There are some statistics available that provide insights into the failure rate of enterprise projects:
- According to a report by the Project Management Institute (PMI), only 64% of projects meet their goals and business intent. The remaining 36% either fail outright or do not fully meet their objectives.
- A study by McKinsey & Company found that large IT projects go over budget by an average of 45% and are 7% less likely to deliver their expected benefits than smaller projects.
- A survey by Geneca found that 75% of business and IT executives anticipate that their software projects will fail.
- A report by Standish Group found that only 29% of IT projects were successful in delivering the expected business value. 52% of projects were either challenged (i.e., over budget, behind schedule, or did not meet all of their objectives) or failed outright.
These statistics highlight the challenges that enterprise projects face and the need for effective project management practices. By implementing best practices such as clear communication, stakeholder engagement, and adequate planning, project managers can increase the chances of project success and reduce the risk of failure.