Why do business projects fail or get canceled?

Businesses very often hit a dead end especially when it happens to be a project. There are many reasons for project success as well as for project failure.

projects fail or get canceled

projects fail or get canceled

14% of IT projects fail, according to a 2017 research report by the Project Management Institute. But why projects fail? Projects that have failed may have faced the following problems:

  1. Unrealistic goals: Projects that have unrealistic goals or completion dates is the common reason why they fail.

  2. Bad Management: Another aspect is bad management or managerial skills by the project manager. The manager must be assertive towards his/her team members to complete the work in a stipulated timeline. However, he/she must not treat the team members in a bad manner that will discourage them to work their best and may eventually leave the project halfway.

  3. Rejecting good ideas: Many times Project management failures happen when project managers do not pay heed to good ideas from their team members or advice from senior management.

  4. Resistance to change: Resisting making changes in the project due to new innovation or the latest technology could jeopardize the project in the long term.

  5. Insufficient funds: Many times projects may run out of money and may need an influx of investment, but may not get the funds in time, hence the project gets canceled.

Based on many project success and failure examples we have listed below the solutions we have learned and when project managers apply these to their projects, they will see huge success rates:

  1. Adhere to the project plan: Keeping pace with the time, the project must also progress steadily, this will ease the project load and may not face issues due to future delays.

  2. Work Delegation: Delegating every work according to a person’s skills and choosing the right person for the work is an important part of project management.

  3. Open to new technology: Sometimes, adopting new technology can streamline your projects and help in completing them before the stipulated time. For example, for the clean city project in Indore, India, to clean streams flowing within the city, the authorities put in a request to order a machine that can clean the stream in minutes.

  4. Timely monitoring: The role of a project manager is vital in monitoring the overall project as well as coordinating with all the teams and bring them together.

  5. Accountability: Every person in the project including the project manager must be accountable for the work they have been assigned. This can be done by conducting timely and scheduled meetings to check the progress of the projects.

  6. Dedication: Every person in the project must be dedicated to complete their tasks. For this, the project manager must also help every member of the team to share their ideas and must be open to new ideas to improve the on-going projects.

  7. Appreciation: Any project is successful when it is done as a team and individual efforts by the team members. Hence, the project manager must make sure he/she appreciates their work from time to time.

Apart from the above, Project Managers must be open to upskilling themselves and other staff members if need be.

Want a high project success rate? Alpha InfoLab, Inc. has the experts and the technology to help all your projects achieve success. Speak to our specialized team today for a customized solution for IT projects or Digital Marketing projects.

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