....such as NPfIT, which has gone from £2.3bn to over £10bn.

I'm surprised the figures are so low...

Of course in the vast majority of businesses it is just bad budgeting as opposed to an overrun. However 'Managers fail to budget for all eventualities' wouldn't be such a sensational headline.

All it really means is that two-thirds of IT projects have no idea of the underlying cost model, and hence have no way of determining whether they're within the budgetted amount or not.

And "half of companies surveyed are using spreadsheets to manage IT initiatives" - based on my experiences down the years, those would be the well-managed ones: the rest use Powerpoint...