In project management, a workable plan is as essential as high stakes for a startup venture. With teams across the globe collaborating, it is vital for the PMO to master the project planning process.
In this article at Wrike Blog, Laura Quiambao explains that if a right project plan can save enough time and funds, a failed plan may cost unexpectedly huge to the organization.
According to a recent survey of 2018 Pulse of the Profession by Project Management Institute (PMI), scaled to encompass total global capital investment, around $1 million is wasted every 20 seconds or $2 trillion annually. Moreover, the Standish Group Chaos Report unveils that only 29 percent of IT projects achieve success while 19 percent are considered utter failures.
A workable project management plan may not just save you enough time and money, but will also help you understand where most project work plans fail. Here are a few prime reasons for project plan failure and tips to avoid them:
- Misaligned Vision: Without clear vision, it is difficult to find and align with project requirements. Even the teams may not invest in moving the project along when it hits a snag. To avoid such situations, clearly define the project goals to the team.
- Unclear Communication: Often plans fail when project managers remain stuck in multiple ways of communication. Unless the project work plan includes a standard process for communication, setting a rhythm of updates is impossible. By organizing a seamless mode of communication, you can skip failure.
- Impractical Goals: To hit the desired goals and beat the deadlines, do not hold the project progress on the performance of an individual. Instead, set realistic goals by plotting team bandwidth and adding cushion to each task in the plan.
- Poor Resource Allocation: Falling short of budget, time, and team bandwidth may hamper plan execution easily. The project managers must ensure all the resources they need are well-aligned with their project work plan. The optimized workload may increase productivity while the contrary may lead to major burnout or disengagement.
- Disconnected Tools: No wonder technology makes lives easier, but too much use of it in the form of multiple tools may be tough to handle. By having a centralized tool, the project managers may keep the projects on track.
Click on the following link to read the original article: https://www.wrike.com/blog/5-reasons-why-project-work-plans-fail-and-how-to-avoid-them/