Recovering a Failed Project
Projects fail because of numerous reasons. It may be that the objectives have been changed by the stakeholders or the key members have left the company for greener pastures or that the budget is no longer there and there are delays in the arrival of materials. These may be some of the reasons that your project is failing. The good news is that you can recover and get back on track. We will see how.
Stop And Evaluate.
It may be hard to do it since stopping a project is not that a walk in the park. It is because there is an entire team working on it and also supplies coming in. To do it smoothly, you could work with the managers of the teams and assign interim work for the time being. As a Prince2 certified project manager you could explain to the group why the project is on hold and get to hear their opinions on the matter. This will build trust and transparency. During that time, you could take an inventory of the project collateral that is there and store them. You should also talk to the stakeholders and get their view on the project anonymously. Their opinions are critical.
Figure Out Why It Is Failing.
The cause of the project failing is not always apparent, even if you are exceptionally good at your job. Avoid surface level answers since they do not give you the right insight to ensure that they have the best solutions to salvage the project. Seven issues tend to be the leading causes of project failure. You should consider them. They include; complexity, financial problems, external reasons, operational ones, technology, scheduling, and organizational reasons. Once you establish, identify the risks that you will face and if they are worth it.
You should now assemble a team and get them all together. With the whole team, work through a rescue workshop to figure out what to do next. All the key decision makers should be there, including the stakeholders. Come up with an appropriate plan to move forward.
Set Your Project In Motion.
You should finalize on how the project will move forward and also confirm the various responsibilities of the members in it. Organizational expectations should be reset. The project is now proceeding on a positive path.
You should not beat yourself up for the project failing. It happens to almost everyone. You need a positive attitude to lead the team in the right direction and make the stakeholders believe in you again. By following the above points, you are on the right track to get it back up and running.