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3/14/2010 6:04 PM
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3/26/2010 2:57 AM
A major reason why poor projects are not terminated early is the emotional attachment of the project sponsor - compelling project teams to continue when indications show future failure. I know of an instance where a finance director wanted a new ERP system and the project continued despite being 4 years late and exceeding the initial budget by 600%. His motivation? To have the right credentials on his CV.
To overcome this problem critical sucess factors need to be established at the start of the project and these should be reviewed regularly as part of project management.
There are many reasons why projects can become no longer viable:
1 At the start of a project there are more assumptions and fewer facts. As the project progresses the assumptions are tested and may be no longer valid.
2 The benefits of one project may be dependent on the delivery or success of another.
3 External factors such as exchange rates etc can change reducing the ROI.
It is critical to build project assessment in from the beginning, actively monitor this and prepare to be objective in deciding the future of a project.
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