Following entry is a record in the “Catalogue of Catastrophe” - a list of failed and troubled projects from around the world.
White Star Line
Project name : RMS Tayleur
Project type : Passenger ship
Date : 1854 (filed under historical failures)
Cost : Unknown
Synopsis :
The sinking of the White Star Line's Titanic on her first voyage is one of the world's classic disaster stories. What few people know is that the Titanic was not the first passenger liner sailing under the White St...
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Quality Management
J.P. Morgan Chase & Co.
The following entry is a record in the “Catalogue of Catastrophe” - a list of failed or troubled projects from around the world.
J.P. Morgan Chase & Co.
Project type: Financial risk analysis tool
Project name: New Synthetic Credit VaR (Value at Risk) Model
Date: Sep 2011 (project) - Apr-Jun 2012 (operational failure)
Cost: Approximately $6B
Synopsis:
Sometimes the mightiest of the mighty is humbled by the meekest of the meek. Microsoft Excel may not be the most grandiose sof...
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Bait and switch
Lesson Learned: Take control over the key players vendors assign to your contracts
Category: Contract Management
The following post is a “Lesson Learned” that comes from the analysis of the failed projects documented in the “Catalogue of Catastrophe” or from the experiences the editorial team have had working with clients around the world. The post is published here to spark discussion and help organizations think about what it takes to improve project success rates.
In today’s compet...
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Social Learning
Being something of a Systems Thinker, I often find myself reflecting on events to see if I can understand the cause and effect relationships that drive the outcomes we attain. Working in the field of education, that interest has caused me to look deeply into the way individuals learn and how different modes of teaching achieve different outcomes.
When we think about training we typically think in terms of training classes, academic courses and the ubiquitous two day workshop. Despite the prom...
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Revisisting Deming
Most people who have been through basic management or quality management training will have been exposed to the work of Edwards Deming. Known particularly for his work in helping Japanese companies establish a quality culture, Deming is regarded as a founding father of the quality movement. Although Deming is best known for his use of process improvement as a tool for improving quality, Deming’s thinking covered a considerably broader view of the organization.
One of Deming’s greatest contrib...
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The Process Fallacy
As many readers will know, the idea of “continual process improvement” is a pillar of the quality management movement. By improving processes, the root cause of problems that allow mistakes to be made can be eliminated, thereby allowing the organization to produce higher quality goods and services.
Although the idea of continual improvement started in the manufacturing sector, in the mid 1990’s the idea gained ground in the IT sector as well. Models such as the Capability Maturity Model (CMM)...
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Steering Clear of Shoddy
Although home renovation projects and IT projects may not appear to have much in common, there is one regard in which they are striking similar, both suffer from undesirably high failure rates. In Canada, TV personality and master contractor Mike Holmes draws attention to failed home renovations projects in his show “Holmes on Homes”. Each week Mike visits a home owner who has been the victim of a shoddy contractor and exposes the poor workmanship they left behind.
The problems in the home re...
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Template Tunnel Vision
Most organizations have templates for creating project proposals, project plans and other project deliverables. There’s no doubt that templates are a useful starting point when creating documentation. They help ensure consistent presentation and in theory, prompt people into thinking through the different issues relating to the project.
Unfortunately, in practice templates sometimes have the opposite effect. Rather than prompting people into thinking, templates sometimes lead to a pattern of ...
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Broken Windows
There's a theory that says that where small indiscretions are ignored, larger ones will follow. The theory, known as the “broken window” effect, is most often illustrated using crime as an example. The argument says that if a building has broken windows and those windows are left unattended, the presence of the broken glass will encourage vandals to break more windows. If repairs are still not carried out, the message to the community is that no one really cares and that then leads to an escalat...
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