The Facts of Project Failure
Project are generally considered a 100% success when the project fulfils what it set out to do on time and in budget. However, whilst some products might take longer or go slightly over budget, others can accrue a massive cost or never reach completion at all.
We’re taking a look at some project failure statistics to truly understand how many projects fail, why and the real cost of a failing project.
Some more recent statistics from the Project Management Institute suggest project performance is improving.
However, other shocking statistics reveal that this isn't the whole story.
Evidently, project failure of some form is a common experience for many, but why do these projects fail?
Whatever the reason for a failing project, it can be difficult to gauge the real cost to your business, especially with large projects.
10. A survey published in HBR shows that the average IT project went over budget by 27%. Moreover, at least one in six IT projects has a cost overrun by 200% and a schedule overrun by 70%, earning it the name "black swan".
However, the cost is not only financial. It's important to remember the other costs to your business that arise from a failing project, including the impact on your team.
If you want to know the real cost of your failing project, check out our calculator on our website here!