Project Planning

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

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

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

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

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

6.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.

7.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.

8.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.

9.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.

10.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.