The IT Project Management landscape is rapidly advancing, as businesses increasingly depend on technology for growth and innovation. Despite significant investments in training and certification for IT Project Managers, only 2.5% of companies are successful in completing their projects successfully.
So, what is causing this high rate of IT project failure? In this article, we’ll investigate the key underlying reasons for IT project failure and offer potential solutions to these problems.
Poor Requirements Definition :A major cause of IT project failure is inadequate requirements definition. Gathering and documenting requirements is essential to any successful endeavor, as they form the basis for project scope, timeline and budget. Without properly defined requirements, misunderstandings and miscommunication may occur which lead to project delays and overruns in both time and budget.
Lack of Collaboration: IT projects often involve multiple departments and stakeholders, making collaboration and communication essential for their success. When collaboration fails, conflicting priorities and uncoordinated efforts may arise leading to project dysfunction and failure.
Underestimation of Complexity: IT projects can be intricate, involving multiple technologies, platforms and systems. If not properly assessed and managed, complexity can quickly out of control and lead to project failure.
Resistance to Change: Projects that involve significant modifications to business processes, systems or technologies may encounter opposition from stakeholders. This resistance makes it challenging for project teams to meet their objectives and could also result in delays and budget overruns.
Inadequate Risk Management: IT projects involve various risks, such as technological, financial, and operational. Without adequate risk management, these potential obstacles can quickly accumulate into major obstacles that stall progress on a project and ultimately lead to its failure.
Status quo bias, the tendency to stick with familiar processes and technologies even when more efficient or effective alternatives exist, may also contribute to IT project failure.
The good news is that these problems can be addressed and solved. To do so, businesses must take a multifaceted approach which includes effective project management, stakeholder collaboration, and continuous improvement – this may include:
Investment in proper requirements gathering and definition
Promoting collaboration and communication between departments and stakeholders
Assessing project complexity effectively
Overcoming resistance to change through stakeholder engagement and education
Implementing robust risk management practices
Encouraging a culture of innovation and continuous improvement.
The high rate of IT project failure can be attributed to several factors working in concert. By addressing these underlying problems and taking an integrative approach, businesses can improve their success rates with IT projects while driving growth and innovation.
Author: Mark
5 Steps to Develop a Detailed Project Plan
A Guide to Avoiding Failed IT Projects
As you will know by now, if you are a reader of my blog, and because I keep reiterating the point to get through to Project Managers I share these stats once again. It is reported by PWC, Forbes, and the Project Management Institute (PMI), a significant portion of IT projects fail to meet their goals and deliver expected outcomes. The reasons for this are various, but on this post I will focus on poor project planning, which often plays a significant role.
However, by following these five key steps, you can develop a detailed project plan that sets your IT project on the path to success:
- Define clear objectives: Start by defining the project’s goals and objectives. Make sure they are specific, measurable, achievable, relevant, and time-bound (SMART).
2. Gather requirements: Next, gather requirements from stakeholders to understand what they expect from the project. This helps in creating a comprehensive project plan that takes into account all necessary elements.
3. Develop a timeline: Create a timeline that outlines all the tasks and milestones of the project. Make sure the timeline is realistic and takes into account any potential roadblocks.
4. Assign resources: Assign the right resources, including personnel and equipment, to each task. Ensure that the resources you assign are adequate for the task and have the necessary skills and experience.
5. Monitor progress: Regularly monitor progress and adjust the plan as necessary. This helps to keep the project on track and ensures that it stays aligned with the goals and objectives.
By following these five steps, you can develop a detailed project plan that will help you avoid the common pitfalls of failed IT projects. If you need further help or have any questions, please don’t hesitate to reach out to me. And lease comment a you see fit. Do you agree or disagree? Did I miss something ?
5 Steps to Identify and Engage your IT Project’s Stakeholders
I start this post to remind my readers once again about the current state of It Project Management. According to recent studies by PwC and Forbes, bad IT projects are becoming increasingly common, with a reported 75% of IT projects failing to meet their objectives. The Project Management Institute (PMI) also reports that poor stakeholder engagement is a leading cause of project failure.
But, there is hope! By following these five key tips, you can improve your chances of success and ensure that your IT project is a success:
- Identify your stakeholders early on. The first step in successful stakeholder engagement is identifying who your stakeholders are. This includes everyone who will be impacted by the project, from your team members and customers to your company’s management and shareholders.
2. Understand their needs and concerns. Once you know who your stakeholders are, it’s important to understand their needs and concerns. This will help you tailor your communication and engagement strategies to meet their specific needs.
3. Communicate effectively. Clear and timely communication is key to keeping stakeholders informed and engaged. This includes regular updates on the project’s progress, as well as addressing any concerns they may have.
4. Involve them in the decision-making process. Stakeholders are more likely to be engaged if they feel like they are a part of the process. Involve them in key decisions and solicit their input and feedback.
5. Show them the value of the project. Finally, it’s important to demonstrate the value of the project to your stakeholders. This includes highlighting the benefits the project will bring and how it will positively impact their work or lives.
By following these five tips, you can increase your chances of success and ensure that your IT project is a success by engaging stakeholders properly . And remember, if you need further help, feel free to reach out to me. And please comment and let me know your thoughts. Do you agree or did I miss something ?
5 Steps to Clearly Defined IT Project Goals and Objectives
In today’s fast-paced business environment, IT projects are becoming increasingly important for organizations to stay competitive. However, according to a recent study by PwC, only 28% of IT projects are successful. Forbes also reports that poor project management is a leading cause of IT project failure. And yes I have shared these stats in previous posts. I do so to emphasize the message, because so many Project Managers and Program Managers are sleep walking themselves and their projects to failure.
So, how can organizations ensure their IT projects are successful? One key factor is clearly defined goals and objectives. Here are five steps to help you get there:
- Understand the business need: Before starting any IT project, it’s essential to understand the business need that the project will address. This includes identifying the problem or opportunity that the project will solve and the potential benefits it will bring to the organization.
2. Define specific and measurable goals: Once you understand the business need, you can define specific and measurable goals for the project. These goals should be aligned with the organization’s overall objectives and should be achievable within the project’s timeframe.
3. Identify key objectives: Objectives are the specific steps or actions that will be taken to achieve the project’s goals. Identify the key objectives for the project and ensure they are aligned with the project’s goals.
4. Communicate the goals and objectives: Clear communication is critical for the success of any project. Make sure the project’s goals and objectives are communicated to all stakeholders, including the project team, management, and any external partners or vendors.
5. Review and adjust as needed: As the project progresses, review the goals and objectives to ensure they are still relevant and achievable. If necessary, adjust the goals and objectives to reflect any changes in the project’s scope or direction.
In conclusion, achieving success in IT projects is crucial for any business, and clear goals and objectives are the key to success. By following these five steps, organizations can set themselves up for success. Remember to reach out to me for help if you need it. And please comment as you see fit, whether you agree or disagree with my take on this topic.
How to Successfully Complete an IT Project in 10 Steps
According to PWC, Forbes, and the Project Management Institute (PMI), a significant number of IT projects fail to meet their goals and objectives. In fact, PWC reports that only 2.5% of IT projects are successful. This is a worrying statistic, but it doesn’t have to be the case for your IT project. By following these 10 steps, you can increase the chances of your IT project’s success.
- Clearly define the project’s goals and objectives: The first step in ensuring the success of an IT project is to clearly define the project’s goals and objectives. This will provide a clear and measurable framework for the project, and it will ensure that everyone involved understands what the project is trying to achieve.
2. Identify and engage stakeholders: Another important step is to identify and engage stakeholders. This includes the project sponsor, project team members, and any other individuals or groups that will be affected by the project. Engaging stakeholders early on in the project will ensure that their needs and expectations are taken into account.
3. Develop a detailed project plan: A detailed project plan is essential for the success of an IT project. The plan should include a schedule, a budget, and a list of deliverables. It should also include a risk management plan, which will help to mitigate any potential risks that may arise during the project
4. Assign a dedicated project manager: A dedicated project manager is responsible for overseeing the project and ensuring that it is on track to meet its goals and objectives. The project manager should have experience and relevant qualifications.
5. Communicate and collaborate: Good communication and collaboration are essential for the success of an IT project. Regular meetings, clear communication channels, and a shared project management tool can help to ensure that everyone is on the same page.
6. Monitor progress and adjust as needed: It is important to monitor the progress of the project and make adjustments as needed. This includes keeping an eye on the project’s budget, schedule, and deliverables.
7. Implement a change management process: Change is inevitable in any project, so it’s important to have a change management process in place. This process should be used to evaluate and manage any changes that arise during the project.
8. Continuously gather feedback: Gathering feedback from stakeholders and team members is important to ensure that the project is meeting their needs and expectations. This feedback can also be used to identify and address any issues that arise during the project.
9. Conduct a post-project review: After the project has been completed, it’s important to conduct a post-project review. This review should be used to evaluate the project’s success, identify any areas for improvement, and gather feedback from stakeholders and team members.
10. Continuously improve: Continuously improving the way you manage and execute IT projects is crucial. This includes learning from past projects, staying current with industry trends and best practices, and implementing new tools and technologies.
By following these 10 steps, you can significantly increase the chances of your IT project’s success. If you want to learn more about making your IT Projects succeed or have any questions about the above steps, please do not hesitate to connect with me.
Status Quo Bias, enemy of successful IT Projects
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!
IT Project Management Dysfunction: The Costs and How to Fix It
When it comes to managing IT projects, many organizations struggle with dysfunction that leads to costly delays and budget overruns. According to a study by the Project Management Institute (PMI), only 64% of IT projects are completed on time and within budget. Additionally, 14% of IT projects are considered complete failures, meaning they are either cancelled before completion or fail to meet their objectives. And those statistics are way too positive. In fact PWC state that only 2.5% of companies can complete 100% of their IT Projects successfully.
None the less, these statistics paint a bleak picture of the state of IT project management, but it’s important to remember that these issues can be addressed and resolved. In order to do so, it’s important to first understand the root causes of dysfunction.
One major issue is a lack of clear project goals and objectives. Without a clear understanding of what a project is trying to achieve, it’s difficult for team members to stay focused and motivated. Additionally, without clear objectives, it’s difficult to measure progress and determine if a project is on track.
Another issue is poor communication and collaboration among team members. When team members are not on the same page, it can lead to confusion, delays, and rework. This can also be exacerbated by siloed departments or a lack of clear roles and responsibilities.
Finally, a lack of oversight and accountability can also contribute to dysfunction. Without proper oversight, it’s difficult to ensure that projects are on track and that issues are addressed in a timely manner. Additionally, without clear accountability, it’s difficult to determine who is responsible for delays or budget overruns.
While the statistics on IT project management dysfunction may seem daunting, it’s important to remember that these issues can be addressed and resolved. By setting clear project goals and objectives, improving communication and collaboration, and implementing oversight and accountability, organizations can improve the success rate of their IT projects.
As an IT Project Management professional, I have experience in addressing these issues and can help your organization to improve the success rate of your IT projects. If you’re struggling with dysfunction in your IT project management, don’t hesitate to reach out to me to book a call or drop a line to me on LinkedIn. Together, we can create a plan to turn things around and deliver successful projects that meet your organization’s needs.
An honest look at It Project Management in 2022
And what we can do to make IT Project Management Better
The IT industry was projected to spend $5.3 trillion in 2022, and with that budget came an increased demand for qualified IT project managers. Collaboration and agile methodologies are in high demand, and companies are investing in project management tools to improve their success rates. However, there are some challenges in the industry that IT project managers don’t want you to know about.
The average IT project runs over budget by 27%, and one in six projects turns into a “black swan,” running 200% over budget and 70% over schedule. These “black swan” projects can even lead to bankruptcy. Only 2.5% of companies complete 100% of their projects successfully, and only 40% of IBM’s projects meet their criteria on schedule, budget, and quality. In fact, 17% of IT projects can be so problematic that they threaten the very existence of the company.
Big data and ERP projects have particularly high failure rates, with 85% and 50% respectively. Additionally, only 58% of companies value IT project management, and IT projects cost the United States $50-$150B in lost revenue and productivity.
While there are challenges in the IT project management industry, there are also potential solutions that can improve success rates. Improved training and a shift in mindset can help overcome some of the issues that plague the industry. By addressing the underlying cultural problems and embracing collaboration and agile methodologies, companies can improve their project management processes.
If you’re struggling with your company’s project management, don’t hesitate to reach out for help. Comment on this article or contact me directly to discuss ways to improve your success rates and ensure the success of your projects. Together, we can tackle the challenges and find solutions to improve the IT project management industry.
Remembering Satish Singh
Less procrastination, more living.
Today marks the fifth anniversary of the passing of Satish Singh, a dear colleague and friend who we lost to suicide in 2017. Or rather I can’t believe its been five years since his passing and I forgot his anniversary, once again. I could blame a lot of things, Its been such a tumultuous 3 years. But No excuses, I needed to write this . And its apt as a comeback to this blog.
Satish was a kind and talented individual who touched the lives of many in the time we knew him.
As we remember Satish and the positive impact he had on our lives, it’s important to also address the issue of suicide and the toll it takes on individuals, families, and communities. According to the American Foundation for Suicide Prevention, suicide is the tenth leading cause of death in the United States, with men being three times more likely to die by suicide than women. In 2021 alone, over 6,000 men in the US died by suicide.
In Ireland, the rate of suicide among men is also alarmingly high, with nearly three-quarters of all suicides in the country being committed by men.
These statistics highlight the need for open and honest conversations about mental health and the importance of reaching out for help and support when needed. It’s important for men, in particular, to know that it is okay to talk about their feelings and seek help when struggling with thoughts of suicide.
As we remember Satish and the pain his passing has caused, let us also remember to take care of ourselves and each other. If you or someone you know is struggling with suicidal thoughts, please reach out to the National Suicide Prevention Lifeline at 1-800-273-8255. There is help and support available, and it is never too late to ask for it.
Satish will always be remembered for his kindness, his talent, and the joy he brought to those around him. Let’s honor his memory by being there for each other and taking care of our mental health.
Cohesity demonstrate a definitive compliance policy for GDPR at VMWorld
The blog post from VMWorld , where I am really excited about how Cohesity have written the playbook for GDPR compliance in the Data Centre and the Cloud, and I don’t think they realise it.
Bayside Chronicle 