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To me they fail much earlier than that
None of those things help of course, but the real reason for failure, is that most are set up so you can never succeed.
Even the best PM can't manage expectation (the terms that define success), when others in the organistaion refuse to accept that it's their success criteria that must be amended in order to achieve this elusive goal.

It either costs more, takes longer, you receive less, or the project gets canned at the get go because the estimates are too scary.

Until the above is accepted, PMs and the poor grunts who have to wave their wands in concert to grant the wish have no chance.
Posted by Tony Hopkinson
Updated - 21st Aug 2008