Most organizations struggle to show business gains from IT investments. The IT portfolio management maturity model addresses this with four stages: ad hoc, defined, managed, and synchronized. At the most mature synchronized stage, companies match IT investments to strategy, assess risk/reward, and eliminate underperforming projects. While $780 billion was spent on US IT in 2002, 68% of projects were over budget and late, and $150 billion of projects failed between 2002-2004. Only 17% of companies operate at the most mature synchronized stage of ITPM.