11.4 percent of business investment is wasted due to poor project performance. (According to a Report published by the Project Management Institute (PMI).
What are the causes of such performance?
The reasons behind project failure could be classified into 3 main categories:
Find out in this article the top 6 challenges for project managers and their solutions:
Project managers should prepare a communication plan and implement a project management software to help keep project team members and stakeholders up-to-date on project updates, increase transparency, and also provide a centralized location for all correspondence.
Lack of Clear Project Goals and Alignment With Business Objectives
Project managers should develop a project business case document which sets the stage for the project, ensuring leadership and project team members are all aligned on the purpose of the project, the projected value it will provide and its core objectives.
Lack of Accountability
During the project kick-off, project managers should communicate all roles and responsibilities, and how each one is expected to communicate progress. It’s also important to communicate how the completion of one task is dependent on the completion of another. All members should be reminded that collaborating on a project requires every member to do his or her part and communicate effectively.
Unrealistic Deadlines and Planning Fallacies
Project managers should consider delays and environmental risks in the project timeline. A project management tool could also help with controlling the project schedule and timeline.
Project managers should develop a detailed list of all the deliverables, the skills needed to accomplish them, and assess all existing resources to determine if there is skills gap anywhere.
Project managers should do the following:
- Establish a change management process
- Communicate how last-minute changes will impact project constraints
- Develop a detailed scope management plan on how to control and prevent scope creep, and remind stakeholders periodically of the plan
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