Final answer:
The exact percentage of project failures associated with inadequate management practices as cited in the textbook is not provided in the given context. However, such failures are substantial and highlight the importance of efficient management.
Step-by-step explanation:
According to the study cited in the textbook, inadequate management practices are associated with a significant percentage of project failures, although the exact percentage is not provided in the information here. Competitive market failure, such as inadequate competition and information, could also result in poor performance and is often associated with economic inefficiency where resources cannot reach their highest valued use due to factors being immobile. In the realm of academics, understanding these percentages and their implications is crucial for a college-level business or management student, as it may directly influence project management strategies and practices they employ in their future careers.