Software Failures Cost up to $60 Billion to US economy and success is only 16.2%. These are the software projects that are completed on time and on budget. This success rate is even lower in bigger organizations; an alarming 9% that manage to meet their time and cost requirements, most of which still fail to meet their specifications. Alarmingly, A Standish Group research report shows that a staggering 31.1% of projects are canceled before they ever get completed. Further results indicate 52.7% of projects will cost 189% of their original estimates“ annually.
A project is said to have failed when it is unable to complete in the allotted budget and resources, or when it delivers later than it was decided or when it is unable to meet the requirements set out in the project definition phases. History shows that the proportion of projects meeting all three of these requirements is very small.
IT projects; especially those involved in the creation and management of software are very different from other kinds of projects such as a construction project. First of all; Failure or flaw in an IT project might not be as apparent as projects that can be seen and touched and more alarmingly, identifying the root cause is not as simple a job in IT projects as it might be in other sorts of projects.
There is an old saying that Goes like, “There are a million ways to do something wrong but only one way to do it right”. When it comes to IT projects, nothing can be further from reality. It is always the same bunch of reasons that cause failure. This article and those that follow will highlight a few of them hoping that it helps us be prepared to dodge these reasons in the future!
Failed projects could be of the following 4 Kinds
1) Failure caused by bad management
2) Failure caused by poor team effort
3) Failure caused by poor end product
4) Failure caused by errors that could have been caught