With example explain the potential of communication in business with citation? ?

Communication plays a crucial role in the success of any business. It helps in building relationships, resolving conflicts, and ensuring effective collaboration among team members. Effective communication can lead to increased productivity, improved customer satisfaction, and overall business growth.

For example, a study conducted by the Project Management Institute (PMI) found that effective communication is directly linked to project success. The study analyzed over 10,000 projects from various industries and found that organizations with highly effective communication practices had a project success rate of 80%, while those with poor communication practices had a success rate of only 52% (PMI, 2013).

This example highlights the potential of communication in business. By establishing clear and open lines of communication, organizations can enhance their project management processes, leading to higher success rates and ultimately, improved business outcomes.

Reference:
Project Management Institute. (2013). Pulse of the Profession® In-Depth Report: The High Cost of Low Performance. Retrieved from https://www.pmi.org/learning/library/pulse-profession-indepth-report-5676