70% of Projects Fail 41% of underperformers say inadequate sponsor support is the main reason for project failure. Effective project sponsors provide consistent engagement and support which is crucial to project success. 41% of underperformers and 17% of high performers report inadequate sponsor support as the main reason for failure, according to project management failure statistics. Organizations with a higher percentage (more than 80%) actively engaged sponsors to have 40% more successful projects than organizations with a lower percentage of projects (less than 50%) with sponsors. The Solomon Institute now offers a simple learning module that explains what successful Project Support entails. I disagree with the statement that most projects fail because of lack of support. 9.9% of every dollar is wasted due to poor performance. Nearly every 10 seconds, $1 million is wasted by companies worldwide as a result of the ineffective implementation of business strategy. This results in approximately $2 trillion a year.  Isn’t it time past time for companies to rethink how much time they spend on antiquated budget reviews that use bad data to make even worse decisions.  Start the healing by demanding accurate timely information and doing real Strategy Deployment.  As the saying goes, “if you don’t know where you are going, you will probably end up somewhere else”. Find out more about Lean Six Sigma training by visiting our home page.  Take a look!  https://solomon-eos.com/ Research by McKinsey and Company suggests that 70% of complex, large-scale change programs fail.  The highest risk identified is lack of Stakeholder Engagement.  I believe this is a mere symptom but certainly not a root cause.  The root cause is that organizations do not do the first step of the DMAIC process taught as part of the Lean Six Sigma course.  The first tool necessary for process improvement is a well articulated, fully developed Project Charter.  In the D or define phase, projects teams and leadership must agree upon the basic elements of what the mission and objectives are for a project? How will success be measured? Who is the sponsor for the project? (Having a sponsor enhances the opportunity for success by 62%).  Gaining stakeholder engagement should happen at the Define stage.  The Stakeholders need to be sold on the merits of a project before expending resources not after time, money and talent have already been wasted. To learn more about Lean Six Sigmal for Higher Education and Workforce Development Manager please go to: https://solomon-eos.com/educators/ To learn more about CEO’s and Executives can Develop an energized, Proactive WorkForce by Implementing Lean Six Sigma Training, please go to: https://solomon-eos.com/corporations/ To learn more about How Professionals and Managers can acquire the skills and credential to enhance your earning power while moving up the corporate ladder with Lean Six Sigma training and certification, please go to: https://solomon-eos.com/professionals/