Shortfalls in Project Management?

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Senior management fail to give leadership or a consistent sense of direction. There is often a lack of simple and effective programme and risk management. Senior management is more concerned with ensuring things look good than with ensuring they are good.
There is frequently a sense of going from crisis to crisis. Management focuses on what's easy to monitor rather than what's important. Management makes decisions based on short term interests, then leave others to pick up the pieces in the longer term.
Staff generally feel de-motivated and get no sense of achievement through being involved with and contributing to the project.  The rewards go to senior staff, whether or not they deserve them. The same mistakes keep getting repeated from project to project.