We live in the golden era where the “fail fast” or “fail big” mentality is quite acceptable. Besides, people love to celebrate big lessons from setbacks. Gone are the days when failure was mourned over, and we are glad that change is coming about!
But you’d much rather succeed in the upcoming project you’re leading. Why would anyone want otherwise?
But then, the truth hits us. No matter how well-planned things are, unsolicited problems come up. Whether the project is delivered late, goes over the budget, or doesn’t meet client expectations, many projects fail or unwantedly slip out of hand. Poor project performance leads to $122 million wasted against every billion dollars invested, as reported by a PMI survey. For these reasons and more, it’s wise to learn the main reasons for project failures. And how to take complete control (like the boss you are).
Goals and milestones aren’t clearly defined.
The PMI survey also found that the leading cause of project failure was a “lack of clearly defined objectives and milestones to measure progress.“
Setting milestones helps streamline tasks, measure progress, and keep motivation from fading out, especially when the project spans a more extended time; the enthusiasm needs to stay intact.
Popularized by venture capitalist John Doerr, OKR stands for “Objectives and Key Results.” The objective is the goal (what the team wants to achieve at the end). The critical result or results are milestones that prove significant progress (how will you know you’re making progress/ achieved the goal?
Feeling motivated? Take a start with TeamingWay and manage your projects.
No Accountability or too much accountability
“If everyone is accountable, no one is accountable.”
According to an analysis by Gartner, complexity without accountability often leads to project failure.
When a project starts to stumble, increasing the volume and frequency of reporting to the upper bodies will only intensify pressure on the project and the team and likely lead to failure. This is also known as micromanaging, a counter-productive approach. In a survey by Accountemps, 68% of employees said micromanagement hurt their morale, and 55% said it decreased their productivity.
Team members perform well when they are more accountable for the job. It results in increasing efficiency or fair distribution of tasks among the workforce.
When a lead is given to part or entirety of a project, they ensure tasks are performed with optimum efficiency. They must wind it up in due time with enough time for revisions.
That way, every team member knows what they’re responsible for and has autonomy as long as that project is ongoing. By allowing each lead to work as per their ease and expertise, you’re telling them you trust them, and the chance of successful project skyrockets.
Such a practice removes confusion and eases determining who is holding a project up and who can give the best status update.
Build accountability in projects managed in TeamingWay by adding members to a goal/task. Once added, they’ll receive notifications anytime that goal/task is updated, moved, or assigned a due date.
The planning phase is usually the old-school and tedious phase. Nonetheless, it doesn’t take away from the significance it holds. Planning is crucial for gauging the scope and gathering requirements for the project in question. Poor planning results in:
- Inaccurate estimates
- Insufficient resources
- Scope creep
The planning needs to be calm and calculated. If the project in question will span a few months or quarters and is high-budgeted, rushing the plan would mean more mistakes and revisions, leading to delays and even failure. The planning should base on facts and similar prior experience. Ensure nothing gets missed by creating a pathway to track tasks along with their progress, workforce involved, resources required, and realistic timelines by categorizing your project in Teamingway. This will make it easier for team members and stakeholders to review the daily progress and give feedback on the project while you move closer to the execution.
Even if the plan is fail-proof, no one can predict the future or control everything. An increase in prices, unwarranted delays, or rejection from the client are instances you need to prepare upfront.
How can you adjust to change without ruining the entire project? By preparing for changes and glitches, remaining flexible, and leaving some time for the project to breathe by setting a deadline earlier than the official one.
While there are several uncontrollable factors and every business faces such situations, practicing agility and proactivity helps mitigate risk and unearth problems before they arise. Practically any project can benefit from this way of managing projects.
With intelligent and proactive project management, you receive feedback in real-time. This gives you time to readjust during the project before you’ve invested all your time and resources into something that needs change.
With TeamingWay, leave no stones unturned and become productive with proactivity and agility.