The annual cost of project failure in the European Union in has been estimated at €142 billion according to research by Dr John McManus and Dr Trevor Wood-Harper.
The research defines project failure as not meeting any or all of the following success criteria: cost, time, quality and original requirements.
According to the report, which looked at 214 projects between 1998 and 2005, seven out of eight projects failed.
This research is further serious evidence of the Trillion Dollar Bonfire and the urgent need for a remedial action
I am not talking about a new project management methodology, we already have too many methodologies; indeed, over-dependence on existing project management methodologies has been cited as part of the problem.
I am saying that we need a complete and radical overhaul of the way that organisations address Information Systems development. We need an effective IS development framework if we want effective information systems.
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