It would appear that half of all large IT projects massively blow their budgets. According to a study of more than 5,400 UK and US IT projects, carried out by McKinsey and the University of Oxford, the average budget overrun is 45%, with the total overspend coming in at an eye-watering $66 billion. That’s more than the GDP of Luxembourg.
Whilst the largest organisations might buckle under the strain, many others struggle to survive this level of failure. The research found that nearly 1 in 6 IT projects go so badly wrong that they threaten the existence of the company.
