No matter what the causes behind project failure might be, one thing is for sure, it is never easy to stop a failed project. Here are some things that make it hard to kill the project. People will often continue projects based on incorrect assumptions, such as the belief that if you throw money at a problem, it will get fixed. There is a point at which no matter how much you invest, recovery is impossible. Sometimes people are so dedicated to a project that they refuse to accept defeat to the point of catastrophic loss to their project, and company. Here are some tips to know when to kill a project.
1. Project Is Not Delivering Value Anymore
If your project cannot deliver value, it is worthless. You need to focus on value delivering when executing projects. Assume you cannot kill a project that is costing you more than expected for any reason. You will try to justify the additional cost incurred on the project. And this will affect the growth of the company. if it is the other way around and you want your project to be completed inside the budget and you start to cut down corners to keep the cost down. Even if you manage to complete the project within the budget, it will not deliver the same value.
2. Project Is Costing You A Fortune
Cost is one of the most critical constraints in the project management triangle. Completing projects inside the budget is one of the biggest worries for project managers. If your project costs you a fortune, then you should seriously think about dropping it. Holding onto a project that is costing you much more will only prolong the financial loss and as a business, you can not afford it. The best way to resolve this problem is to cut down extra expenses. If that does not work out, end the project.
3. More Important Projects Waiting For Your Attention
With so many projects running concurrently, it sometimes becomes very difficult to give attention to every project. This is where prioritizing projects can help you. Give special attention to projects that have a greater influence on your overall business. Diverting resources efficiently is key to project management success. There is nothing wrong in shutting down a less important project to redirect all your energies towards a more important project.
4. Change in Business Plan and Strategy
The rate at which the business world evolves demands for a change in business plan and strategy. Hence, a project that does not follow your business plan and strategy can never add to your business’s success. Spending time and resources on such projects is a waste, especially when you can redirect them to other projects and get better results. Therefore, It is better to abandon those projects that cannot keep up with the changing business strategy. Knowing when and how to pull the plug is very important for both the success of the business and project manager.