Instance of Project Termination
By and large, projects are terminated due to two fundamental reasons: project success or project failure. Project success signifies that the project has encountered its cost, agenda, and technical operation goals and has been incorporated into the organization of customers to play a role to their mission.
Project failure indicates that the project has failed to fulfill its cost, agenda, and technical operation goals, or it is incompetent or unfit in the organization's prospect.
Besides, following are the two broad categories of project termination:
- Natural termination
- Unnatural termination
- Young (2003) draws the attention to some of the causes of project termination:
- The project domino effect have been delivered to the customer
- The project has spilled over its cost and agenda goals
- The project owner's tactic has altered
- The project's backer has been gone
- Ecological changes that have an effect on the project
- The project's main concern is not high enough to go on in the competition
I had worked in an automobile company named as HTA. The company terminated the development project for a novel lavish automobile. Code named MB, the automobile would have been the flagship.
After a great deal of thinking, they analyzed that the competition on the marketplace would be much elevated than estimated rendering the project unbeneficial in accordance with their project planning.
In general, the termination judgment does not crop up at any particular point but rather develops gradually all through the project’s lifecycle.
It should be kept in mind that project termination does not refer to a failure, but a tactical verdict put into operation when a project does not or possibly will not back the organizational tactics.
Mostly, due to insufficient resources, time as well as finances, the project closeout phase is ignored. Furthermore, the higher management usually assumes the cost of project closeout needless (Newell, 2004).
Following are the steps in order to close-out the project:
- Completion - At the outset, the project manager must make certain the project is 100% finalize. It has been observed that in the closeout phase it is quite widespread to find several outstanding small tasks from initial significant stages still uncompleted.
- Documentation - Documentation can be characterized as any text or illustrative information that elucidates project deliverables (Mooz et al., 2003). It is very important that everything understand during the project, from outset via preliminary operations, should be encapsulated and turn out to be an asset.
- Project Systems Closure - All project systems should close down at the closeout stage and it involves the monetary system.
- Project Reviews - The project review usually takes place after the entire project systems are closed. It is a link that joins two projects that appear one after another.
- Disband the Project Team - Prior to moving the employees amongst other resources, closeout phase offers an outstanding prospect to evaluate the effort, the loyalty and the domino effect of each team member separately.
- Stakeholder Contentment - It elucidates that actions as well as activities are indispensable to validate that the project has encountered the entire supporter, customer and other stakeholders’ necessities.
Mooz, H. Forsberg, K. & Cotterman, H. (2003) Communicating Project Management: The Integrated Vocabulary of Project Management and Systems Engineering. John Wiley and Sons.
Newell, S. (2004) Enhancing Cross-Project Learning, Engineering Management Journal, 16(1), pp 12-20.
Young. (2003) The Handbook of Project Management: A Practical Guide to Effective Policies and Procedures. 2nd Edition, Kogan Page.
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