Project-based work has become a critical component of global industrial activity. Among other functions, projects are used to develop new products and services, improve operations flows, implement innovative information technologies, and conduct primary R&D. At the same time, project management is a core skill requirement for numerous corporations worldwide hoping to harness a means of improving both the efficiency and effectiveness of their operations. Unfortunately, the track record for project development has not been strong. Data suggest that within various industrial components, such as IT, failure rates for projects are high; even 'successful' examples typically run well over budget and behind schedule. This article addresses some of the reasons why projects and project management have failed to live up to lofty expectations, arguing that the seeds of failure are often sown from the outset through flawed project planning. Citing the more common errors in human judgment and drawing on numerous examples, we offer guidelines by which project planning can begin to work as it was intended: on behalf of the project rather than at cross-purposes with the project's goals.
All Science Journal Classification (ASJC) codes
- Business and International Management