Managing Termination of Projects
Termination of a project is inevitable, but how it is terminated and when may have a profound and long lasting impact on the organization and its employees. The success of future projects may depend on not only the success of past ones, but also on how unsuccessful projects were treated by the organization and its stakeholders. Firms have the option of initiating a variety of entrepreneurial projects with varying degrees of risk. If an organization chooses to accept greater risks, it should avoid penalizing members of projects that turn out to be unsuccessful. If team members believe they will be penalized for participating in unsuccessful projects, they will be less willing to terminate failed projects and may become risk adverse.
This proposed research contains information about the project life cycle and the importance of continually monitoring a project to determine if it is meeting the objectives established at the outset. We have identified and categorized external and internal factors that influence the success or failure of projects. The relative importance of each factor varies by organization and project type.
Organizing a project’s termination process is especially important when it has failed, because of the lasting impact on future projects as well as the organization’s image. Including project team members in the termination process will increase their loyalty and commitment, not only to the organization but also to the success of future projects. At the end of a project a post-audit report will be prepared that summarizes the project and provides recommendations for similar projects in the future. Lastly, as a project is closed down or completed it is important that senior management recognize the contributions of the project team.
Credit:ivythesis.typepad.com
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