ABSTRACT
Thus globally substantial amounts of money are spent on projects, ranging from large infrastructure projects to small projects in SMEs. Anyone who is aware of these figures can have no doubt about the importance of the discipline and profession of project management to the global economy. It is critical for organizations around the world to develop sound project management practice. Data produced by the Standish Group (Johnson, 2006) show on average projects are at least 10 percent late and 10 percent overspent, meaning a massive $3 trillion (at least) is wasted annually on poor performing projects, three times the amount made available by the G20 countries at their meeting in April 2009 to help support the global economy.
