What Makes a Project Successful?

Here are 5 PMI studies that assessed the success rate of projects and the contributing factors. The findings are surprising (and also not)...

Key Trends Across Studies

1. Value Focus: Success increasingly hinges on delivering measurable value, not just meeting deadlines.
2. Performance Levers: Clear goals, team morale, and resource management are critical.
3. Industry Variations: IT and construction lead in efficiency; government projects struggle.
4. Stakeholder Alignment: Social impact and customer satisfaction amplify success rates.

1. PMI Global Summit 2024 Report

Date: September 2024

Key Insight:

• 48% of projects are successful, 40% are in a "gray area," and 12% fail outright.
• Success rates vary by industry: Industrials, construction, and healthcare perform best, while government and consulting lag.
• Projects delivering social impact value are 1.6x more likely to succeed.

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2. PMI-Kantar Collaborative Study

Date: July 2024

Methodology:

• Surveyed nearly 10,000 professionals across 139 countries.
• Conducted 150+ interviews with stakeholders (executives, PMO leaders, beneficiaries).

Findings:

• Introduced the Global Net Project Success Score (NPSS) of 36 (48% success – 12% failure).
• Projects with performance measurement systems achieved 7.2x higher NPSS.
• Critical success levers: team morale (4.2x), adequate funding (3.3x), and resource management (3.1x).

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3. Maximizing Project Success Report

Date: December 2024

Focus:

• Reframed project success beyond traditional metrics (time, budget, scope) to include stakeholder value and alignment with societal impact.

Recommendations:

• Manage stakeholder perceptions of value.
• Expand accountability to include outcomes, not just execution.

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4. PMI Pulse of the Profession® (2017)

Key Statistic:

• Champion organizations (high maturity in benefits realization) achieved 92% success rates, while underperformers saw 33% success.
• Waste reduction: \$97M wasted per \$1B invested in 2016 (down from \$122M in 2015).
• Critical factors: Executive sponsorship, agile adoption, and PMO alignment with strategy.

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5. PMI 2024 Value-Driven Success Framework

Highlight:

• Projects that define success criteria upfront, implement performance measurement systems, and track metrics are nearly twice as likely to succeed.
• Top industries for efficiency: IT (\$78M waste/\$1B), construction (\$94M), and financial services (\$97M).

The definition of success has rightfully grown to include delivering value and not just meeting a deadline.  The way to achieve this is still as it has always been, solid execution that is often within the influence if not control of the project manager, the sponsor and the PMO.

Specifically ensuring clear goals, team morale, resource management, performance meaurement and stakeholder alignment leads to project success.

For the most up-to-date studies, visit PMI’s Research Library ([PMI Research Library]). PMI releases annual reports like the Pulse of the Profession and specialized frameworks (e.g., Project Success Framework).

[1]: https://www.semanticscholar.org/paper/7a6d3edd3fea3e3f93bbbd6c4eeb65f8acb3bda3

[2]: https://www.semanticscholar.org/paper/5ccf2fe462f338f5144a2a71d994b7d7039e7726

[3]: https://www.semanticscholar.org/paper/0fd0d3032c1d34771a1ec9ba39d1c245a37dc353

[4]: https://www.pmi.org/about/press-media/2024/pmi-champions-a-new-era-of-project-success

[5]: https://www.pmi.org/blog/reframing-project-success

[6]: https://mpug.com/pmi-reports-on-success-rates-in-project-management/

[7]: https://www.pmi.org/learning/thought-leadership/project-success