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Let us start this discussion from the point that why and how an IT project fails. The reasons can be given as follows

1. IT status reports are frequently rosy:

project management

The following reasons are observed for the frequent rosy status reports to occur

1. If status is put in subjective terms, you will get the colored results. While using colors you should have a clear definition of what those colors mean.
2. If your reward system value gets submitted without early detection of problems, it leads to rosy status report.
3. Because of the fear of looking bad or losing the job.

Since it is not probable to eliminate fear in the work place, it is better to make changes in the remaining two reasons to have a reliable status report. 

1. Some projects are doomed initially:

We find some projects becoming hopeless even from the start. This happens if

1. The data required for the project does not exist any where in the company.
2. The project is out of format with the business strategy.
3. The objective is inaccessible.
   

3. Managers continue to fund:

The managers continuously fund because

1. They don't have any practical evidence about the rescue of their project.
2. They want to save the amount they have invested.
3. Fear of losing their job or making a mistake.
   

4. People problems:

    Assuming the business and technical problems falling under people problems, we can say IT project gets failed because of people problems. People can create as well as solve problems. Since the software is created and used by man, we can consider technical problem as people problem. The myth of IT software is about computers and technology but not about people. 

5. When and how to kill a project:

     If you know that the project cannot be succeeded even if you pour more money into it, it is better to kill it. It will be definitely a failure since it is not going to worth benefits even if you run it. A company had found an efficient way to kill a project. It had arranged a meet and fired at the consultants and contractors and asked the managers to redeploy the resources. The next day itself they stopped working for that.  However this is a clear and efficient way to kill a project. 

         Finally we can say that trying to do all things wont necessarily lead to success. We define success as lack of failure. Risks are friendly compared to failures because they can be watched, supervised and seen if they happen to occur. Coming to failures, we can eliminate them only by preventing their occurrence in the project.