Article Summary
A new study by Bent Flyvbjerg of Oxford University investigates the perception that IT projects are often delayed, over-budget, and under-deliver. The research highlights the importance of comparing projects to benchmarks and using historical data to improve accuracy in estimations.
What This Means for You
- Being aware of the potential for estimation errors in IT projects will help you manage expectations and allocate resources more effectively.
- By using benchmarks and historical data, you can make more accurate predictions for project timelines, budgets, and deliverables.
- Regularly reviewing and adjusting project estimates as new data becomes available will further increase estimation accuracy and reduce the risk of delays and cost overruns.
- In the future, organizations that adopt evidence-based estimation practices will be better positioned to deliver successful IT projects.
Original Post
Let’s play a word-association game. Champions (Liverpool). Cyclists (smug). IT project (failure). Ask people what they know about tech projects, and they will probably say that they take longer than expected, cost more than budgeted and deliver less than they are meant to. Is that perception accurate? And if so, what can be done about it? A forthcoming paper, by Bent Flyvbjerg of Oxford University and his co-authors, sheds light on these questions.
Key Terms
- IT project estimation
- Project benchmarks
- Historical data
- Evidence-based estimation
- Project success factors
ORIGINAL SOURCE:
Source link
