Indeed! Hoare wrote about his self-reflection on the failures of his own software group.

There was also failure in prediction, in estimation of program size and speed, of effort required, in planning the coordination and interaction of programs, in providing an early warning that things were going wrong. There were faults in our control of program changes, documentation, liaison with other departments, with our management, and with our customers. We failed in giving clear and stable definitions of the responsibilities of individual programmers and project leaders,--Oh, need I go on?

What was amazing was that a large team of highly intelligent programmers could labor so hard and so long on such an unpromising project. You know, you shouldn't trust us intelligent programmers. We can think up such good arguments for convincing ourselves and each other of the utterly absurd. Especially don't believe us when we promise to repeat an earlier success, only bigger and better next time.