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george stephenson built a railway from liverpoool to manchester in the 1820s. it was 45 per cent over budget and there were a lot of delays. today, it is still difficult to manage big projects. the construction of wembley stadium. the home of english soccer, was £750m ($ 1,4 billion) over budget and the project finished late.

smaller projects can also have problems. reseach shows that it projects often have problems with budget and deadlines. in 2004, the cost of it projects was usually 56 per cent more time than planned.

some projects fail because the work takes longer than planned. sometimes the cost of labour or materials is more than the agreed budget. but good project management can increase a company’s profits. a big german company decided to improve its project management, and the result was that it added one billon euros per year to its profits.

project management isn’t a new science. it has an international association, the project management institute (pmi), based in pennsylvania, usa. the pmi sets professional exams that thousands of people take every year. it has 150,000 members in 150 countries. all of the members are specialists in managing projects.

so, it is possible for big projects to succeed. the saudi-aramco haradh gas pipeline is one example. the $2 billion project finished six months early and 27 per cent under budget. the project manager and the client were both very happy.

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Anna4455

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