Failure, success, and maturity in projects

The information technology industry has experienced a tremendous growth over the last 30 years but still beleaguered by failed projects. Failure cases are typically dominated by large and complex projects. Moreover, the percentage of projects being developed above their limits of time, budgeted cost and quality is still high. However, in defining project success, are these the only parameters that make the difference? According to the PMI Project Management Body of Knowledge, Project Management is about delivering a product or service on time, within the allocated budget and according to customer defined quality and specification, by a motivated project team. Indeed, success as well as failure, appears to be linked to a wide range of factors.