Illustration by Carlo Cadenas
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There are five reasons that large projects fail. Wrong projects are ones that defy conventional business rationale, creating outputs that either few people want, that add little to no real value, or that undershoot the desired benefits because they are so difficult to achieve. A second reason is unreasonable constraints — when the effort doesn’t have adequate funding, people, time, or other key inputs. Lack of effective leadership is another project killer, as is undue complexity, where projects span multiple teams, business units, geographies, and organizations and face volatility, uncertainty, and ambiguity. A final obstacle to project success is too much or too little management. To avoid these pitfalls, smart companies should hire senior executives who are project management experts, commit to clear processes and strong governance, and empower project managers.
Projects are important vehicles for innovation and change, and they are everywhere within contemporary organizations. While the amount of project-based work differs across industries and functions, it’s on the rise — and intensifying — across the board due to competitive, regulatory, environmental, and social dynamics. Research shows that, in developed nations, such as Germany, Iceland and Norway, projects account for about 30% of economic activity. Examples include new product development, enhanced technology to manage customers or communities, planning events, or improving infrastructure. Yet, projects are notoriously finicky, and success rates fall precipitously as they become larger, longer, and more complex.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2023/11/why-big-projects-fail-and-how-to-give-yours-a-better-chance-of-success
