THE NEW PROJECT-BASED ECONOMY
|More businesses are harnessing the power of projects to drive social and economic benefits. Standards get practical about the future of work. In an ideal world, a project economy is where people are empowered to have the skills and capabilities needed to turn ideas into a reality. It’s a phenomenon where organizations deliver tremendous value to exceed stakeholders’ expectations through successful completion of projects. Yet, research shows that only 35 % of projects undertaken worldwide are successful. This means that huge amounts of time, money, resources and opportunities are being wasted. Slowly but surely, projects have been dominating workplaces as a business-critical driver for innovation, growth and success. To some extent, the rise of the project economy means the end of job descriptions. The Project Management Institute (PMI) forecasted that the value of project-oriented activities worldwide would be at USD 20 trillion by 2027 – generating countless jobs for 88 million people. Even more interesting, these estimates were made before countries started spending on pandemic recovery projects, which means that the project economy is here to stay with a promise of significant value to the economy and society.