Paper Example on Analysis of Manufacturing Projects: Why 75% Fail Annually

Despite the many contributions of the manufacturing sector to the economies, statistics show the massive failure of the manufacturing kinds of projects. Records show an annual failure rate of up to 75% of the projects launched in the same year (Binder, 2016). Such a trend is worrying and needs to be addressed amicably before things get out hand. Therefore, the research aims at addressing the gap by adding to the body of knowledge already available concerning this subject. By taking a qualitative approach, the study seeks to match the relevant leadership skills and their application to particular areas of manufacturing project management to guarantee success as is always desired (Binder, 2016). As such, the results of the study can be applied in the training of managers or the selection processes so that candidates with relevant managerial skills are recruited for manufacturing jobs.

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The performance of an organization or particular manufacturing projects has great reliance on the project management styles that are being applied by particular managers (Berg & Karlsen, 2016). Research has shown that if the many available leadership styles are applied consistently and appropriately to various manufacturing projects, almost similar and desirable outcomes can be guaranteed for such projects (Aga, Noorderhaven, & Vallejo, 2016). A key consideration is that the project managers have the greatest responsibilities in ensuring proper application of their leadership skills to select styles that resonate well with their workplace, workforce, and line of the manufacturing activities that they take part in (Anantatmula, 2010). According to earlier conducted research, many managers with no limitation to the field of manufacturing find it easier to select management styles that can guarantee success while at the same time, giving them a chance to implement their perspectives (Berg & Karlsen, 2016). Therefore, it must be ensured that the project managers are skilled due to relevant training, and can identify appropriate leadership styles to apply.

Introduction

Regardless of all widespread research in the project management filed, sti8ll there is lack of correct answer to what can assist projects succeed. The outcome of project failure is undesirable since staggering costs to business owners and government every year, which must be fixed and addressed accordingly (Verner, Sampson & Cerpa, 2008, June). Research also demonstrates that project managers' experience does not correlate with the success of a project. Thus, there should be other aspects than the project manager's competency when it gets to matter of success or failure of a project.

Putting into mind what essential role confidence serves in different filed such as sport, education, and entrepreneurship, no study has been conducted to examine whether there is a link between success/ failure of a project and confidence in leadership. If a project manager is self-assured will be able to make the decision with a sound mind or be ready to execute decision already established, empower and guide his/ her team in the right direction, be inventive enough to offer to a tricky and challenging situation (Muller & Turner, 2007). Atkinson, Crawford, and Ward (2006) claim that more radically, a lack of confidence negatively affects the capability to manage risks and uncertainties, which are substantial for effective management of risk, a primary factor in project success.

The effect of leadership confidence as a success aspect in project outcome must be addressed if organizations want to enhance the performance of executed projects outcome and reduce rapidly spending in private and public sectors. Hence, studies need to be conducted on the effect of leadership confidence of project success. Therefore, this paper will be assume qualitative study method on the research topic to help fill the literature gap that exist, which in return will assist to get a clear comprehension of the impact of leadership confidence on project success and what should be done to develop confidence that may decrease the percentage of failed projects that, ultimately, can benefit both, organizations and project managers. Justification for the Study

It is essential to underline there is a strong correlation between project leadership and project management, and this association substantially translates to success or failure of the project. According to Conge and Benjamin (1999), effectively, every element associating with the development of a project is crucial, and the working environment for project managers and team to implement their business operations produce a particular relation and a necessity for leadership. The chief arguments presented in this study are that very little focus has been placed on the desire for leadership competencies as requirements from project managers. Even though there has been a fair amount of research carried out to discuss leadership and project management generally, nearly none has been conducted to selectively pinpoint particular competencies critical in effectively managing high-level projects in the manufacturing sector (Shenhar, 1993). Thus, there is a need to present comprehension of the fundamentals of each essential attribute, which leads to project success and ultimately, the firm's bottom line, profits. This study will abstain from evaluating project profits; the research is solely focusing on leadership behaviors and their effects on project success. Therefore, competencies such as modest confidence could help leaders management project more effectively another

Additionally, six schools of leadership have evolved over the past several decades; the visionary school discovered two types of leadership, transactional and transformational leadership, literature suggested that transactional and transformational leadership styles may be effective styles for project managers (Stewart, 2006).

According to Richard (2017), the total number of organizations, which attain 100 per cent of their projects, is nearly 2.5. For instance, at IBM, less than 50 per cent of projects accomplish the organization's goal of budget, schedule, and quality. According to Blaskovics (2014), statistics for project failures are even more appalling in the military sector. Ninety-eight per cent of projects are never completed asset, and three per cent of the completed project is put into practice. What is `more alarming is that 80 per cent of "high -performing" projects are led by a specialized project manager (Richards, 2017). From these data, it is clear that project manager competency does not affect substantially on project performance. Therefore, it is vital to examine factors such as confidence in leadership to find out the exact aspect that essential for project success both the private and public sectors.

Nonetheless, no advancement has been made to increase the performance of projects. The most common reason for project failure is inadequate funding, poor strategic decisions, confusion regarding role awarding in team, poor technology choices, and, lack of time and direction. Nevertheless, research by Geneva (Richards, 2017) illustrated that 75% of the survey's answer on the lack of confidence leads to project failure. If project success elements and breakdowns have been examined for several years, but no progress has been produced, perhaps, it is because the researchers have never thought of investing confidence, which is a cornerstone of leadership, essential to enable the project to be successful.

One of the primary elements of project is risk. According to David (2014) states that risk is" an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives". Chances become common in the present market world, and it is impossible to work on a project without facing a threat (Taherdoost & Keshavarzsaleh, 2016). When the risk happens, the responsibility lies in the project manager, who is accountable for managing the entire project (Hillson, 2014). A confident leader is not worried to take chances on tasks that s/he can conduct and does not become anxious when encountering a situation that we not anticipated during the planning stage. Confident people do not have fear for unknown; hence can face any situation believing they can overcome it. (Berger, n.d.). However, it is the opposite when the person is not confident. The unconfident person is paralyzed by the fear and is not able to make decisions or face the issues strategically.

Consequently, confidence is a desired skill for the project manager to manage projects to manage uncertainties successfully. If the project manager is uncertain, s/he cannot be able to deliver as expected. As Taherdoost and Keshavarzsales highlight, the failure to manage project risks can cause project failure and noteworthy losses, which eventually will affect the business objectives of the entire firm (Taherdoost & Keshavarzsaleh, 2016).

Contribution of the study

This research aims at narrowing the gap in project management literature by concentrating on the effect of leadership confidence as one of the vital factors for project success. The implications driven from the finding of this study will be used by project managers to guide them on how to improve their confidence, also private and public sectors that conduct remarkable costs linked with project execution.

Annually, the U.S. economy goes that a loss of an estimated amount of $50 - $150 billion from project failure. This is a considerable loss and U.S.states experiences. Regardless of the skills of project managers, projects continue to fail at a shocking rate. According to the Geneva research report, a lack of confidence as a critical leadership competency in project managers has led to...