The Economist is a global publication with a blue-chip, global, business leader readership. In this week’s issue (June 2005), they publish an article on Project Management which is also available on their web page.
Interesting to me was:
- that they published this,
- that they are able to focus attention on a key cause of project “failure” on overly optimistic assumptions about costs and revenues,
- that the Project Management Institute (PMI) gets some attention in the magazine (due to their PR department no doubt but no reason to be cynical about this)
- that they end on a positive note to give specific examples of where project-based companies have great success.
I do have a nit to pick about their implied criticism of the
“Although oil has entered the pipeline at Baku, it will be another six months
before the high-grade steel pipe is full and ready to disgorge on to tankers in
I’m quite sure the project managers were fully aware of the time it takes to fill a long pipe with fluid before stuff comes out the other side. I can only imagine that The Economist write is guilty of “over optimistic assumptions” about how pipelines work.