How to mitigate the risk of project failure!

Ever wonder why big projects fail and how you can improve the odds of success? This HBR article echoes what I've been practicing in the project and portfolio management space. It's exhilarating to see our strategies endorsed by the best in the business!

Big strategic projects often carry big risks. Proactive measures and robust processes are key to avoiding the common challenges of project management and significantly reduce the risk of project failure before it begins.

Some common pitfalls to watch out for,

The Wrong Project: Avoid projects that defy sound business logic or fail to deliver tangible value.

Unrealistic Constraints: Allocate sufficient resources, time, and funding to bridge the gap between vision and reality.

Lack of Leadership: Ensure strong leadership to steer projects through everyday challenges.

Complexity Overwhelm: Simplify where possible and manage the intricacies of projects that span multiple domains.

Disproportionate oversight: Balance the project management intensity with project size and criticality.

So, what can leaders do to avoid the pitfalls that lead to the failure of big projects? There are several strategies:

Adopt a Consistent Project Portfolio Process: Implement a consistent process for vetting, prioritizing, planning, and overseeing projects before committing resources. Ensure that business value and effort required is clearly articulated early in the process.

Commit to Strict Governance: Appoint sponsors and managers early in the project lifecycle to facilitate decision-making and navigate political intensities and complexities.

Involve Project Managers Early: Empower project managers from the business case development stage to critically assess implementation plans, resources, and budgets.

The article also suggests creating executive positions, like a Chief Project Officer, to oversee the project ecosystem, crucial in industries and companies where project work is substantial.

Remember, a strategic approach to project portfolio management can turn potential failures into resounding successes!

Empowering project teams, championing robust governance, and fostering transparent communication must always be our guiding stars.

Are your projects setting the benchmark for success? I'd love to hear how you are overcoming these challenges. Share your best practices in the comments or message me to exchange insights on elevating project portfolio management to the next level.

#Leadership #ProjectManagement #PortfolioManagement #BusinessStrategy #HBRInsights