Having spent many years working in the UK aerospace industry, the problem was never the techniacl project management.
It was always the government, who could never make their minds up what they wanted, continually delayed for all sorts of reasons, tried to make projects international (which actually cost MORE, not less..the savings weer always exceeded by the extar costs), or deciding after they had something their requirements had changed and that wasnt what they had wanted....
As an example. When the Falklands war was on, we tossed all the costing stuff in the bin for the duration. We worked overtime as needed, bought what we needed in, not worrying about its cost, and worked directly with the forces for what they needed, not worrying about any cost analysis. Costs went DOWN!
Its the dead hand of the government that is the problem, not the project manager. Extrapolating, I'd say it was the same in the rest of industry, although sometimes the government is replaced by other high-level idiots in a company.