A large number of definitions exist for the failure of the project. If it is above the budget or if it is not completed within the time then it will lead to a failure. Also, if the expectations of the stakeholders are not met then the project will be called as failed. The failure of the project can be because of several reasons and you must identify all of these.
The rate at which the projects are getting failed is big and sometimes the software for project management can not prevent it. Research suggests that the percentage of successfully completing projects is 33 % or less. Also, if the projects are small then there are less chances of their failure.
Now I will tell you the reasons why projects fail and how to avoid them.
1.If there is a shortage of resources – If the required resources are not present then it can not be possible to complete the project within the time. The failure of the project can be because of the shortage of resources.
Projects can be completed if the required resources are given to the project managers by the senior management. Now if the project fails or succeeds then its responsibility is given to the project manager because the resources are already provided to him by the top management.
2.Less knowledge of the project’s objectives – It has been found that there is no baseline of 34 % projects. While completing the projects the objectives of the trade are known to only 55 % project managers. The thinking that the project will not succeed is found in 75 % IT managers and it is because of the scope creep.
The scope of the project must be defined clearly so that the failure of the project may not happen. If it is not done then it can result in a very big problem leading to the failure of the project. It can be done by writing the scope of the project and getting the signatures of all the team members or partners involved in it.
3.If the project is not handled properly – One more reason for the failure of the project is that it can be mishandled. If the handling of the project is poor then it can be because of several reasons. A big reason is that the project managers can be non-certified or inexperienced. Another reason is that the members of the team may not be having the enough skills required.
The progress of the project can be monitored if meetings are arranged every week or every month. If anybody is found responsible for any problem then he must be blamed for it. The goal can be achieved if the work is done in an organised manner. For preventing your project from any adverse effects all the problems must be detected immediately and suitable steps should be taken to resolve these.
4.If the stakeholders take very little interest in the projects – It has been found that if the top management takes less interest in the projects then the percentage of the failure of the projects is 33 %. The project can be ruined if feedback is not given on time and the client is not involved in it.
One of the several reasons for the lack of the interest of the stakeholders in it is they are not provided enough information about it. To make them aware of the progress of the project it is necessary to arrange meetings and invite them. In the complete process the involvement of the stakeholders is very important.
5.If the warning signs are not taken seriously – Just before the failure of the project a sign of warning can be noticed. The project can not be successful if these signs of warning are ignored.
The project can be saved if the required steps are taken by the project manager for it. Some signs of warning are diversion of resources, deadlines missed, team not committed.
6.If unrealistic deadlines are set – If a deadline is set that cannot be met then it will lead to the failure of the project. Also, if the tight deadlines are set then it is not good. It can lead to producing a product of poor quality and a lot of errors. So, the project will be unsuccessful.
If the final deadline is going to be decided by you then before doing it a time buffer must be kept by you.
A very good product design software is CAD. It can be used to give the 3-D model of the product.