Although IT is becoming more reliable, faster, and less expensive, the costs, complexity, and risks of managing IT projects continues to be a challenge for many organizations. Although IT projects have experienced challenges since the DP era, a survey conducted by the Standish Group of 365 IT managers in 1994 drew attention to what many called the software crisis. The study was called CHAOS and reported that only 16 percent of the application development projects were successful in terms of being completed on time and within budget. Moreover, about 31 percent of the projects were canceled before completion, while 53 percent were completed but over budget, over schedule, and not meeting original specifications. The average cost overrun for a medium-size company surveyed was about 182 percent of the original estimate, while the average schedule overrun was about 202 percent. That is, the results of the survey suggest that a medium-size project estimated to cost about $1 million and take a year to develop actually cost about $1.8 million, took just over two years to complete, and only included about 65 percent of the envisioned....