Requirement volatility has been identified as a significant risk factor behind software project success. This paper describes our findings of a 2-phase study comprising of interviews and surveys on the preparedness of organizations in managing requirement volatility and the resultant effect on project success and failure. Findings illuminate on the current level of awareness and management response to the problem of requirement volatility affecting software projects. The subjective treatment of project success/failure is brought out, and the association with requirement volatility is explored. Results are expected to lead to better governance mechanisms and improve project success rates under requirement volatility.
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