According to Oxford University and McKinsey, "One in six big IT projects go over-budget by an average of 200%." The study also found that spending on technology was three times more likely to spiral out of control than construction or other major projects.
Apparently the problem stems from management failing to identify and plan for "black swans", negative events that hit rarely, but when they hit, they have a large impact.
Professor Flyvbjerg and his team are now looking to develop tools that help IT managers avoid out-of-control projects.
"Managers are very likely to run into black swans. They need to be able to identify them and prevent them."
Let's hope the good professor and his team don't hit any black swans.