Project Management in Iceland: Current and Future Importance of Project Management within the Icelandic Economy - Paper 2 of 3

Abstract

The project management profession has evolved from being a simple technical approach to planning to becoming a full-fledged profession that plays an essential role within the global economy. This paper, which is the second of three under the general heading Project management in Iceland, looks at the importance of project management within Icelandic organizations and the Icelandic economy. The paper explores the developmental path of the project management profession, looks at the current state of affairs, and identifies possible future trends though two surveys conducted Iceland. This study reveals the importance of project management in Iceland, a developed Nordic country, as a proportion of its economy. The study indicates that close to one third of the Gross Value Added (GVA) in the Icelandic economy is based on project-related work. The study, furthermore, indicates that the importance and application of project management will increase in the near future. This sends a clear message to both industry and the public sector on what kind of strategic and tactical alignments and what kind of professional competences are needed for future economy and society. Furthermore, the study describes - and deploys - two methods that can be used to measure the importance and trends within the project management profession and as indicators of what has been named “projectification" of society.