The majority of projects are doomed and should be thrown out before completion to save on costs, delegates heard at the annual Information Systems Audit and Control Association conference.
"According to Gartner, more than $600 billion a year is lost on ill-conceived or ill-executed IT projects," said Erik Guldentops, executive professor at the University of Antwerp, in Belgium.
John White, partner at PricewaterhouseCoopers (PwC), believes project success is dependant on risk management and stakeholder buy-in.
PwC`s six pillars of project success include committed stakeholders, realised business benefits, predictable work schedules, high-performing team, realistic scope and mitigated risks, he said.
"Every project management team needs an independent risk manager to check the health and viability of the project and assess the risk on an ongoing basis.
"According to research done by the Standish Group, 23% of projects fail outright and 49% are challenged. With a risk manager identifying danger areas, the project can be stopped if no solution is present to avoid any further wasted costs," White concluded.
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