First Rules of Project Management ....
1. Extend ISD by at least 5-10 years, due to "all sorts of excuses".
2. Cost increase at least 50%, often nearer 100%.
You forgot the remaining steps:
3. Grand poobah retires or changes jobs before the chickens come home to roost.
4. New grand poobah blames all the problems on the previous grand poobah.
5. Lather, rinse, repeat.