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I really enjoy playing guessing games – you know, the types that you would do in a case interview, in business school, or with your nerdy, analytical friends (and yes, my friends and I would fall into this category). It’s fun to try and give your guesstimate on how many golf balls could fit into a 747 or how many cigarettes are smoked a day in Montana. Even though I enjoy it quite a bit, I couldn’t imagine having my job hanging in the balance based on the accuracy of a hypothetical exercise. However, that is exactly what happens to an overwhelming number of leaders on a regular basis with their technology projects.
A McKinsey-Oxford study found that large IT projects go over-budget 45% of the time, over-schedule 7% of the time, and under-deliver 56% of the time¹. This translates to an awful lot of Steering Committee meetings where a Project Sponsor is forced to have an uncomfortable conversation with company executives on why their project is not meeting the metrics that were promised. But why does this happen? Why do very capable individuals (who called in experienced implementation teams) consistently find themselves in the hot seat with their projects? In many cases, the projects were doomed from the beginning due to basing the foundation of the project off of hypothetical exercises and guesstimates. Let me show you what I mean…