Project managers are a mission-critical part of any business organization. In order to keep projects moving rapidly all the way from idea stage to product stage, project managers need to keep their knowledge up to date and their skills sharp. To learn how project manager training can benefit your business, discover how other businesses are conducting this training and the kinds of result they have seen.
How Most Businesses Train Their Project Managers
On average, businesses give their project managers 6 days of training per year and spend $2,211 per year for that training for each of them. An average of 56 percent of this training is outsourced. The 84 percent of the large organizations, those making $1 billion or more each year, that offer afternoon training spend $1,854 per manager per year on it. This figure is $2,421 for the 79 percent of mid-sized businesses that offer it. The figure rises to $2,435 for 62 percent of all small businesses, those making under $100 million per year.
Approximately two thirds of all organizations that train project managers teach basic project management skills, with similar number teaching avoidance of missed deadlines and professionalism. More than half teach one or all of improving quality, minimizing scope creep, minimizing cost overruns, and reducing project failures. Some also teach such topics as increasing productivity, adhering to executive mandates, responding to the pressures of the competition, and smoothly onboarding new employees during a project.
On average, businesses that provide such training report a 29 percent increase in shareholder satisfaction, 27 percent better schedule adherence, 26 percent fewer project failures, 25 percent higher quality, 25 percent better budget performance, 25 percent more requirements met, 24 percent more productivity, with 24 percent less time to get the new product to market.
Businesses reported the best results from having instructors lead the training, and the worst results from having the project managers learn from technology-delivered sources like virtual classrooms or computerized presentations. Many used a blend of some or all of those methods, along with some self study. Few organizations report that self study alone does much good. Most organizations that use these training products and service purchase them from an outside source.