Projects often run the risk of failure in one or more of their objectives. Several studies have recorded such probabilities, typically ranging between 24% to 55%. Projects, however, are improtant for any company or organization. The key to avoid or reduce the risk of failure is the fast, prompt and coherent action using project recovery experts.
Typical Symptoms of Projects in Trouble
Difficult to complete deliverables and meet milestones
Problematic resource allocation
Continuous delays with respect to baseline schedule
Persisting existence of technical issues that not only remain unsolved, but multiply
Stressed decision-making due to missing information
High-risk of not achieving anticipated benefits
Lack of risk response planning
Failure to monitor and control contractors
Frequent target and roadmap changes
Absence of personnel commitment to the project
The 5 Most Prevalent Project Recovery Actions
Project redefinition (scope decrease, schedule and budget review, etc.)
Identification and solving of problematic technical issues
Addition / Removal / Replacement of resources
Improvement of project communication internally (team) and externally (stakeholders)
Substitution of the project manager or support from an external Project Management Consultant to manage project recovery
The Project Recovery Consultants of Fine, initially review the current status of the project and identify areas at risk, such as, scope, resource availability and capability, project monitoring and control, internal and external communication and information distribution, roles and responsibilities, etc. This evaluation is presented to the Management and while recogninzing the project achievements, it focuses on the main issues that triggered variances form the objectives. A corrective actions plan is also delivered.
Once this action plan is accepted by the company, the Project Recovery Consultants either undertake the recovery initiative or mentor the project team to implement the corrective actions.