When things get tough, abandoning a project can become a quick solution.
Still, a project does not deteriorate overnight; it goes through a transition period, a transitional phase that should be used to regain control.
This is an extremely challenging task that requires specific care, management, leadership, and, most importantly, good project management software to manage a phase that can be very problematic successfully.
CONTENT
When does a project become problematic?
A project is successful when it fulfills its quality, schedule, budget, and scope goals.
By contrast, a project becomes problematic when it exceeds the acceptable tolerance limit in terms of quality, budget, and scope.
In this case, an effort is required to define a possible recovery plan and a resolution to prevent total failure.
Not all problems that arise during the project life cycle are significant enough to make the project “problematic.”
In this case, project managers play a significant role in tackling the causes of the troubled project and effectively managing the recovery process.
When critical issues occur, the most common reaction is to ignore them or take reckless action, hoping to save the project.
Unfortunately, these actions often cause more harm than good and take longer than necessary to save the project.
Admitting that a project is struggling and establishing the right course of action to get it back on track is one of the most psychologically difficult challenges for a project manager.
Abandoning a project is not always a defeat
Many project managers perceive the early termination of a project as a failure.
However, recognizing that a project is no longer viable and choosing to terminate it may be the most wise choice.
Continuing to invest in an undertaking that is no longer worth the effort can cause increasing damage and problems.
Here are some situations in which it may make more sense to abandon a project than to attempt to carry on with it:
· Goals no longer aligned with business strategy
· Overly exceeded budget and delivery times
· Lack of added value for stakeholders
· External factors that make the project obsolete, irrelevant, or unworkable.
Making difficult decisions is part of the game in project management. One of the most critical ones involves abandoning a project.
Knowing when an endeavor is no longer worthwhile is vital to avoid wasting resources, time, and money.
Twproject’s role in project evaluation
Twproject is a project management software that provides useful tools for analyzing project status in detail and making informed decisions.
Here are some of the features that can help in evaluating a project:
- Performance monitoring
Thanks to performance indicators (KPIs), you can check whether your project is meeting the set metrics. The data can be different depending on the type of project you are following, and Twproject allows you to customize it.
2. Cost analysis and budget management
One of the main reasons projects are abandoned is because they exceed budget. Twproject allows you to track all expenses and compare them to your initial budget, quickly spotting critical areas and allowing you to make prompt decisions.
3. Team workload evaluation
If a project is sucking up too many resources and causing stress on your team, it may be time to revise your work division. With workload management features, Twproject helps visualize the workload of each team member, avoiding imbalances and overloads.
4. Risk analysis
Twproject helps identify and assess the main risk factors of your project. If the risk level exceeds the expected benefits, it is a warning sign that stopping the work may be more beneficial.
5. Customizable, real-time dashboards and reporting
Having a clear and up-to-date view of project status is key to helping a project manager make informed decisions. Twproject provides customizable dashboards and detailed reports that help assess the situation objectively and based on real-time data.
So, this is how project management software can be a valuable ally in the project evaluation process.
There is no need to give up on the first setback: thanks to Twproject, which provides tangible, up-to-date data on project performance, you can accurately assess its sustainability before making a decision.
Taking advantage of this groundbreaking technology to gain clarity allows you to make informed decisions, optimize resources, and focus on projects that can generate real value for your organization.
