Status quo bias is a dangerous trap that many businesses fall into when it comes to IT project management. This bias refers to the tendency for people to stick with the status quo, even when there are more efficient or effective alternatives available. Unfortunately, this mindset can lead to project dysfunction, wasted resources, and missed opportunities for growth and innovation.
According to a report by PwC, the average IT project has a cost overrun of 27% and a schedule overrun of 22%. Additionally, PMI’s Pulse of the Profession report found that only 64% of IT projects are completed on time and within budget. These statistics highlight the significant impact that status quo bias can have on the success of IT projects.
The good news is that there is a solution to this problem. By recognizing and addressing status quo bias, businesses can improve the efficiency and effectiveness of their IT projects. One way to do this is to encourage innovation and experimentation by setting aside budget for research and development. Additionally, businesses can foster a culture of continuous improvement by regularly reviewing and updating their processes and technologies.
Another solution is to hire an experienced IT Project Management Consultant like me 🙂 who can help businesses identify and overcome status quo bias. As an IT Project Manager, I have helped many businesses to identify and address areas of dysfunction, improve project efficiency and effectiveness, and achieve their goals.
In conclusion, status quo bias can be a major obstacle to the success of IT projects. By recognizing and addressing this bias, businesses can improve their project outcomes and achieve greater success. With the help of an experienced IT Project Management Consultant, businesses can overcome this bias and thrive in today’s fast-paced, competitive environment. Let me know your thoughts if you agree or disagree or have more to add to this topic. Comment below as you see fit!