Factors To Consider At Project Termination

943 words - 4 pages

Project TerminationBusiness Project ManagementFactors to Consider at Project Termination"Hey Mary how are you doing," Tom says as he normally does every morning. Mary replies, "I'm okay. Haven't you heard they are done with the xyz project I'm going back to my regular department?" Tom looks flabbergasted as he knew the project was coming to an end but did not realize it was happening so soon. This is a conversation that occurs in many companies across the world and the feeling that Tom has is one that is shared by many employees throughout these companies. This paper will examine some of the factors that must be considered when deciding when to terminate the project.How does the project manager know if the project is complete? Why is the project being terminated? Wideman (2003) states that projects are normally terminated for two basic reasons success or failure. It is up to the senior management and the various departmental managers to foster an environment that helps the project to be a success, but also allow the project to fail if the project's goal no longer fits with the organization's plans for the future. Wideman goes on to state that a project is successful when all of the objectives have been met to the full satisfaction of the customer, all closeout activities have been completed, and all interested parties officially accept the project's results or products. At which time, various steps should be considered. Wideman lists these steps as follows:Finalize all outstanding contracts to vendors, suppliers or customersTransfer any responsibilities necessaryReassign the project team members to other dutiesRelease all remaining resources such as materialsComplete final accounting on the projectDocument the results and make recommendationsPresent/install the system to the clientWideman's approach is quite simple and straightforward. Finalizing all contracts ensures that six months down the road there are no unexpected bills or deliveries being made for a project that is no longer in commission. Transferring any remaining responsibilities and reassigning team members should work hand in hand. It is a good opportunity to use the members that have worked on the project throughout its life cycle to use their knowledge to possibly train others or even create a new job opportunity for them. Many times people get anxious and nervous when projects come to an end because their futures are uncertain. However, if the team member has a wealth of information concerning the project they should be able to use that to create an opportunity. Releasing all of the materials and resources could be quite beneficial a company with multiple projects. The extra resources can be shifted to other projects and thus save the organization money. The final steps in Wideman's approach are mostly administrative in that they involve closing the books and documenting the results and making recommendations. These steps are important in that all bills must be paid. Also, the...

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