To add to the point about deliverables, generally they're also tiered. Leads and directors might have broader, larger targets to hit - but the grunt-workers towards the bottom might have more specific, numeric quotas to hit, all to be later synthesized together. This-much-of-this, that-much-of-that, make-sure-all-these-don't-throw-errors, fix-this-many-bugs, etc.
So when I hear that deliverables weren't being hit at any level, that tells me that not only were there high-level development issues - which aren't exactly uncommon - but that even at the floor, people were slacking, goofing off, and being allowed to faff about and get nothing done. In a way, though, I think you can probably see why: incompetent management fused with no-one at all on the project actually believing in it.