{"id":55329,"date":"2019-04-10T10:12:07","date_gmt":"2019-04-10T09:12:07","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=55329"},"modified":"2019-04-10T10:12:07","modified_gmt":"2019-04-10T09:12:07","slug":"project-management-economy","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/project-management-economy\/55329\/","title":{"rendered":"Project management contributes \u00a3156bn to UK economy"},"content":{"rendered":"

New research, commissioned by the\u00a0Association for Project Management<\/a> (APM) and conducted by PwC UK<\/a>, has revealed the scale of the\u00a0contribution the project management profession has on the UK economy<\/h2>\n

The new report, entitled \u2018The Golden Thread\u2019, has identified that project management in the UK generates around \u00a3156.5bn of annual Gross Value Added (GVA) and that an estimated 2.13 million full-time equivalent workers (FTEs) are employed in the UK project management profession.<\/p>\n

This means around 7.9% of UK employment delivers 8.9% of total UK GVA.<\/p>\n

The new APM and PwC report seeks to highlight the contribution of the project profession<\/a> to all aspects of UK plc, and reveals that the profession generates GVA that far outstrips other\u00a0cross-business activity such as design, law and marketing.<\/p>\n

Debbie Dore, chief executive of APM said:\u00a0\u201cProject management has for too long been cast as a \u2018Cinderella\u2019 or \u2018hidden\u2019 profession, working hard behind the scenes to ensure other\u2019s success. But this new report\u00a0recasts the profession into the role of a \u2018golden thread\u2019 \u2013 a seam that runs through UK plc, helping to develop new services, drive strategic change and sector-wide reform.<\/p>\n

\u201cIn short, this report finds that the project profession is a thread truly woven into the fabric of UK societal and economic success.\u201d<\/p>\n

APM is now building on these findings to raise a red flag, warning of the factors that could inhibit the potential growth of project management\u2019s economic contribution. Of particular concern is the potential for a growing skills gap<\/a> which, if not addressed, could lead to the rise of the \u2018accidental project manager\u2019 \u2013\u00a0employees without any recognised professional standards or training, who are given project management roles \u2013 decisions\u00a0that can often jeopardise project success.<\/p>\n

Debbie Dore said:\u00a0\u201cOur report suggests that the contribution from and demand for the project profession is more extensive than many commentators thought and is set to increase.<\/p>\n

\u201cThis could lead to demand for qualified and experienced project personnel starting to outstrip supply \u2013 ultimately leading to the failure of increasing numbers of projects. That\u2019s why this report highlights to business, government and the education sector, the importance of training, development and professional standards (such as chartership) as the best way to develop a talent pool that is to scale and fit for purpose in today and tomorrow\u2019s world.\u201d<\/p>\n

Sandie Grimshaw, partner at PwC UK, added:\u00a0\u201cAs \u2018megaprojects\u2019 increase in size and complexity, project professionals\u2019 skills and attributes will need to change and adapt to handle media and political pressure along with strategic stakeholders in ways that are akin to professional diplomats.<\/p>\n

\u201cWhilst the UK has a strong and growing number of project professionals, this research helps to provide a better baseline for the skills sets and numbers of professionals required to support the capability for delivering projects \u2013 both large and small \u2013 in the years ahead.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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