Terminating a project is inevitable. However, how and when this is done poses a long-lasting and profound effect on the employees and the organization. Ho successful future projects will be depends on how past ones performed. Additionally, this is also determined by how the management in the organization treated unsuccessful projects. Managers have an option of initiating various projects with different risks. When reevaluating a project, a manager should first take into consideration the rate of risk taken when the project was initiated (Haynes, 32). If the management chooses to take considerable risks when initiating the project, then the parties executing the project should be subjected to little penalties were it to fail.
If parties to a project learn of the hefty penalties associated with their roles, they will be less willing to participate. Resources have to be consumed to facilitate the execution of the project. The manager HAS to endeavor to evaluate the project progress in terms of performance, schedule, and cost, and whether it is inclined at meeting its goals and objectives (Haynes, 52). Additionally, the manager should look to assemble the results of this monitoring process in a status report
Indeed the managers influence in project termination is differentiate is different between small and large businesses. In small businesses, the manager has more influence in terminating a project. This is because small businesses have a less formal approach when managing projects. Additionally, projects carried out by small business are small in nature and hence do not require informed decision-making and consultation by a panel of experts. In this case, terminating a project in a small business can be overseen by the manager and his assistant. The manager should have the ability to make independent evaluations on the progress of the project and establish the correct time to terminate it.
On the other hand, terminating a project in large businesses is more complex since high stakes are involved. In this case, projects executed by large businesses are relatively bigger and require intensive evaluation from the project team. Evaluation of the project’s progress hence is carried out by the project team. The decision to terminate the project is not centered on the manager alone rather than the management team (Kus?ar and Starbek, 86). The manager may only play a primary role of ensuring that the project team attends to its duties and responsibilities.
It is necessary for organizations to establish a system that facilitates coordination when executing projects. This system requires holding a meeting with the relevant departments in the organization and list down the various projects that need to be initiated. This list should be analyzed, similar projects identified, and one should be selected. Howes (27) states that this strategy would prevent different departments initiating the same project leading to loss of time and resources. Additionally, it is also crucial to formulate a plan that outlines the various projects to be initiated. This plan should list the various projects in terms of urgency where the most urgent is given the most priority. After the priority list has been formulated, the first project should then be executed. It is necessary to carry out follow up measures that ensure the project will be finished in time in order to prevent delays for the other projects in line.
Haynes, Marion E. Business Project Management. Los Altos, Calif: Crisp Publications, 2009. Print.
Howes, Norman R. Modern Project Management: Successfully Integrating Project Management Knowledge Areas and Processes. New York: AMACOM, 2001. Internet resource.
Kus?ar, Janez and Marko Starbek. “Project Management of Product Development.” Strojnis?ki Vestnik. 2008: 588-606. Print.