Yes! A Troubled Project is Solvable!
Per online surveys, firms manage around $200 million in projects annually. However, in one year these organizations realize that $74 million of their projects are at a high risk of failing. Whether a troubled project succeeds or fails depends on how the project is managed and the actions taken to save it. Organizations need to recognize problems and take appropriate measures before recovering the project. Here’s how to do just a tip, from Exsilio Solutions.
Reasons for Troubled Projects
The top five causes for troubled projects are:
- Unclear, imprecise or contradictory requirements: Not elaborating on the requirements, or confusing one term with another.
- Lack of, conflicting or poorly planned resources: If resources suggest opposing ideas or terminology to each other, and if the resources are not accessible to everyone or accessible only at certain times.
- Tight, unrealistic or overly optimistic schedules: Schedules that are packed with no breaks at all, demand that employees work long hours, or provide too much excitement and hope for a project that might fail.
- Insufficient, poorly estimated or incomplete planning: When statistics are inaccurately inferred or not enough to accommodate the information for the entire team.
- Unmanaged or assumed risks: Chances that are simply not accounted for, or part of the plan and not altered.
Projects with method standards are impacted and challenged far less than projects without minimum methodology; almost a quarter of projects do not have standards.
Project Recovery and Key Success Factors
Even though typically the senior management team makes the decision to recover the project, the project manager leads the execution of the recovery project. Project recoveries are successful once firms focus on addressing the issue that caused the project to become troubled in the first place.
The five actions that are taken in a project recovery are to:
- Improve communication and stakeholder management: Clear communication is of utmost importance when saving a project. Furthermore, the stakeholders must manage the recovery smoothly to ensure a quick recovery and that the employees get back on track afterwards.
- Redefine the project: Reduce the scope, re-justify the financial parts of the project; do what needs to be done to turn the situation upside-down.
- Add or remove resources: Altering your resources can ensure a quick recovery, to ensure the right person is assigned the right job.
- Resolve problematic technical issues: Fixing environments, nuisances like a malfunctioning laptop or the new update supposed to go on everyone’s laptop can aid in the recovery process.
- Bring in additional help to manage the recovery: Sometimes, the project manager is not enough to handle the retrieval process. In those cases, adding an additional person with recovery experience will most definitely help.
Key success factors cited by most firms include:
- Increasing the budget.
- Re-planning the project.
- Adding qualified resources.
- Open communication.
- Bringing in highly experienced project managers.
Turning around a troubled project is not impossible. It simply requires deep level analysis, turn around measures, communication and teamwork. At Exsilio, we have managed versatile projects and understand the ins and outs to better manage projects. If there is a case of a project failure, we can help resolve, work together to get it to right where it needs to be!