4. Why do projects suffer from time and cost overruns ?
Discuss. As a project manager employed with GAIL, what
would be your line of action to see to it that the project is not
delayed any further ?
Answers
Answer:
Unexpected delays are one of the most common problems in project management. In one survey, less than 50 percent of companies said they complete projects on schedule.
Nearly half of project managers (46 percent) who responded to another survey said that meeting project deadlines were among their biggest challenges. Project delays seem to happen more often than not.
Here are some notable stats about project delays:
1-in-6 projects overshoot their schedule by 70%.
For capital expenditure projects, even a 10% overrun can lead to a $5 million profitability loss.
25% of projects fail due to inaccurate task time estimates.
Software projects have an average schedule overrun of 33%.
A silver lining: 64% of projects with mature PM processes can be completed on schedule.