01~introduction

01~introduction - Introduction Evidence of projects is...

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1 Introduction Project Management for Business, Engineering, and Technology Evidence of projects is everywhere… From: blog.lib.umn.edu/muwah005/architecture/ From: www.educ.uvic.ca/. ./438/CHINA/CHINA-WALL.HTML …and in the news. Recent examples: Millennium Park, Chicago Ground breaking targets, 1998: Total cost: $150 million Gehry band shell: $10.8 million Completion: 2000 (millennium!) Actual Total Cost: $475 million Gehry band shell: $60.3 million Completion date: Summer 2004 Recent examples Boston Big Dig Cost estimate for total project: Circa 1989, seeking federal funding $ 2.5B 1991, ground-breaking $ 5 B 1997 $10.8 B Summer 2004, 92% complete $14.6 B Projected at completion $ 20 B?? From: www.cegltd.com/story.asp?story=8751&headline=. . Performance of IT Projects 2003 “Chaos” Report, Standish Consulting Group Major IT projects that fail, 66% Average cost overrun, 43% Projects with schedule overrun, 82% Required features/functions not included in released system, 48% Performance (cont’d) Criteria for Project “Failure” or “Overrun” >20% over budget, and >20% late, and >20% of business requirements not met
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2 Why Do Projects Fail or Suffer Overruns?
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01~introduction - Introduction Evidence of projects is...

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