Most IT managers have a vague sense of what project management is, but why is it important in IT?
In the mid-1990s, researchers began publishing literature about the overwhelming number of failed IT projects. The most famous of such is The Standish Group with their Chaos report published in 1995 which stated about one-third of all IT projects were complete and abysmal failures, over 50% were over-budget, and less than 50% meet all their objectives; while, a scant 16% of software projects came in on-time and within budget. A subsequent update in 1999 showed that successful projects has increased to 26%. KPMG also published a similar study in 1998.
On the strength of this research and empirical observations, project management began gaining a foothold in corporate IT.
Now, while formal practitioners and their critics will argue ad nauseam about the exact ROI project management delivers , most everyone agrees that the tools, methodologies, and effort provides some value. PMI undertook a study to document the value the profession provides, which as expected resulted in the affirmative. Tom Mochal, a leading thinker and practitioner, makes a quotable argument in his post “Convince Executives of the Value of Project Management“. Project management either increases the likelihood of a project being successful or quicker identification of a project that will fail.