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35% of Projects Are Doomed to Fail — Is Yours One of Them?
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An estimated $48 trillion are invested in projects every year by businesses worldwide.
One in three projects will fail according to a 2020 study by The Standish Group — they report every year about the state of projects called “The CHAOS Study”. In 2020– this study found that 35% of projects were unsuccessful.
Read that again — 1 in 3 projects will fail.
You may think “Well, that study was taken during the pandemic.”
Good thought, but surprisingly this statistic has not improved in years prior nor is there a trend for it improving after 2020. The trend is actually getting worse since projects are becoming more and more complex. We’re talking big and small businesses that had projects fail — the study is not taking into account the room you painted yellow and your wife decided it was the wrong shade and needed to be a tad lighter. But that was a failed project on a much smaller scale.
“Failure is part of the process of success. People who avoid failure also avoid success.” — Robert T. Kiyosaki
How do you know if the project you are working on today may be one of those statistics in that report?
