“orgy of failure” is the party thrown at the end of large project to celebrate it’s “completion”.

This is not necessarily a negative term, but usually, it is.

At some point in your career you will be involved in a project that doesn’t achieve the original goals, but will be declared a success by ‘adapting the goals’ or ‘realigning to business requirements’. This completion party is usually more fervent and desperate in this case because everyone is so relieved it’s over.

We gather round, and drink heartily, laugh nervously, eat with gusto in an “orgy of failure”.