Topic summary
Cost overruns
Extracted from the Wikipedia article Cost overrun.
Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Other studies concluded that costs for it projects are overrun by an average of 33 to 34 percent.