The CHAOS Report is a study based on The ’s CHAOS Research Project on IT project success rates and project management best practices. The study is often cited as the de facto authority on success rates of IT projects. It was started in 1994 and reported that only a startling low 16.2% of IT projects are successful. Successful projects are defined as meeting all the requirements of the project management ; on time, on budget and on scope. The CHAOS reports classifies projects into:
- success – the project was delivered on time, on budged and will all features.
- challenged – the project was eventually delivered but either over budget, not on time or not fully completed
- failure – nothing was delivered