Planning for a project requires a lot of decisions to be made on intuition and experience. There are times when shortcomings in the planning phase lead to disruption during execution. There are times when targets of the project are not met. No matter how unfortunate it might seem, when one notices early signs of failure one should terminate the project immediately to prevent further loss of time and resources.
The responsibility of the termination lies heavy on the shoulders of project managers. They not only need to bear the brunt but also need to pull their team through the termination phase while maintaining their morale. During the management of any project, there are always early noticeable signs of future conflicts. When a team member notices such signs, it should be immediately communicated to the project heads. Read on to find 7 such major signals that should be noted during the project planning phase which can lead to project termination.
Overrunning of expenses without meeting targets.
Cost estimation is a major part of project planning. One needs to consider all the overheads and verticals involved. Take care of costs due to third parties and auxiliary functions. There are times when fresh investments are needed to be made in order to carry the project through. But when one notices the figures going way over the viable budget then one should put a stop to the project during the initial phases itself. There is something wrong with the basic process planning if the desired output doesn’t come under the expected cost.
Competition is doing better.
Every company wants to capture the market share with minimum expenditure. But one must assess the market carefully before venturing into a new project. An unbiased and logical assessment of the competitors and their hold on market is critical in the initial phase of the project. If truly there is a lack of cost-effective options to beat the competition,r then it is wise to close down the whole thing. Progressing in such a market will affect not only the motivation of the managers but of the entire team. During such situations, it is better to introspect and find a new course of action for your enterprise.
Project goes out of control.
This can due to lack of management of manpower or resources. When the everyday outputs and happenings are beyond your plan and predicted course it is advised to pull the plug. Damage control becomes increasingly difficult and there is more harm done than good.
Other pressing priorities come up.
There can be times when a project needs to be terminated if it’s too farfetched. The company can decide a better use of its funds which will present with more immediate results. Under such considerations, it might wise to terminate long-term projects.
Failure upon repeated testing.
Flaws in design and human error can always creep in even in the most meticulous operations. If your model or prototype does not succeed your own field test, then maybe you should think about closing the project down. Your product needs to pass rigorous tests before it reaches the market. An untested product is a sure shot failure.
Unseen cause of danger.
If one observes injury or damage to human life during the execution and testing of the project, then one should seriously consider terminating it. There is zero tolerance in the industry for effective safety practices.
Cutting corners at the wrong places.
There are times when special expertise and unique resources are required to craft your product up to the desired level of quality. If the top management does not support or invest in the proper tools and craftsmanship, then you should think about quitting it. It is very important to maintain quality standards. They affect the company’s image.
There can be a myriad of reasons to end a project prematurely. A careful assessment of the available resources and set targets must be made. If a project seems too ambitious or if any of the above reasons are encountered, do not be afraid to take some harsh decisions.