1]
  • The largest obstacles to implementing agile methodologies in a business include reluctance to change (48%), a lack of leadership involvement (46%), and uneven team practices (45%).[1]
  • To improve performance, 68% of organizations emphasize developing leadership while 65% focus on developing the technical skills of their personnel (PMI, 2020).[1]
  • When questioned about the elements that will determine future success, organizational agility was cited by 35% of executive executives as the most important aspect.[1]
  • Instead, 18% depend on in house, perhaps older technologies, while a startling 32% do so using spreadsheets.[4]

Also Read

How Useful is Capital Project Management

Capital project management is a specialized discipline that involves planning, organizing, and controlling the resources and activities of a project to ensure its successful completion within budget and schedule. It encompasses a wide range of skills, including strategic planning, risk management, financial analysis, procurement, and stakeholder communication. By bringing together these different aspects of project management, organizations can streamline their processes, optimize resource allocation, and mitigate risks effectively.

One of the key benefits of capital project management is its ability to help organizations maximize the return on their investment. By carefully planning and monitoring expenses, project managers can ensure that resources are allocated efficiently and effectively, minimizing wastage and unnecessary costs. This not only helps organizations stay within budget but also allows them to achieve their project goals without compromising on quality.

Moreover, capital project management enables organizations to identify and address potential risks early on in the project lifecycle. By conducting thorough risk assessments and implementing risk mitigation strategies, project managers can proactively manage uncertainties that may impact the project. This proactive approach not only helps minimize the likelihood of project delays or failures but also provides stakeholders with greater confidence in the project’s success.

Another advantage of capital project management is its focus on stakeholder communication and engagement. Effective communication is essential for keeping stakeholders informed about the project’s progress, addressing concerns or issues promptly, and ensuring alignment with organizational goals. By maintaining open channels of communication with all relevant parties, project managers can build trust and collaboration, leading to smoother project execution and higher satisfaction among stakeholders.

Furthermore, capital project management provides organizations with a structured framework for decision-making and resource allocation. By setting clear objectives, defining roles and responsibilities, and establishing milestones and deliverables, project managers can create a roadmap for project success. This structured approach helps organizations prioritize tasks, track progress, and ensure accountability throughout the project lifecycle, leading to more efficient project execution and better outcomes.

In conclusion, capital project management plays a crucial role in the success of organizations undertaking large-scale projects. By leveraging the principles and practices of project management, organizations can streamline their processes, optimize resource allocation, mitigate risks, and enhance stakeholder communication for greater project success. In today’s competitive business landscape, effective capital project management is a valuable tool for organizations looking to achieve their project goals on time, within budget, and to the satisfaction of all stakeholders.

Reference


  1. financesonline – https://financesonline.com/35-essential-project-management-statistics-analysis-of-trends-data-and-market-share/
  2. mckinsey – https://www.mckinsey.com/business-functions/operations/our-insights/capital-projects-50-reimagining-capital-project-delivery
  3. adobe – https://business.adobe.com/blog/basics/metrics
  4. goassetworks – https://www.goassetworks.com/blog/what-you-need-to-know-about-capital-planning-and-project-management-software

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