All projects can simply not succeed. Managers should therefore know when terminating a project will be the best solution for all the involved parties. It does not mean giving up when the first difficulty occurs, but to be able to assess the situation in the long term. How to find out whether your project fails? There are three fundamental signals: 1) it does not work as intended, 2) it significantly exceeds the budget, and 3) it cannot be completed on time. Furthermore, consider the following indicators identified by TLNT.com.
1. Unclear requirements
A project manager who fails to get his clients or projects sponsors to clearly define their requirements at the very beginning cannot expect success.
2. Unrealistic schedule or budget
No matter what your project relates to, it must be based on realistic schedules and prices which are common in the industry. Insufficient research at the beginning will backfire on you soon.
3. Continual expansion of the project
Each project must clearly identify what and when must be fulfilled. If the client comes with more and more requirements, you cannot fulfill them endlessly within the same schedule and budget.
4. Negative approach
If your team or even the client considers working on the project as a waste of time, something is wrong. A high turnover and the subsequent need to train new members of the project team is even worse.
5. Failure
It may prove that your project has been poorly designed and it does not lead to the expected results. Solving the problem would be much more challenging than you thought or another solution that is cheaper and easier may occur. Then, there is nothing to discuss.
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