"More than $109 million is lost for every billion invested in projects every year, due to delays, poor organisation, or lack of alignment with the organisations' strategy," PMI Cyprus Chapter President Alexia Yerolemou has warned.
These amounts correspond to approximately €93.69 million for every €858.7 million invested.
During her opening remarks at the 9th Project Management Conference, organised by the PMI Cyprus Chapter, Yerolemou emphasised that the need for effective project management “is more urgent than ever today.” She then noted that “unfortunately, in Cyprus too we have seen several examples of projects that either never progressed or were not successfully completed,” resulting in, as she said, “serious economic, social and environmental consequences.”
Commenting on the fact that the largest percentage of GDP is spent on the construction sector and infrastructure projects, Yerolemou said that at the same time "the largest losses are also recorded from projects that do not perform as expected" to conclude that "the strengthening of professional project management in this sector is crucial for both economic development and the sustainability of the country."
Recognising this importance, PMI has created the Construction Ambassadors program, in which the Cyprus Chapter actively participates, promoting the need for certified Project Managers in the construction industry, as well as the specialised PMI Construction Professional certification. In fact, preparations are already underway for a specialised event dedicated exclusively to the construction sector.
At the same time, communication channels have been opened with ministries and public organisations, with PMI offering an advisory role on education and certification issues. The institutional recognition of the Project Manager profession and the Project Management Professional (PMP) professional title is a strategic goal, which is expected to contribute substantially to the upgrading of the professional community.
Earlier, he stated that the primary objective of the PMI Cyprus Chapter is to promote sound and professional project management through the use of internationally recognised standards and their implementation by certified Project Managers, thus enhancing the effectiveness and success of each project.
Over the years, important collaborations have been created, such as the one with the Scientific and Technical Chamber of Cyprus (ETEK), with the common goal of recognising and institutionalising the profession of Project Manager, particularly in the construction sector, he notes.
In the academic sector, the Chapter collaborates with public and private universities in Cyprus, having already held presentations and actions in several of them, as Yerolemou mentioned.
Particular pride was expressed for the recent signing of a Memorandum of Understanding with the Cyprus University of Technology, aiming to exchange knowledge and experiences between the academic community and professionals in the field, enhancing the effectiveness of both sectors. This Memorandum constitutes an important step in promoting excellence, innovation and sustainable development in Project Management in Cyprus.
Additionally, it was announced that a Project Management competition for students from public and private universities is underway. The competition aspires to become an annual institution, dedicated to the memory of the late former president and founding member of the Chapter, Costas Tjiapouras.
In recent years, the Chapter has further strengthened its partnerships, particularly in the construction and infrastructure sectors. In this context, the Construction Ambassadors team was introduced, a group of passionate professionals who actively promote the importance of certified Project Managers and the PMI Construction Professional certification.
At the same time, the Chapter has strengthened its ties with government ministries and public bodies, offering guidance and expertise on issues of education, certification and professional development.
"We firmly believe that recognising the role of the Project Manager as a distinct and vital profession will enhance both the quality and impact of projects across the country," he emphasised.
The President's message was that the team's commitment and expertise reflect PMI's core values: professionalism, collaboration, and continuous improvement.
(Source: InBusinessNews)
