Many people and organizations today have a new or renewed interest in project management. Until the 1980s, project management primarily focused on providing schedule and resource data to top management in the military, computer, and construction industries. Today s project management involves much more, and people in every industry and every country manage projects. New technologies have become a significant factor in many businesses.
Computer hardware, software, networks, and the use of interdisciplinary and global work teams have radically changed the work environment. The following statistics demonstrate the significance of project management in today s society, especially for projects involving information technology (IT). Note that IT projects involve using hardware, software, and/or networks to create a product, service, or result. Total global spending on technology goods, services, and staff was projected to reach $2.4 trillion in 2008, an 8 percent increase from 2007.
IT purchases in the U.S. grew less than 3 percent, while the rest of the Americas expanded in local currencies at 6-percent rates. Asia Pacific and the oil-exporting areas of Eastern Europe, the Middle East, and Africa were the main engines of growth. In the U.S. the size of the IT workforce topped 4 million workers for the first time in 2008.
Unemployment rates in many information technology occupations were among the lowest in the labor force at only 2.3 percent. Demand for talent is high, and several organizations throughout the world cannot grow as desired due to difficulties in hiring and recruiting the people they need. 2 In 2007 the total compensation for the average senior project manager in U.S. dollars was $104,776 per year in the United States, $111,412 in Australia, and $120,364 in the United Kingdom.
The average total compensation of a program manager was $122,825 in the United States, $133,718 in Australia, and $165,489 in the United Kingdom. The average total compensation for a Project Management Office (PMO) Director was $134,422 in the United States, $125,197 in Australia, and $210,392 in the United Kingdom.
This survey was based on self-reported data from more than 5,500 practitioners in 19 countries. 3The number of people earning their Project Management Professional PMP Training continues to increase each year.
A research report showed that the U.S. spends $2.3 trillion on projects every year, an amount equal to 25 percent of the nation’s gross domestic product. The world as a whole spends nearly $10 trillion of its $40.7 trillion gross product on projects of all kinds. More than 16 million people regard project management as their profession. 4