Halt a Project When These Six Factors Occur Over Time
Do you feel that you must finish what you started? That sentiment does not apply everywhere. There are several reasons why you should not continue a project. You halt a project when it no longer produces the expected results. Your team members might oppose this idea at times, but think of the long-term problems continuing this conflicted project can create. Are you ready to face the consequences? In this article at Online PM Courses, Mike Clayton gives six reasons to halt a project before it is too late.
Reasons to Halt a Project Mid-Way
No Value to the Company
Every project must add value to your company. You can halt a project if, using these formulae, you do not get a positive value:
Value = Benefit – Cost
Value = Benefit / Cost
Return on Investment (ROI) = (Benefit – Cost)/Cost
Not Commercially Viable
Is your company’s strategy changing? If the project is not viable anymore, you might have to pause it for an indefinite time. Low cash inflow, vendor disputes, contractor unavailability, better rival products, etc., are some other reasons that can influence management’s decision to halt a project.
If your team is devoting more time to resolving technical challenges than developing the product, your team needs training first. Otherwise, frequent test failures, poor assumptions, outdated technology, etc., can delay the project.
Project Management Limitations
You need resources, a proper manager, effective governance and controls, and defined requirements to produce deliverables. You cannot help but halt a project if no plan has materialized yet.
If stakeholders are at loggerheads with each other, you will never have a fruitful plan. You will not have approvals for budget, support, priorities, or resources on time.
Sometimes you must halt a project for reasons beyond your control, such as natural disasters or national crises. When a war or political unrest disrupts the nation, your organization must shift its priorities elsewhere.
To view the original article in full, visit the following link: https://onlinepmcourses.com/failing-project-do-you-know-when-its-time-to-pause-your-project/
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