The Report Outlines The Factors Surrounding Project Failure. It Highlights Reasons Effecting The Risks Of Project Failure And Gives Examples.

959 words - 4 pages

Project FailureThe following report will outline some of the reasons why projects fail. Projects failing occur for a number of reasons. Poor planning or management is one of the main causes of projects failing.For a project to be successful it needs to be correctly planned to ensure that everything flows. If a project is poorly planned then it will result in project failure."In a survey of management consultancies...90% of projects went over budget and 98% had to change specification usually to a lower spec." Geoff Reiss-Project Management DemystifieldOne of the results of poor planning can result in a project being abandoned or re-planned. If a planned project goes badly then financial implications may create a situation where the project fails. Certain unforeseen risk factors can create situations where projects fail. The risks that can effect projects can be created through poor planning or just freak events.The current situation in Iraq is something of an occurrence that no one planned. The results of this event will effect organisations all over the world. Events such as this can not be put down too poor planning or management because it is an event, which was created through a dictatorship of different beliefs.Poorly planned projects however fail for a number of reasons mainly created through the top management. Many projects fail through over budgeting. When a problem occurs within a project it usually means that there will be financial implications that can result in a project failure. Events such as the Iraq situation are certainly not planned. Every project has a planned budget it just depends on what other back up resources there are.A "risk log" is one way for managers to isolate the impact of what could hypothetically happen during a project. Within a risk log managers and organisations are able to outline all of the possible risks in accordance with probability and location. By having a risk log for a project the leeway for its success is increased. The impact of the possible risks can be outlined and assessed depending on the severity. It is essential for an organisation to plan its projects by what if situations. By doing this the chances for failure are reduced."There is always the possibility of unforeseen risks leading to unexpected issues. Provided you are prepared to react promptly you can still take necessary actions to hold on to schedule dates. Identify the signals or triggers that suggest a risk is likely to happen and keep the team always alert to the possibility of any risk becoming a reality." (The Handbook of Project Management-Trevor L Young)By creating a risk log the projects failure is reduced and the success of the project is increased.Many risks that occur to projects can be the start of there failure. Unforeseen risks are the main reason why most projects fail E.g. If a planned...

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