A new survey reveals that failed projects cost Irish companies on average €580,000.
The survey from PM Summit - a conference for project, programme and portfolio management professionals - also found that 19% of the recent projects that Irish organisations have undertaken have failed.
Too many scope changes, communication and organisational problems, and poorly defined objectives were cited as the most common causes of failur.
Meanwhile, the most costly reasons were lack of involvement of all team members in project decisions and poor resource planning.
The research involved 407 project management professionals in Ireland from a broad range of sectors and was carried out with the assistance of Pan Research.
Architecture, construction & engineering and IT & information management are two trades in which project management are especially important and they make up 45% of all 52,000 project managers in the country.
Raymond Poole, CEO of PM Summit, said that inadequate or ill-prepared project management is costing Irish organisations millions and causing a great deal of stress to those involved.
"This research highlights that more investment, in terms of both time and money, is required to increase the success rate and reduce the huge expense of failed projects," he added.
This year's PM Summit will take place at Dublin Convention Centre on July 17.