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The paper explains about Project Operations and Controls allows better risk management and evasion of project failures

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Project Operations and Controls

Project failure is generally lack of fulfillment on what was initially anticipated to be achieved. In other words, a project can only be successful if it is completed with due quality, on time, with the anticipated cost, and if it delivers all benefits outlined in the project requirements. Therefore, the project management discipline allows better risk management and evasion of project failures.

‎ How the Risk of Project Failure Can be Reduced

The field of project management is characterized by equal chances of failure and success. Thus, the ways to prevent failure in a project and to reduce the risk of failure become a substantial part of project management. It is worth noting that failure usually becomes well known for wide public as compared to success; therefore, appropriate strategies should be implemented to mitigate it (Engelen, Kool, & Li, 2016). Below are the strategies to accomplish this task.

Select the Right Methodology

Considering that projects are efforts put to offer a unique service or product during a limited period, the project team should carefully analyze all stages required and focus the way that best suits the needs of the planned idea (Ikediashi, Ogunlana, & Alotaibi, 2014). Matching the selected methodology to the service or product to be delivered ensures the success of the project.

Manage the Scope

The phrase a stitch in hand saves nine plays a significant role while aiming to avoid challenges with the project. In this light, the scope of the project should be managed and not controlled, and all decisions should be documented instead of simply understanding them. Besides, the users should be given what they need and not what they want to ensure that the project delivers value (Ikediashi et al., 2014). This way, the project will be delivered at the forecasted scope, budget, and schedule, which is an absolute guarantee of success.

Educate the Customer

Since a project is controlled by such parameters as schedule, scope and budget, any efforts to modify them may be detrimental eventually. A project team should, therefore, educate the customer and stakeholders on how these constraints work (Chen, 2015). This step will prevent strange requests to alter either of the warrants and this guarantees a successful project delivery. 

Beware of Technology

The emergence and growth of technology make nearly anything more effectual. Yet, it is not an answer to every problem, but it is simply a tool (Chen, 2015). Before the application of technology, there should be proper processes and the right people in place.  Failure of this consideration will be a recipe for trouble as more problems will emerge during and after implementation.

In a nutshell, the most significant step in preventing project failure is an extensive evaluation of the whole process. It will incorporate an audit of each stage using a sequence of typical questions to identify the challenges and their scope. The following prioritization of the project recovery activity and planning ought to be done so that the most serious problems are dealt with first. This review may also enable the team to find specific areas where bleeding can be stopped (Sage, Dainty, & Brookes, 2014). For instance, the scope could be unstable or in an ever-changing position, which will call for an introduction of a stern change control process to stabilize the scope.

Costs of Protecting against Project Failure

Every year, large amounts set aside for projects, portfolios, and programmes that can be wasted in the case of project failure. Ikediashi et al. (2014) in their study identified the conditions for the success of projects. Noentheless, even though the key to the success of projects is known, it is not applied as it should be. The authors claimed that the commitment by the management team is necessary in preventing project failure. Protecting against failure is not viewed in monetary terms only but rather in terms of the efforts made by the project team to ensure that the desired idea is delivered in time, on budget and according to the requirements guidelines at the beginning of the project.

Risk assessment and management is another significant aspect to consider as a cost for protecting against failure. This is an approach where the risks in a project are explored, acknowledged, analyzed and mitigated beforehand to ensure project success (Ikediashi et al., 2014). Properly undertaken risk management will increase a project's likelihood to be delivered successfully in time, on budget and as per the performance objectives.

Factors that Lead to Project Success

While having an accomplished manager for a project might be the first and significant step towards success, there are other factors that contribute to the best outcome of a project. Among these include paying close attention to detail, good communication skills, and careful planning. Below are some other factors for the success of a project.

Intelligent People

Having capable people in a project team is a necessity for the success. A project may derail at any point; thus, the project team and the stakeholders will have to share their commitment and enthusiasm to bring together their visions for the project success (Engelen et al., 2016). If a project team is incompetent, this becomes a problem to the project manager as the risk of failure is great.

Planning

As the adage goes, failing to plan is planning to fail. To ensure that the project is successful, a project manager is mandated to make sure that a good plan is in place right from the onset. The stakeholders and project team should be aware in what direction the project is steering from the beginning.  Good planning will enable the team to stay organized as well as complete their tasks as per the deadline.  Moreover, planning makes it easy to estimate the resources needed as well as in evaluating the potential risks (Engelen et al., 2016). With planning, team members and even the management will be guided in achieving the stipulated goals.

Open Communication

The success of a project is equally dependent on an open channel for communication. When, for instance, the team is dealing with a specific schedule, it is significant that the team maintains a well-informed communication throughout every aspect of that project (Sage et al., 2014). Moreover, one should not agree on delivering something they are not capable of finishing in time and as required and should clearly communicate what they are able to deliver and when they will do so.

Risk Management

No project can be said to be perfect.  Although some of the risks can be avoided through proper planning and management, there are others which are inevitable. The project team should, therefore, draw a risk log with plans of actions to tackle those risks should they emerge during the project.

Conclusion

Project failure is a known fact in project management. However, with appropriate project management strategies, it is indeed possible to manage the risks associated with failure and prevent it altogether. These actions will in turn lead to the success of the project.

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