>$80K? That's peanuts. Government projects that are outsourced run in the 10's or in some rare cases even 100's of millions of $/E/YourFavoriteCurrency and get cancelled because of non-delivery with alarming regularity.
Right. I'm not an expert in the study of this [1], but even just as a regular dev (and sometime manager or team leader, with some training and experience in software engineering techniques, including successful application of such techniques in real projects), I take an interest in this, and have come across multiple such cases in just reading the tech news - magazines, web sites, etc.
A couple of related links:
https://www.google.co.in/searchq=large+software+project+fail...
https://en.wikipedia.org/wiki/List_of_failed_and_overbudget_...
There are ways to overcome these failures, or rather prevent them, but they require disciplined use of techniques, from top to bottom of the team, which is not very common, for various reasons, either lack of knowledge of the techniques at all, disbelief that they are effective (if done right), or lack of political will to implement them, or penny-wise-pound-foolish mentality.
[1] There are people who are:
https://en.wikipedia.org/wiki/Capers_Jones
Quotes (from the above Wikipedia article):
"High-quality software is not expensive. High-quality software is faster and cheaper to build and maintain than low-quality software, from initial development all the way through total cost of ownership."