Mindful of how many IT projects go wrong*, specialist insurer Hiscox is now offering insurance to IT vendors, in case their customers sue them.
Hiscox’s advice for the start of the project? Make sure the specification is rock solid. If the specification is ambiguous, it’s like writing a blank cheque to the solicitors as client & vendor argue about whether or not the system does what it was supposed t o do.
And their advice for during the project? Manage changes. Any changes to the spec have to be documented and agreed, preferably under a formal change control process. Otherwise the process known as “scope creep” can derail the project and leave it never quite finished.
* A 2007 survey by Market Dynamics shows that 62% of IT project miss the deadlines, 49% go over budget and 41% fail to deliver the expected benefits…
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