Less than one-third of the money budgeted to fix y2k has been spent in the U.S. It is a lower percentage in other nations.
This indicates that organizations have waited until the end to get the job done. They have not perceived that 40% to 70% of the project is testing, and the bulk of the rest of it is coding.
If they found out about y2k in mid-1995 or early 1996 (typical of large U.S. firms), then they are over two years into the project. They should have spent at least 60% of their money. They have spent half this.
It's obvious: They aren't going to make the deadline. Also obvious: the public is blissfully unaware of y2k, and the programmers are still in "we can do it guys; yes we can" mode. They can't do it in the U.S., and surely not elsewhere.
This is from INTEGRATION MANAGEMENT (May 4).
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The latest Cap Gemini Millennium Index, conducted by researchers at Input, reveals the number of organizations in each country which could miss the Year 2000 deadline is at the top end in Germany, Finland, the Netherlands and Belgium. . . .
The researchers now estimate the cost of fixing the Year 2000 glitch in the United States and Europe be $717 billion. The United States will account for over 70 percent of this figure at $520 billion. To date, only $199 billion (28 percent of the total) has been spent on fixing the Year 2000 problem, indicating that a significant amount of work still needs to be done in the remaining 20 months. This includes Year 2000 costs for personnel, software, hardware and embedded systems.
Researchers also report major differences in how much work has been completed in each country. The United States is furthest ahead, having spent 30.9 percent of the expected Y2K budget, the United Kingdom 26.3 percent, Norway 22.3 percent and France 21 percent.
One in seven (13.6 percent) companies and organizations surveyed, representing 33 percent of GDP, could be unable to complete the work in time. However, this figure conceals large differences between the individual countries. The Index shows that 74 percent of organizations in Germany could be unable to complete the work on time, due to late start-up. However, this figure reflects the high level of expenditure which German organizations expect to spend on Year 2000 work which, at $87.8 billion, is proportionally more than five times higher than the anticipated expenditure in France.
In a separate study, a recent analysis of federal securities filings of the nation's 250 largest corporations found that 60 percent of the companies that supplied pertinent information have still not completed their Year 2000 computer assessment - one of the first phases of any Year 2000 project.