Effective adaptation, transformation and adaptation is complex to realize.
We have Transformation failures:
- 70% of projects fail. [source: 4 PM]
- 60% of projects at IBM do not meet key goals (schedule, budget, and quality). [source: IBM]
- 17% of IT projects go so badly, they threaten the existence of the company. [source: McKinsey]
- 74% of all projects do not succeed. [source: PMI]
- 67% of all projects did not complete on time and on budget. [source: Standish Group]
- 75% of business and IT executives believe their projects are “doomed from the start.” [source: Geneca]
- Only 2.5% of companies successfully complete 100% of their projects. [source: Gallup]
- High-performing organizations successfully complete 89% of their projects, while low performers complete only 36%. [source: PMI.org]
- Average cost overrun is 27%, but 17% had a cost overrun of 200% and a schedule overrun of 69%. [source: HBR]
- The failure rate of projects with budgets over $1M is 50% higher than the failure rate of projects with budgets below $350,000. [source: Gartner]
- 50% of all Project Management Offices [PMOs] close within just three years. [source: KeyedIN]
- 80% of project management executives don’t know how their projects align with their company’s business strategy. [source: Changepoint]
- Only 42% of organizations report having high alignment of projects to organizational strategy. [source: PMI]
We have innovation failures:
We have other critical failures that impact viability such as excessive cost overruns in IT expenditure or excessive exposure to acquisitions and mergers.
We have adaptation failure (doing the rights things at appoint in time); failure relating to optimizing system potentiality or the right management action addressing resilience.
The above failures are all caused by lack of effective governance framework that is cohesive in realizing its purpose, mission and goals.