New research suggests that five crucial conversations — often overlooked or avoided — are essential to the success of any high stakes project or initiative.
It is estimated that of the $255 billion spent per year on information technology projects in the United States, more than a quarter is burned up in failures and cost overruns. Project professionals and management experts have attempted to respond to these failures by improving the formal systems related to program governance, project management and project-related technologies. Though these new approaches have produced improved results, with more than two out of three projects continuing to disappoint, however, the authors argue that something is still missing.
They suggest five crucial questions to ask to help prevent project failure — are we planning around facts, is the project sponsor providing support, are we faithful to the process, are we honestly assessing our progress and risk and are team members pulling their weight. The authors examine the success of the project managers who do engage in these conversations and then lay out a plan for using them in the organization.