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Is it a good idea to close down a non-performing project? You take on a project. You plan and assign tasks to the appropriate teams. Everything is perfect. You monitor the budget and resources of the project. Yet, at the end of the day, you hear the three words every project manager fears: “The project failed.” Why? Let’s get to that part in a moment. Did you know that only 2.5% companies are able to successfully complete all their projects? Imagine a situation where the project is not performing. What would you do in such a scenario? What project management software would you use to help you in such a situation? It is well-known that not all projects are designed to succeed. But, how:

  • How can you tell if your project struggle has a solution?
  • To find out if a project is still performing well?

What are the signs that it’s time to close down non-performing projects? This is exactly what this article will cover. Let’s see if it is best to give up on a project that isn’t performing well or if there are ways you can turn it into a business asset. Why do projects fail? There are several signs that a project will not bring about positive results. While some of these signs are related to project planning and implementation of the project management software, it is difficult to pinpoint the reason why projects fail. Let’s look at the most common causes of project failure. Inadequate project planning is the main cause of project failure.

  • Unrealistic plan
  • Inadequate Project Execution
  • Why is this happening? It could be because of you:

    • They didn’t take the plan seriously.
    • You may be using a project-management software that doesn’t work well for you.

    Business teams may realize that small changes can make a big difference in the final results of a project. If a team is unable to track project progress due the changes they have made, it could lead to a dead end. It is possible to exceed the budget or miss the deadlines. This makes it difficult for businesses to overcome the problems and continue running the project. Human Resources Issues Other than major planning problems, what causes projects to fail is the human factor. Statistics show that 75% of projects fail because of poor communication. It may cause motivational problems on a daily basis. If there is no motivation, projects will experience a decrease in productivity which can lead to delays and poor quality outcomes. If there is no way to improve communication and motivate staff, the project will not deliver the expected results. It could also have a negative impact on your company, so you should close it as soon as possible. The longer the project team takes to achieve satisfactory results, the harder it will be for the project’s performance to improve. You have a good chance of fixing a project that isn’t performing well in the early stages. If you are able to identify the critical issues in the early phases of a project, you can greatly improve its performance and get it on the right track. Why should you fix a project rather than closing it? It’s simple: As long as the cost of fixing the project is lower than the cost of closing it, it’s worth it. Now comes the million-dollar question: How can one turn around a non-performing project? 1. Keep in mind the Project Purpose. Sometimes businesses get too focused on their daily operations and forget about the main goal of the project. This can lead to negative outcomes. Therefore,