Large technology-led transformation programs are important for creating business value and building strategic capabilities across industries. With many organizations spending around 50 percent of their IT budget on application development, the ability to execute software programs faster and at lower cost is essential to success for many transformation projects. However, the quality of execution leaves much to be desired. A joint study by McKinsey and Oxford University found that large software projects on average run 66 percent over budget and 33 percent over schedule; as many as 17 percent of projects go so badly that they can threaten the very existence of the company.
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