The courage to fail

More than ever before, organizations must implement high-risk initiatives. Only through such efforts can they develop the offerings that can help them compete in today's highly volatile marketplace. This article features the director of the project management center of excellence at IBM's Global Business Services discussing how companies can integrate a risk-accepteace culture into their organizations. In doing so, it describes the author's own experience--early in his career--with an IT project that nearly failed but which enabled him to quickly learn about the dynamics involved in managing projects effectively. It then explains how the author's efforts to recover one troubled project, a project which ultimately failed but which enabled the author to gain the client's trust and respect, which resulted in a new project contract. It also identifies why organizations--and executives in particular--should encourage their project managers to take risks when managing projects, noting how such risk-taking can gener
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