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How did a great team like Williams produce a fundamentally flawed F1 car?

The famous Williams team is in trouble.

Alarm bells started ringing shortly after the launch of its new car, when a cancelled track filming day turned into a delayed start to winter testing. Key targets around the build of its new car had not been met. The team missed over two and a half days (in other words, 25 percent) of its potential running and it found itself wildly off the pace of the next nearest car at the Australian Grand Prix. Williams was also at the rear of the field last year but the situation was nowhere near this extreme -- so how did this situation unravel so dramatically?