Experience has shown that projects are inherently at risk - through overrunning on time and cost and/or failing to deliver a successful outcome. Such failures are almost invariably caused by:

poor project definition by the project’s owner, perhaps because of insufficient consultation with stakeholders or their failure to be specific about requirements and desired outcomes

lack of ownership and personal accountability by senior management

inadequately skilled and experienced project personnel

inadequate reporting arrangements and decision-making

inconsistent understanding of required project activities, roles and responsibilities

Project management helps to reduce and manage risk. It puts in place an organization where lines of accountability are short and the responsibilities of individuals are clearly defined. Its processes are clearly documented and repeatable, so that those involved in the project can learn from the experiences of others.

It is recommended best practice that a formal project management methodology is adopted for all major projects. The principles of project management are equally valuable for smaller and/or less complex projects. The nature of your project will determine the project management approach you need, which should be adapted as required.