Project Overspend Does not Always Equate to Project Failure

I was interested to read a recent blog in which Lewis Cardin of Forrester Research, stated that in spite of projects that are labeled a failure at one level can often be successful, depending on what your success criteria are. Projects that adapt to changing business requirements by adding enhancements that make a greater impact to the business, can often be commended despite being late or over budget. A prime example in Europe is the Channel Tunnel project, which at its 1994 completion had actual costs were, £4,650 million (in 1985 prices): an 80% cost overrun. The cost overrun was partly due to enhanced safety, security, and environmental demands, which is an undoubted improvement. The business and the IT project leads need to be united in their convictions and develop common weighted metrics that define success and failure on a graduated scale from success to failure.

You can hear Lewis provide insights from his research findings at a CA webcast at:
http://www.myclarity.com/forrester-ondemand-904.html