If projects are part of your business, you know that many of them have the potential to fail. According to one industry source, approximately 30 percent of projects fail. Of those completed, about 50 percent do not deliver the business value necessary to recoup their initial investment. As the numbers suggest, it is not difficult to fail…in fact project failure can be alarmingly simple when both the cross-functional and relational risks are not identified and managed appropriately.
Potential Failure Signs
Many of the problems associated with project failure can be prevented, but it can be difficult to distinguish a troubled project from one that is on schedule unless it is examined with an experienced eye. The first step in turning around a project is to identify that the project is at risk.
A failing project can typically be characterized by three factors:
- Missed deadlines
- Missed deliverables
- Cost overruns
How we can help
In order to have a successful project turnaround, it is important to not only identify the signs of project failure, but to use those signs to offset the risks that can occur if action is not taken to get the project back on track. That’s where PM Technologies Project Recovery & Turnaround Specialists can help.
The PMP certified project managers at PM Technologies are experts in organizing, planning, and executing large program/project initiatives. Collectively, we have decades of experience in saving large business-driven initiatives with significant business, cultural, and technological impact. Through achievement of project-related business objectives and management of the organizational change, we have helped our clients create success stories out of projects that were nearly abandoned.