According to Nigel Hughes, global director of Market and Service Development, project 'plans are based not on facts, but on assumptions and opinions, both about the existing state and about the objectives for change. And those assumptions and opinions often don't hold up as the project progresses, the environment changes, and the potential benefits become lost in the shuffle.'
He suggests that project analysis should include basic metrics such as 'cost efficiency,productivity, cycle time, error rates, and so forth. It's [also] critical to incorporate scenario modeling into the initial pre-project analysis, so that you can evaluate different options and extrapolate the implications of different courses of action over time, and then select the option that's most realistic and that yields the optimal benefit. In other words, you need to not only manage the project efficiently and make sure it delivers results, you need to make sure the project you've chosen in the first place is the right one for the business. Finally, the metrics need to be tied back to the business objectives so that, as the project is implemented, you're tracking and quantifying the benefits as they're delivered.'
Project failure is an issue that seems to dog IT like no other. Be it government or private sector business, project failure has an enormous impact, costing billions of dollars every year. Too often, folks ignore the signs of imminent failure until there's nothing left to do but put a project out of its misery. With that in mind, we’ve compiled this list of early warning signs to help you recognize and address the problems before catastrophic failure occurs.
Additional Resources The IT Business Edge Knowledge Network offers the following free resources to aid in your project management initiatives.