Most corporate initiatives fail - a fact supported by countless studies, published research articles, and legendary horror stories. Boards of directors are asked to approve strategic, expensive projects that promise to transform the business. Yet managing risk in terms of financial exposure and business disruption is challenging. As critical initiatives unfold, directors must minimize exposure by staying apprised of progress and knowing where to focus their attention - but without getting into all the details. This is a difficult balance to achieve.
There are many types of initiatives, such as mergers and acquisitions, enterprise software integration, restructuring, business process re-engineering, Six Sigma, and Sarbanes-Oxley compliance, just to name a few. Since many corporate initiatives involve new computer systems (and the large budgets they tend to consume), information technology (IT) projects will be the focus of this article. However, the underlying concepts apply to virtually any major project.
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