According to the McKinsey / University of Oxford study, half of IT projects with budgets of over $15 million (~£10mil) run 45% over budget, are 7% behind schedule and deliver 56% less functionality than predicted. McKinsey report shows that large projects not only fail more often, but also deliver less.
They draw out four disciplines to improve project performance:
- Manage strategy and stakeholders instead of exclusively concentrating on budget and scheduling
- Master technology and project content by securing critical internal and external talent
- Build effective teams by aligning their incentives with the overall goals of projects
- Excel at core project-management practices, such as short delivery cycles and rigorous quality checks
Click here to read more - McKinsey Report