Sound Project & Programme Management vs Black Swan Theory

In a study, by Oxford University and McKinsey, it has been found that 1 in 6 big IT projects go over-budget by, on average, 200%. The study also found that spending on Information Technology projects was three times more likely to spiral out of control than construction or other major projects. The report states that the primary reason is due to the Black Swan Theory.
The Black Swan Theory or the Theory of Black Swan Events is a metaphor that encapsulates the concept of an event that is a surprise to all but one that has a major negative impact.
The report found that many Programme and Project Managers simply ignore low probability but high impact risks and when these become issues there is insufficient mitigation put in place to deal with them and as such, budgets and timelines spiral out of control.
Here at Regency IT Consulting, our Programme and Project Managers have over 20 years combined experience of delivering IT projects within time and within budget; all are qualified to PRINCE2TM, Managing Successful Programme (MSP) and Management of Risk (MOR) Methodologies from the APM and can provide guaranteed assurance that your Programme or Project will not suffer from Black Swan Syndrome.
For further information read the report on the BBC Website