Why do so many IT projects fail? You would think that 65 years after the first general purpose electrical computer was invented we might have cracked it by now, but research suggests that it is still a problem.

The US-based research firm Standish Group’s regular Chaos report details IT project success and failure rates. Its 2010 figures showed an improvement, but generally success rates have been low.

In 2004, a low point of the last five study periods, only 28 per cent of projects were said to have been delivered on time and on budget, with the required features and functions.

In 2009, 32 per cent of projects succeeded and 44 per cent were completed but did not meet all the criteria. Just under a quarter were cancelled.

The figures show that roughly two-thirds of specified requirements make it into the final product. Only about 20 per cent of those features and functions are used.