Considering how much and how rapidly technology has evolved since the start of the millennium, one would think the ability to implement successful enterprise projects would have improved at a comparable pace. But it hasn't, according to a 2006 report by The Standish Group, a Boston-based research firm. The study found that IT project delays and cost overruns haven't improved much since 2000: 47 percent of projects are over budget, and 72 percent don't meet projected timelines, compared with 45 percent and 63 percent, respectively, in 2000.

Because technology advances so rapidly—with significant revisions every six to 12 months—IT projects tend to have high degrees of uncertainty. Methodologies change, personnel turnover can be high, and there are no standard benchmarks for evaluating abilities and skill levels. A project's success ultimately depends on people, not technology or tools. This holds true for all industries, from manufacturing to financial services.

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