Project Management Performance Drivers

Abstract

The practice of project management has gained enormous importance over the past several years in various business industries. “In industries as diverse as pharmaceuticals, software, and aerospace, projects drive business” (Wheatley). This gain of importance can be attributed to the magnitude of the impact project performance results in terms of time, cost, and scope have over the project performing entity. “On the basis of data released by the Bureau of Economic Analysis, part of the US Department of Commerce, they estimated in 2001 that the US public and private sectors combined spend some $2.3trn on projects every year, an amount equivalent to a quarter of America’s GDP” (Wheatley). The Project Management Performance Drivers research was conducted to demonstrate how project performance in terms of time, cost, and scope is dependent on applying generally recognized good project management practices. The research was based on a survey filled by project management professionals and regression analysis was used to elicit the relationship between good project management practice and project performance. The research revealed that a direct linear relationship seems to exist. The attained result demonstrates the importance of applying generally recognized good project management practices when managing projects.