- Industrial manufacturing projects are more likely to come in on time and on budget when project managers report directly to senior executives.
- Strong project management methodologies give teams more fl exibility, increasing the likelihood of success.
- Organisations with a mature approach to project management (that is, established project management methodologies and trained professionals) recognise the importance of risk management.
- The right tools enable project teams to manage risks and reduce errors but do not take the place of good oversight.
Industrial Manufacturing: Managing for Success
The EIU’s study finds that a rigorous approach to project management, including senior executive oversight, brings measurable benefits for industrial manufacturing.
The report focuses on organisations involved in the design, manufacture and installation of heavy equipment and machinery, energy systems and complex equipment.
Findings show that industrial manufacturing companies in which project managers report directly to senior executives are almost twice as likely to complete their projects on schedule compared with companies where project managers report to mid-level project sponsors.
Companies in which senior leadership has oversight of project managers are 50% more likely to meet or exceed budget expectations.
Key findings include:
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