Everyone believes that they can manage projects, while reality is just the opposite. Project Management Institute’s 2017 Pulse of the Profession shows that despite 71% of organizations embracing agile, only 7% of organizations had 80% or more projects completed on time and on budget, meeting original goals and business intent, and having high benefits realization maturity. No matter how we sugarcoat it, this is a very low number for project success.
A 2012 ZDNet report estimated the worldwide cost of IT failure to be $3 trillion. If we keep the actual incurred cost of projects aside, the opportunity cost of the entire endeavor can be a reason for introspection. If you consider the totality of the loss, a 2009 white paper by Roger Sessions pegs the loss at $6.2 trillion, that is comparable to GDP of many countries combined.
All the data-points go to prove that project success requires specialized handling. Therefore, hiring your next project manager could be one of the most important decisions you would be making for your organization.