The document summarizes findings from the Standish Group on IT project failures and successes between 2000-2006. It found that on average, software projects delivered only 67% of planned functionality, with cost overruns of 45% and time overruns of 63%. The top reasons for project challenges were lack of integrated tools, separation of design and technology teams, and poor communication between teams. The document then outlines the features and capabilities of Microsoft's Visual Studio Team System product, which aims to address these challenges through an integrated Agile development environment and tools.