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We are humans and humans do mistakes. Stress and pressure could be one reason for that. Not enough skills to deal with bad situations could be another reason too :)
A good project manager might be good when things are going as planned. He is capable of monitoring work, motivating the team, etc. But when a tough situation arises he may not have the necessary experience to deal with the situation. He might not have been placed in such a situation before, so he is likely to make the wrong decision.
