IT Project Lessons from Titanic (Part 2)

IT Project Lessons from Titanic (Part 2) Mark Kozak-Holland September 15, 2003

Project Management PM 101 Applying PM Principles Advice, Anecdotes and Case Studies

Most people are very familiar with the Titanic story from movies or documentaries that focus on the last two days of the voyage and the last hours of the disaster itself. But little is known about the four-year construction project, the project investments and business case--and their significance in the disaster.

Let us go back to 1909 and re-examine White Star's business situation. White Star embarked on a strategy to invest in new emerging technologies and create three super liners. These were major investments as the liners were likely to be in service for at least 20 years. But how solid was the business case and did it cover the costs and risks adequately?

Likewise today, before you commit to an IT project you need to make a "go/no-go" decision on whether your "online operation" will be viable--i.e., the proposed IT solution has enough value to pay for and support itself and is not a "risk" to the business.

White Star's business case was very solid when viewed from a simple cost-benefit analysis.