Assignment 8
Assignment 8
Assignment 8
If it looks like the cost and resource allocation seems unjustifiable compared
to the ROI of the project then terminating such project can save the
organization from incurring heavy losses.
Many Organizations benefit more by investing, the same resources and
money in a more successful in-house project, instead draining them on a
project which are starving to death or with negligible ROI.
When Terminating a projects which is obsolete in the current market
dynamics helps save investment and resources of a company.
A terminated project can be learning curve for the upper level management
and project managers, it gives them an opportunity to reflect on their
strategies and policies.
When there is a pure project organization the termination of the projects can
lead to lay off of team members and highly skilled professional, which effects
the image of the company in the corporate world.
When the word of termination goes around, the employees loose interest in
the project and may not even bother to complete the given tasks effectively.
The team members usually start feel dejected and cheated after the
termination. They feel that their hard work was all in vain, could make them
laid back and way too casual in future projects.
Team members should be insured that their value to the organization has not
been degraded due to the termination.
They should be acknowledged for the hard work they have put in the project.
Before terminating a project, a plan should be made to allocating team
members in other projects.
There is no project team associated with the process and will include only PM
or few officials.
Associated tasks are generally routine and same process is usually followed
for any project termination.
The goals and objective of a terminated project is the same throughout and
only one terminating the project by company standards.
It is sort of an administrative project compared to goal- driven projects.
The report can serve as a disclosure of how and why the project failed and
can detect the errors in project planning, which can help the company for
future projects.
The aggregate sum of resources, timeline and cost can be documented in a
report which can set as a baseline for the future projects.
The efforts of the team members can evaluated in future based on such
reports
For critical projects like Banks, healthcare, defense there is federal regulation
to maintain records and reports for the failed projects.
Final report can smoothen the final closures and settlements with the
investors and clients.
Large projects are have too many variables and factors are considered into are
rated on the metrics scaled according to the company policies and vision.
Since a large amount of money and resources have been invested in the
project.
PM and team members have a strong belief or stubbornness that project will
be a success at the end.
When the project manager runs on the basis of convictions rather than
factual data he believes that the project will be successful.
The fear of PM and team members that they will be fired or sent back to
functional departments delays the termination process.
For the PM terminating a project is like admitting his failure also other people
in organization perceive them to be a failure so the PM will not be okay with
termination.
PLANNING
Key to a successful project here the PM should develop a foolproof project
plan, define goals and critical success factors of the project. Identify the
stakeholders, WBS structure and allocating resources.
SCHEDULING
In the scheduling phase the PM must define project teams, assign resources
optimally and execute task assignments. Identifying critical tasks and task
dependencies.
MONITORING:
The purpose of project monitoring and controlling is to provide an
understanding of the projects progress and also successfully communicating
that status. The manager, can then identify when the projects performance
deviates significantly from the plan so that appropriate corrective actions
and preventive actions will be taken.
CLOSING PROJECT
PM must complete the following tasks
1. Project Sponsor Acceptance: Meeting up with the project sponsor to
discuss closure of acceptance
2. Conduct Project Assessment
PM should get feedback from all project stakeholders, including your project
team members, to enable opportunities for improvement in future projects.
3. Complete Project History / Archive
PM should manage the project files which involve the project right from the t
and provide project team members with guidelines for handling project
documents as the project progresses. Then this step becomes more of a final
check to ensure its complete.
4. Celebrate Success
PM should celebrate success to make future projects go well. It helps the
stakeholders to look forward to the next project and help the project to
perform better.