Project Management Slideshow: 10 Truths About Project Planning

By Ericka Chickowski  |  Posted 04-06-2009

10 Truths About Project Planning

Approximately 68% of companies surveyed were statistically unlikely to run a successful project, based on the findings in the survey.

10 Truths About Project Planning

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Companies with poor business analysis are three times as likely to see their projects fail

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Bad project requirements can exact up to a 60% hike in budget and time.

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For a $3 million budgeted project using a set of poor requirements, companies will pay an average of $5.87 million.

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The typical organization tends to use up 41.5% of new project development dollars on unnecessary or poorly specified requirements.

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When non-IT business leaders set project requirements, projects come in at:

196.5 % of the target budget

245.3 % of the target time

And 110.1% of the target functionality originally set by requirements

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When IT leaders set project requirements, projects come in at:

162.9 % of the target budget

172 % of the target time

And 91.4 % of the target functionality originally set by requirements

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When a mixed team of IT and non-IT leaders set project requirements, projects come in at:

143.4 % of the target budget

159.3 % of the target time

And 103.7 % of the target functionality originally set by requirements

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Over 50 % of organizations do not have the basic business processes and procedures in place to establish effective business and software requirements for new projects.

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Project failure associated with poor requirements can be slashed on over 80 % of projects by auditing three areas within requirements documentation:

Uncovering interdependencies

Setting ambiguous goals

Documenting information required to support the process.

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