One important finding for boards to consider was there was perceived to be a gap between what boards expected and that of their direct reports. The study found that boards thought their organisations were better at coping with change than those working more closely on the programme.

"This indicates a communication gulf between those running the projects and those overseeing them; honest collaboration is needed to ensure success, and this needs to be driven from the board," the study said.

"What's concerning about these results is the risks organisations are taking with projects that are often perceived as critical to the success of the business, and cost significant amounts of financial investment," Stephen Vinall, Moorhouse managing director, said.