If you are looking to embark on a complex IT Project, there could be a lot at stake. IT projects are very technically challenging and can go on for a very long period of time, this could mean that team members are spread between different locations and time zones.
Michael Bloch has measured that an average large IT project runs 45% over budget and 7% over time whilst being 56% less value for money than originally predicted. These figures are much higher when the IT project is mismanaged and there isn’t a project plan in place. An Example of failed projects include IBM’s stretch project, in 1965 IBM wanted to take on an project to build the world’s fastest supercomputer, after 5 years they built one called stretch. IBM sold the idea of it being 100 times faster than the computers at Los Alamos but was in reality only 30 – 40 times faster, the project was mismanaged from the beginning and they lost 5.7 million in the process.
Another example, the BBC created a The Digital Media Initiative which was the process of moving the BBC away from using and storing tapes. The complex project was taken over by technology company Siemens who have been in the business for an extensive amount time. A catalogue of errors and a series of delays meant that the license fee payers were out of pocket by £98.4m, there was a public apology and consequences. This example shows the importance of finding the key component to planning and managing an IT project.
So if you don’t want to be part of a losing statistic, read on as there are many ways to plan and manage successful IT Projects.
London TFE offer an IT project management course which looks at the complexities and solutions to an IT project, the courses are available around the world in the Middle East, Europe and Asia.
Need guidance with a project plan? Find out more about our IT project management course
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