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This study reveals that project work contributes greatly in terms of economic value to the Icelandic
economy. This correlates with findings in other countries where the economic contribution of project
management has been studied. In Germany, 37,7% of the GVA in the economy can be traced to projects,
and in Norway this number is 32,6% (Wald et al, 2016). In these countries, forecasts indicate further
increased importance of project work in the near future. In Iceland, 27,7% of the GVA can is based on
project related work, indicating that the monetary benefits of projects is in 2014 vicinity of 425 billion
ISK (0,277 x 1.530.775 m) a year and growing. Forecasted numbers are 31.5 in 2019.
Based on these findings it becomes clear that project management knowledge and professional
experience, should play a major role as a part of the overall strategies and tactics in all sectors of the
economy and society. In light of the large sums of money funneled through the economy via projects,
every improvement, be it big or small, results in financial rewards. It is timely to consider how much
projects influence industry, the public sector, the economy and society. This study can also be seen as a
contribution to further the development of metrics that can inspire future visions and strategies with
regards to the development of the project management profession.

References
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