The importance of considering failure
High IT project failure rates necessitate meticulous planning, skilled teams, and professional management to mitigate risks and ensure success.
The surveys show that around 70% of all IT projects failed at some stage and that somewhere in the region, 17% of all large-scale projects with big budgets went so badly that they threatened the very existence of the parent company itself. Additionally, the studies found that many participants on new, large-scale IT projects expect them to fail from the off-set. With this in mind, it’s more important than ever for businesses to identify potential problems before a project starts and accept that it may not be successful.
The project start
Setting a good project plan before anything gets underway is crucial, and understanding what role the project aims to fill through gathering customer requirements is also fundamental. Often, time pressures demand that a project gets underway as soon as possible, but rushing can significantly increase the chances of project failure and a wasted budget. It is ultimately much safer to spend time planning meticulously to ensure that the project is not only successful but viable.
Maintaining a close eye on a project from start to finish is also a must; otherwise, things can quickly fall apart no matter how much planning is done. Making sure to review and update a project plan regularly can help to overcome problems and avoid pitfalls during the development process. Also, providing clear feedback lines and responding to customers and the project team can speed up problem-solving and the overall process.
The right team
An important question is whether your staff has enough capable members to implement the project in the first place. If skills are lacking, the project will most likely run over budget and result in much wasted time. The worst-case scenario could mean that external professionals must be called in and start the project from scratch – a costly and time-consuming result.
Handling the failure
Perhaps most importantly, the question of whether your company can weather a failed project must be posed. If the risks of failure could result in severe ramifications for your company, it can often be worthwhile to bring in outside help. Again, it would help if you questioned whether managers and teams can provide the necessary skills. If not, starting up a significant project could be a severe risk.
Bringing a dedicated, professional team to plan, manage, and implement your project is often a much better approach. Costs will soon be recuperated once the project is successful, and the additional stress and burden of running such a task won’t be placed on an already busy internal workforce. Professionals will know how to engage and manage customer expectations effectively, too, so there is much less risk of having a highly visible disaster on your hands. Suppose there are doubts about skill levels, the possibility of failure, or the proper job management. In that case, the safest option is nearly always going to be outsourcing the project to experienced professionals.
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