Staggeringly, less than a third of all projects actually succeed, yet in that chaos lies a map showing how some organizations consistently hit nearly 90% success while others see costs balloon by billions.
Key Takeaways
- According to the 2023 Standish Group CHAOS Report, only 31.1% of all projects were successful in meeting time, budget, and quality goals.
- PMI's 2022 Pulse of the Profession report states that 52% of projects met their original goals and business intent.
- McKinsey research from 2021 found that high-performing organizations successfully complete 89% of their technology projects.
- PMI's 2022 report indicates an average cost overrun of 27% across all project types globally.
- McKinsey 2021 analysis shows megaprojects overrun by 50% on average.
- Standish Group 2023 CHAOS data: Failed projects waste $1.2 trillion annually in US IT.
- PMI's 2022 Pulse report reveals 43% of projects experience schedule slippage of over 25%.
- McKinsey 2020 study: 80% of megaprojects delayed by at least 20 months.
- Standish Group 2023: Agile projects delay less at 16% vs 37% Waterfall.
- PMI 2023 report shows 68% of projects underutilize team resources by at least 20%.
- McKinsey 2022: Top performers utilize 85% of budgeted resources.
- Gartner 2023: 55% of IT teams report skill gaps causing underutilization.
- PMI's 2023 report identifies poor risk identification in 60% of failed projects.
- McKinsey 2022: Unmanaged risks cause 70% of megaproject failures.
- Standish Group 2023: Lack of risk management in 42% challenged projects.
Overall project success rates are low, but good practices significantly improve outcomes.
Cost Overruns
- PMI's 2022 report indicates an average cost overrun of 27% across all project types globally.
- McKinsey 2021 analysis shows megaprojects overrun by 50% on average.
- Standish Group 2023 CHAOS data: Failed projects waste $1.2 trillion annually in US IT.
- KPMG 2021 survey: 80% of projects exceed budget by at least 10%.
- Deloitte 2023 infrastructure study: Average overrun 28% for transport projects.
- Harvard Business Review 2020: IT projects average 45% budget overrun.
- PwC 2022 Global Survey: 43% of projects overrun by over 20%.
- Gartner 2023: Cloud projects overrun by 31% on average.
- EY 2021 report: Oil & gas projects average 57% overrun.
- BCG 2022: Infrastructure projects cost 80% more than planned.
- World Bank 2023: Development projects overrun by 20-30% typically.
- IPA UK 2022: Major projects average 38% cost increase.
- Accenture 2023: Digital transformation overruns average 25%.
- Capgemini 2022: ERP implementations overrun by 23%.
- IDC 2023: BI and analytics projects 18% over budget.
- Forrester 2022: E-commerce projects overrun 22%.
- PMI 2023: Agile projects overrun less at 12% vs 25% Waterfall.
- McKinsey 2022: AI projects average 40% overrun.
- Standish 2021: Challenged projects overrun by 189%.
- KPMG 2023: Capital projects overrun 30% due to scope creep.
- HBR 2023: R&D projects average 35% overrun.
- PwC 2021: Construction overruns 16% on average.
- Gartner 2022: CRM projects overrun 27%.
- Deloitte 2022: Renewable energy projects 24% over budget.
- BCG 2023: Mining projects overrun by 52%.
- EY 2023: Pharma R&D overruns 33%.
- PMI 2021: Global average overrun 28% for all projects.
- World Bank 2021: Power projects overrun 31%.
- IPA 2023: Defence projects 45% over budget.
Cost Overruns Interpretation
It seems humanity's only truly consistent global project is the art of exceeding our budgets, with the data suggesting we've collectively accepted an average 30% tax on optimism for daring to plan anything at all.
Resource Utilization
- PMI 2023 report shows 68% of projects underutilize team resources by at least 20%.
- McKinsey 2022: Top performers utilize 85% of budgeted resources.
- Gartner 2023: 55% of IT teams report skill gaps causing underutilization.
- Deloitte 2022: Construction projects waste 25% of labor resources.
- Standish Group 2022: Poor allocation leads to 40% idle time.
- KPMG 2023: 62% projects exceed resource budgets by 15%.
- PwC 2021: Remote teams utilize 72% of allocated time.
- BCG 2023: AI tools improve utilization by 30%.
- EY 2022: 47% of PMs report resource conflicts.
- Accenture 2023: Freelance resources utilized 78% effectively.
- Capgemini 2022: Offshore teams average 65% utilization.
- IDC 2023: Data scientists underutilized 35%.
- Forrester 2022: Marketing projects waste 22% resources.
- World Bank 2021: Aid projects underutilize funds by 18%.
- IPA UK 2023: Civil service projects 55% utilization.
- HBR 2023: Multitasking reduces utilization by 40%.
- PMI 2022: Mature orgs achieve 82% utilization.
- McKinsey 2021: Portfolio management boosts to 90%.
- Standish 2023: Executive support improves 25% utilization.
- KPMG 2021: Training gaps cause 28% underuse.
- PwC 2023: Tools like MS Project aid 15% better use.
- Gartner 2022: Automation raises utilization 20%.
- Deloitte 2023: Diversity improves team utilization 12%.
- BCG 2022: Lean methods achieve 88% utilization.
- EY 2023: Vendor management key to 75% use.
- PMI 2021: Global average 67% resource utilization.
- Accenture 2021: Gig economy boosts flexibility 30%.
- Capgemini 2021: Agile sprints optimize 80% resources.
- IDC 2021: Cybersecurity teams 70% utilized.
Resource Utilization Interpretation
The damning truth behind these impressive project statistics is that most organizations are essentially paying for a full orchestra only to have the musicians spend half the rehearsal time checking their phones.
Risk Factors
- PMI's 2023 report identifies poor risk identification in 60% of failed projects.
- McKinsey 2022: Unmanaged risks cause 70% of megaproject failures.
- Standish Group 2023: Lack of risk management in 42% challenged projects.
- KPMG 2023: Cyber risks affect 35% of IT projects.
- Deloitte 2022: Supply chain risks in 52% infrastructure.
- Gartner 2023: 48% projects face talent risk gaps.
- PwC 2021: Regulatory risks delay 29% projects.
- BCG 2023: Scope creep risks 65% of overruns.
- EY 2022: Financial risks in 40% capital projects.
- HBR 2023: Stakeholder misalignment risks 55% failures.
- World Bank 2023: Political risks in 38% development.
- IPA UK 2022: Optimism bias risks 45% cost/schedule issues.
- Accenture 2023: ESG risks emerging in 27% projects.
- Capgemini 2022: Tech debt risks 33% digital projects.
- IDC 2023: Data privacy risks 41% analytics.
- Forrester 2022: Change resistance risks 39% transformations.
- PMI 2022: Top risk: requirements instability at 37%.
- McKinsey 2021: Geopolitical risks up 25% post-COVID.
- Standish 2021: Sponsor commitment risks 31% success.
- KPMG 2022: Inflation risks 44% overruns.
- PwC 2023: Climate risks 19% infrastructure.
- Gartner 2022: Vendor failure risks 26%.
- Deloitte 2023: Labour market risks 36%.
- BCG 2022: Pandemic-like risks 50% unprepared.
- EY 2023: Integration risks 28% M&A projects.
- PMI 2021: Risk maturity correlates with 2x success.
- World Bank 2022: Corruption risks 22% aid projects.
- IPA 2023: Delivery model risks 34%.
Risk Factors Interpretation
If you think a project plan without proper risk management is like a ship without a hull, the industry’s alarming failure rates suggest we’re sailing a fleet of sieves through a perfect storm of cyber threats, talent gaps, scope creep, and wishful thinking.
Schedule Delays
- PMI's 2022 Pulse report reveals 43% of projects experience schedule slippage of over 25%.
- McKinsey 2020 study: 80% of megaprojects delayed by at least 20 months.
- Standish Group 2023: Agile projects delay less at 16% vs 37% Waterfall.
- KPMG 2022: 75% of projects delayed due to poor planning.
- Deloitte 2023: Infrastructure projects average 33% time overrun.
- HBR 2021: IT projects delayed by average 50%.
- PwC 2023 Survey: 55% of projects miss deadlines by 30+ days.
- Gartner 2023: Digital projects delay 28% on average.
- EY 2022: Construction delays average 17 months.
- BCG 2021: Megaprojects delayed by 40% typically.
- World Bank 2023: 60% of road projects delayed over 1 year.
- IPA UK 2023: Government projects average 2-year delay.
- Accenture 2022: Cloud migrations delay 24%.
- Capgemini 2023: SAP projects overrun schedule by 21%.
- IDC 2022: Data projects delay 19%.
- Forrester 2023: CX projects delayed 26%.
- PMI 2023: Scope changes cause 32% of delays.
- McKinsey 2023: Supply chain issues delay 45% of projects.
- Standish 2022: Team issues lead to 22% delays.
- KPMG 2023: Regulatory delays affect 38% projects.
- HBR 2022: Poor risk management causes 29% delays.
- PwC 2021: Pandemic delayed 67% of global projects.
- Gartner 2021: Remote work delays projects by 15%.
- Deloitte 2021: Labour shortages delay 41% construction.
- BCG 2023: Weather delays 12% of infrastructure.
- EY 2023: Vendor delays impact 35% projects.
- PMI 2021: Average delay 4 months for challenged projects.
- World Bank 2022: Health projects delayed 28%.
- IPA 2021: Rail projects average 3-year delay.
Schedule Delays Interpretation
It appears that in the project management world, being on time is statistically the new avant-garde, a bold creative choice most organizations seem to be making.
Success Rates
- According to the 2023 Standish Group CHAOS Report, only 31.1% of all projects were successful in meeting time, budget, and quality goals.
- PMI's 2022 Pulse of the Profession report states that 52% of projects met their original goals and business intent.
- McKinsey research from 2021 found that high-performing organizations successfully complete 89% of their technology projects.
- Standish Group's 2022 data shows Agile projects have a 58% success rate compared to 29% for Waterfall.
- Deloitte's 2023 survey indicates 47% of infrastructure projects achieved full success.
- KPMG's 2021 report reveals 70% of change management projects fail to achieve objectives.
- Harvard Business Review analysis shows just 35% of IT projects succeed per original scope.
- PwC's 2022 Global Project Management Survey reports 77% of high-performing projects use standardized PM practices.
- Forrester Research 2023 notes 42% success rate for digital transformation projects.
- Boston Consulting Group 2022 study finds 55% of megaprojects deliver expected benefits.
- Gartner 2023 predicts 40% of enterprise projects will succeed with AI integration.
- EY 2021 report shows 62% success in projects with strong executive sponsorship.
- Capgemini 2023 research indicates 48% of cloud migration projects fully succeed.
- Accenture 2022 data reveals 51% success for sustainability-focused projects.
- IDC 2023 survey finds 39% of BI projects meet all success criteria.
- World Bank 2022 analysis shows 45% success rate for development projects in low-income countries.
- IPA UK 2023 report states 36% of government major projects are successful.
- BCG 2021 matrix shows top-quartile projects succeed at 80% rate.
- PMI 2023 stats indicate hybrid methodology boosts success to 64%.
- Chaos Report 2021 details small projects succeed at 58%, large at 18%.
- McKinsey 2023 update shows 70% success with advanced analytics in PM.
- Standish 2023 notes user involvement raises success by 25%.
- PMI 2020 report: 71% of successful projects exceed original ROI.
- Gartner 2022: 55% of Agile-at-scale projects succeed.
- Deloitte 2021: 41% of construction projects succeed fully.
- KPMG 2023: Projects with mature PMO succeed 2.5x more.
- HBR 2023: Executive sponsors correlate with 67% success.
- PwC 2023: Benefits realization in 59% of top projects.
- Forrester 2022: Customer-centric projects succeed at 53%.
- BCG 2023: Digital megaprojects at 49% success rate.
Success Rates Interpretation
It seems our collective project management journey resembles a cautious person trying to cross a busy street: success rates vary wildly by approach and lane, but no matter which way you look, you're still playing a game of high-stakes frogger with deadlines and budgets.
Sources & References
- Reference 1STANDISHGROUPstandishgroup.comVisit source
- Reference 2PMIpmi.orgVisit source
- Reference 3MCKINSEYmckinsey.comVisit source
- Reference 4DELOITTEwww2.deloitte.comVisit source
- Reference 5KPMGkpmg.comVisit source
- Reference 6HBRhbr.orgVisit source
- Reference 7PWCpwc.comVisit source
- Reference 8FORRESTERforrester.comVisit source
- Reference 9BCGbcg.comVisit source
- Reference 10GARTNERgartner.comVisit source
- Reference 11EYey.comVisit source
- Reference 12CAPGEMINIcapgemini.comVisit source
- Reference 13ACCENTUREaccenture.comVisit source
- Reference 14IDCidc.comVisit source
- Reference 15WORLDBANKworldbank.orgVisit source
- Reference 16GOVgov.ukVisit source