We had a couple readings assigned for class that focused on the topic of IT projects failing. One of which,Why Do Big IT Projects Fail So Often? cited a study done by McKinsey that saw that 17% of lT projects budgeted at $15 million or higher are detrimental to a companies survival, and more than 40% of them fail entirely.
I ended up finding this article that brought a little more enlightenment to the matter. The 17% projects have been given the name “black swans” and are often IT projects that have budget overruns of 200% or more. This article tackles all the notes of budgeting a project, completing the scope and completing it on time connecting it to all the project management related work we’ve read and done for class.
McKinsey details that when working on large IT projects there is a methodology of four points that can help improve project performance.
- focusing on managing strategy and stakeholders instead of exclusively concentrating on budget and scheduling
- mastering technology and project content by securing critical internal and external talent
- building effective teams by aligning their incentives with the overall goals of projects
- excelling at core project-management practices, such as short delivery cycles and rigorous quality check
The article goes into great detail of those points but a general sense could be described as having your project management look at a larger picture beyond budget and the schedule and make a greater consideration and planning with internal and external stakeholders. Your team should also have a few experts on technology and IT infrastructure and have everyone on the team understand the end goal and to have an overall team structure that everyone shares that doesn’t interfere with individual aspects. And lastly have a decently rigorous project management structure that keeps an eye on everything coming together and proper testing.