The intensely competitive world of information technology (IT) often demands that organizations move quickly when realizing initiatives that will position them ahead of their competition. But being first is not always advantageous, as this article shows in its discussion of fast-track projects that failed in significant ways, projects such as the US$400 million Web initiative launched by United Kingdom-based Abbey National (a savings and loan institution) to realize its Cahoot Internet bank, a project that crashed repeatedly during its first four days of operation because of system glitches. This article examines the ways that project management best practices can enable organizations to successfully implement and realize risky and costly IT initiatives, projects that demand quick delivery and involve outsourced project teams. In doing so, it explains the reasons why many companies fail when implementing IT projects and outlines a process that project managers should carefully consider when realizing IT projects. It also identifies the tools organizations should use when initiating IT projects, tools such as the Capability Maturity Model Integration (CMMI®). It concludes by discussing the success achieved in this area by one India-based company, a global outsourcing specialist offering quick delivery of IT projects.