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What are the common risk that leads to the project failure?

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posted Mar 7 by Suresh Babu

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2 Answers

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Poorly defined project scope
Inadequate risk management
Failure to identify key assumptions
Project managers who lack experience and training
No use of formal methods and strategies
Lack of effective communication at all levels
Key staff leaving the project and/or company
Poor management of expectations
Ineffective leadership
Lack of detailed documentation
Failure to track requirements
Failure to track progress
Lack of detail in the project plans
Inaccurate time and effort estimates
Cultural differences in global projects
answer Mar 8 by Arunkumaarts
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  1. Poor Preparation
    You need to have a clear picture of what you’re going to do, in advance – as much as possible. Otherwise, you may find yourself up stream without a paddle. You need to know what project success looks like at the beginning and don’t loose focus of it. Hence, if you don’t have a clear focus at the at the earliest stage of the process, you are making things harder on yourself. Have a meeting, even if it is lengthy, with stakeholders to discuss their expectations on cost, time and product quality. Know how you will execute your tasks in order to meet everyone’s expectations.

  2. Inadequate Documentation and Tracking
    This is the responsibility of the project manager. Tracking milestones is how you are going to know whether you are meeting expectations. Proper recording and monitoring lets the PM identify where more resources are needed to complete a project on time.

  3. Bad Leadership
    When we see this word, leader, we usually think, the project manager. However, the people at each management-level have a responsible to ensure that the project is successful. Management should not micromanage but provide support to ensure that the PM can follow through with the expectations placed upon them.

  4. Failure to Define Parameters and Enforce Them
    When you’re a leader, PM, it’s imperative that you’re able to work well with your team. If and when tasks or goals are not met to standard, there should be ramifications. Rank tasks by priority and assign them to the most proficient individual.

  5. Inexperienced Project Managers
    A project manager has a lot of responsibility. You need to assign people to management roles who have matching education and experience. In some cases, and perhaps more often than not, inexperienced managers are given projects. They may be very capable of managing projects, but the key is to keep them at a level where they can succeed. Otherwise, you will set them up for failure. On the other hand, there’s nothing wrong with a challenge, just don’t make it beyond their reach.

  6. Inaccurate Cost Estimations
    There may be times when your cost estimates are completely off. As you know, when resources run-out, the project stops. Prevent this by identifying the lack of resources early on.

  7. Little Communication at Every Level of Management
    Whether it’s between upper management, middle or with the team, it’s disastrous to have poor communication. Everyone should feel free to come forward to express their concern or give suggestions. When everyone is on the same page and there’s transparency, workflow is at an optimum level.

  8. Culture or Ethical Misalignment
    Company culture must be comprised of competence, pro-activeness, and professionalism. If it isn’t, team members will not be motivated to do their best. Basically, everyone involved must be invested in their part of the project to successfully complete it.

  9. Competing Priorities
    When there’re not enough resources, there’s bound to be competition between personnel resources and funding. Having good cost estimations at the start will eliminate this problem.

  10. Disregarding Project Warning Signs
    When a project is on the verge of failing, there will have always been warning signs. Taking action immediately can save the project. Otherwise, the whole endeavor goes down the drain.

answer Mar 8 by Sheetal Gawade
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