A distressed project won’t get back on track without serious help from a specialist. Trying to save a distressed project yourself will only lead to further problems, delays and unnecessary stress.
We’ll take a look at how a professional project management company can bring your project back to full health. But first let’s take a look at what exactly a distressed project is so you can identify if your project can be managed successfully by yourself, or if it is indeed in distress.
Check if your project has the following characteristics:
- Performance Trends – has the project been exhibiting poor performance trends and do they look set to continue this way if things don’t drastically change right now? If a project is out of control an immediate assessment needs to take place to find the cause of the problem.
- Slipping schedules – If the schedule of your project keeps slipping further and further down the calendar it’s probably because initial estimates and time frames were grossly incorrect. Other factors like bad estimates, project mistakes and vendor delays can also contribute to schedule problems.
- Organisational change – Sometimes factors that are simply out of your control can contribute to a stalled project. Changes in personnel, restructuring, environmental changes, sponsorship changes and loss of critical resources are all factors that can bring about project chaos and cause a project to fall flat.
A company specialising in distressed project management can turn everything around and get your project back on track. Your PM will identify where the problems with the project lie, create and implement an action plan, and control deliverables to ensure the project is successfully completed.
Distressed project management includes the following key phases:
- Entering – developing a scope of the work to be done and scheduling interviews and data gathering sessions
- Analysis and Assessment – conducting interviews, gathering data, documentation and data reviewing, developing solutions and gaining consensus
- Execution and Control – execution planning, determining roles and responsibilities, scheduling and budgeting, determining project controls
- Closing – executing phased implementation, solidifying the transfer and handoff plans, project signoffs and final audits.
Contact MMP.ie to assist with your distressed projects management.