At Integra Partnerships, we've been delivering successful projects for many years now. Our time in the industry has shown us there are some common areas where projects can go wrong, if not managed properly by astute leaders.
We take a look at some common project failures:
It’s important to be realistic when planning your project. You need a thorough understanding of the risk and constraints involved. Being overly optimistic and making assumptions without having done due diligence can bring a project unstuck.
Lack of clear ownership and accountabilities
It’s imperative that roles and responsibilities are clearly assigned and briefed from the outset and people are empowered to make effective decisions.
Lack of independent scrutiny
Pre-feasibility independent peer review and analysis is critical to the success of any project.
Lack of focus on the business benefits
A project does not exist without the business. Therefore, business objectives must be considered throughout the entire process.
Effective communication is vital from start to finish. Clearly communicate expectations and priorities at every level of the project team.
A comprehensive contract is imperative. This is the foundation on which the project is built and a key factor in determining its success.
Lack of understanding of the concept of sunk cost
Quite simply, once the money is gone, it is gone. An experienced Project Manager understands this principle and will manage the budget effectively.
Lack of honesty and transparency
No one wants to be the bearer of bad news, but this sentiment can be detrimental to the success of your project. Project Managers need to have the courage to be completely honest and transparent with the flow of information. When Project Managers cover up overruns, trust is lost and the overall project can be negatively impacted.