8 Reasons Behind the Failure of Million Dollar Projects
According to PMI.org, for every $ 1 Billion invested in the USA, over $ 122 million gets wasted because of poor project management. Project failure is evident in almost every sector and business setup. A classic example of business failure is the Denver International Airport Automated Baggage System. The Denver airport is the largest in terms of area and 6th in terms of total customers it supports. Denver Airport, with the BAE system, desired to upgrade the time-consuming luggage check-in and transfer system. While there were several reasons behind the failure of the project, leading to a $2 billion loss, the major reason behind the failure included management taking unnecessary risks and the airline not being included in the planning process.
Standish Group, an independent international IT research advisory firm, mentions in the CHAOS Manifesto that few than a third of the million-dollar projects were completed within the given time and budget. This brings up the question, “Why do so many projects fail?”. Projects are generally led by professionals with ample work experience and a team to back them up. What is the reason why Professionals around the globe so often fails to deliver what they are believed to be expert at? Reasons behind the failure of projects have been a hotbed of discussion between experts and today Certification Planner presents the top reasons behind the failure of Million Dollars Projects.