This document summarizes challenges with IT projects and proposes new paradigms for managing them more effectively. It notes that 30-40% of IT projects run over budget, over schedule, or fail to meet specifications. Common types of system failures include failing to capture business requirements or provide organizational benefits. The document then discusses traditional project management approaches and their limitations. It proposes new paradigms like real options pricing models, prioritizing high reliability through collective mindfulness, and considering the sociomateriality of information systems. Overall, it argues for a more critical perspective on projects that focuses on values, ethics, meaning, and trust in addition to traditional efficiency and control measures.