How to Prevent Project Failure: Proven Strategies for Success
Every project is different, every business is different, and expectations are constantly shifting. With all that in mind, managing a portfolio of projects from conception to conclusion is no mean feat, but there are a few things you can do to minimise the chances of each one failing.
There are no quick fixes in project management, but hopefully these simple steps will help you see your projects successfully through to completion.
What is project failure?
Failure to deliver what customers, clients, and stakeholders expect, whether through unmet quality or delayed timelines, is a significant factor in project failure.
Project failure won’t necessarily be the result of a single person or challenge, it can be a culmination of multiple factors. The most common signs that a project might be at risk of failure include the following:
- Missing deadlines
- Not achieving targets or KPIs
- Bottlenecks
- Scope creep
- Resource gaps
For project portfolio overseers, having the correct insights into data around these common challenges could be the difference between project failure and success.
How to prevent project failure?
Below are some strategies and concepts enterprises use to prevent project failure and realign for success:
Set clear goals
A project is nothing without clear objectives. You (and your team) must understand exactly what you hope to achieve by completing the project.
Questions to help you set your goals include:
- What benefits will it bring to your business?
- Why is now the time to embark on the project?
- How long will it take to complete?
As well as setting broader goals, it’s important to set interim ones—milestones that you can tick off as you go along. This will ensure things are progressing in line with expectations.
Manage expectations & scope
It’s vital to keep the scope of the project in check. Agree with all stakeholders what the deliverables are in writing. Make sure all team members understand the processes involved to get to the end result, ensuring no steps are overlooked.
Choose the right talent
Now you know what you hope to achieve and when, it’s time for the how. By appointing the right team members to the right tasks, you’ll be able to collaborate and develop solutions to problems, sometimes before they even arise.
PPM software can support resource management, showing at a glance which projects are at risk due to a lack of resources. It also makes allocating suitable resources easier, with helpful filters.
Broadcom’s Clarity PPM software offers filters to help project managers choose the right individuals for each task, allowing them to make the best use of everyone’s skills to maximise a project’s chances of success.
Choose the right technology
Choosing the right technology is also critical. PPM software can provide a single pane of glass view of all your projects, with helpful dashboards monitoring performance KPIs in real time. That way, project portfolio managers can see at a glance what’s on and off-track, and take a closer look if required.
It saves time, and ensures attention is given to the projects that are at risk of failure. Technology alone won’t stop projects from failing, as you still need robust communication, streamlined processes and the right people for the jobs.
Monitor progress
Once the project is in motion, you’ll want to monitor progress at regular intervals.
Raising challenges with project leads and stakeholders and knowing when to redirect resources is crucial. Keeping up-to-date with progress and checking in with project leads is helpful; but for a higher-level view, analytics dashboards can be a helpful starting point to figure out the priorities and next actions to get projects back on track or reevaluate them.
Analyse and improve
Now you know where you’re at, look at where you’ve been. Are there any lessons to be learnt from how the project has progressed so far? Are there any improvements to be made or goals to be tweaked? Arrange meetings with your team to make sure you’re doing all you can to succeed.
Leverage the data in your PPM software to see where bottlenecks or unfulfilled KPIs occurred and investigate why.
Choose the right software solution
All of the above is made much easier with the correct PPM project management solution. Clarity PPM is Broadcom’s industry-leading software, packed with features designed to help you make your projects a success from the word go.
At Ignite Technology, we can provide not only the software, but tailored consulting services to help you make the most of it. To learn more and see Clarity in action, book a demonstration today.
