IT projects usually fail -- KPMG

Gulp. A KPMG survey of 134 companies worldwide found that 56 per cent have had to write off as a failure at least one IT project in the past year. The average loss incurreed: 12.5 million euros. Sixty-seven per cent reckoned that their project management function was in need of improvement. A principal reason for failure: poor communication.
(From The Register)