ABSTRACT
In 2002, the Public Accounts Committee reported that the English government had 100 major Inventory turns (IT) projects underway, with a total value of roughly £10 billion. Computing magazine calculated that the cost of canceled or over-budget government IT projects is greater than £1.5 billion. In 2006, the new Chaos Report revealed that only 19 percent of projects begun were considered outright failures, compared with the 31 percent reported in 1994. In addition, 35 percent of software projects started in 2006 can be categorized as successful, meaning they were completed on time, on budget, and met user requirements. Ninety percent of the Project Managers around the world are using a project management methodology known as the Critical Path Method and have been doing so for many years. Every project from virtually every environment has uncertainty associated with it and how this uncertainty is dealt with determines the ultimate success or failure of the project.
