3 steps to reduce a project's failure rate
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It's no secret that clear, concise, and measurable requirements lead to more successful projects. A study about large scale projects by McKinsey & Company in conjunction with the University of Oxford revealed that "on average, large IT projects run 45 percent over budget and 7 percent over time, while delivering 56 percent less value than predicted." The research also showed that some of the causes for this failure were "fuzzy business objectives, out-of-sync stakeholders, and excessive rework."
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