Unclear requirements, ambiguous priorities and imprecise information hinder progress from the start.
Failed projects are costly, so a sound project recovery strategy can pay off handsomely. A new study from project management firm PM Solutions, “Strategies for Project Recovery,” says the average American company manages $200 million in projects each year, with perhaps one-third of those, or $74 million worth, at risk of failing. But action strategies can salvage faltering projects about 75% of the time. PM surveyed 163 high-level project management employees about successful project recovery, addressing also the causes of trouble in the first place and the cost of failures. Good managers help. “Project managers not only play a significant role in addressing the root causes of troubled projects, they are the key resource in effectively managing the process to recover them,” said J. Kent Crawford, CEO of PM Solutions. “We advise our clients to make sure they have a core set of experienced, highly skilled, well-trained professional project managers, especially for managing critical projects.”
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