Imagine the despair when the project you initiate with lot of hopes and hard work, fails miserably. However sad it is, many projects miss the mark completely and lead to waste of time as well as efforts. It also comes out as a major blow to the project manager and shakes the confidence of all the team members involved in the project.
However, often team members can sense signs, which communicate that something is not right, that the project may not transform into what was envisioned. Sometimes the signs are clear and at times they are hidden. However, no matter which project you are working on, there are few alerts which shout out loud that it is in the best interest of the team and the company to terminate the project. Here are the red flags you should watch out for:
Expensive or does not meet company’s goal
Make an estimate of the total cost of the project in the planning stage itself. A few thousand dollars here and there are manageable, but when you see the figure going way over your approximate value, it is better to put an end to the project right in the initiation stage. Also, if the project does not go well with the strategic plan of the company, it should not be given the green signal.
Your competitors are doing a better job
As a project manager, you may be motivated to prove your mettle and take your company ahead in the market, but think logically and determine if it is possible. Many a times, you may be motivated at the start of the project but once you begin with it and have to face grave challenges one after another, the positive drive may fizzle out and you may be left with a project that is going nowhere. Even if you realize it midway on the project, do not hesitate to pull the plug.
Project gets out of control
When operations get way beyond control or when damages cannot be repaired anymore, you know it is time to terminate the project.
Important or priority project comes up
Businesses take up several projects simultaneously. However, there are some projects which need more time, energy and resources. If a certain project is stopping you from allocating the required resources in a bigger, important project, it is better to let go of the smaller project.
Failure in testing process
It is sad to see a project fail during testing. However, if the team members gave it all that they could and the project still could not succeed, putting an end to the project is a sensible choice rather than spending twice the energy and resources on it again.