Project close-out/termination is a complex process that requires detailed knowle
ID: 470806 • Letter: P
Question
Project close-out/termination is a complex process that requires detailed knowledge of the project, business strategy, and market conditions. There are many reasons for a project manager or executive management to consider cancelling or closing out projects. Some reasons are simply the completion of the project deliverables and customer’s acceptance; others may include project failures or repeated changes in the scope, priority, or schedule. Using the internet, research failed projects and assess the decision to terminate the project. Was the decision justified? How would you assess the merits of project termination/close out in this specific case?
Explanation / Answer
Project failure happening because of the following reasons:
Some example of project failure are 1. Millenium Dome structure in London. The structure was supposed to be a mega structure designed for a celebration purpose but in the midway it stopped due to financial problem and lack of planning. 2.Chrysler and Fiat. The merger policies of thecompany failed during the time of Diamler-Ben colloboration. This results in loss of Chrysler aswell as Fiat brand. Cultural and organisational change, Lack of strategy and poor financial and demand planning was the major reasons of failure.
How would you assess the merits of project termination/close out in this specific case?
Project termination is inevitable if further business continuity will results in huge threat to the concerned parties. Before entering to aproject there must be always an exit plan or alternative plan. This will help in reducing the riskcaused by project issues. Typical startegies and colloborative work force effort can save many projects. Proper discussion and effective communication with milestone fixing can giv better insight and futuristicapproach to the project. This will help in optimising the resources associated with the project.
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