MGT362 University Of Phoenix Project Failure Business Management Paper

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Business Finance

MGT362

University of Phoenix

Description

Identify three reasons that a project can fail.

Prepare a 1,400- to 1,750-word paper that explores each of the reasons.

Propose a solution that will eliminate the problem and turn the initiative into a success.

Use a minimum of two peer reviewed sources.

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Explanation & Answer

Attached.

1

Running head: FAILURE IN PROJECTS

Failure in Projects
Institutional Affiliation
Date

FAILURE IN PROJECTS

2

A project refers to a series of tasks that should or need to be completed within a
scheduled span of time to reach a particular outcome. Different projects range from being simple
to complex, and this determines how they are managed. Some projects are managed by a single
person while others require a chain of people to manage the project. On the other hand, a project
is considered to have failed if it’s unable to meet the financial estimates that were set in the plan
of the business. A project is also reflected to have failed if it does not meet the established
standards and as well as fails to deliver to plan on time. For a project to be considered a success,
it ought to meet the minimum return criteria as well as the judgment call of the stakeholders. A
project is also classified as a failure if the stakeholders consider it a failure. Therefore, for a
project to be successful, it should meet its scope, time and cost.
There are three main reasons why a project can fail. These reasons are inadequate project
planning, scope creep and a shortage of resources.
1. Project planning is a key part of the management of a project to avoid failure. The
project manager has the mandate to come up with the plan for the project (Meredith, J & Mantel,
2011). When coming up with a project plan, it is essential to have a clear vision of what is going
to be done and how the different tasks involved in the project are going to be executed to reach
the goal of the project. A poorly planned project fails to meet all the stakeholders and customer’s
expectations. Under project planning, a project fails because of various reasons. A poor project
plan fails to define the aims of the project plan in the planning phase and creates a schedule that
is not achievable within the scheduled time. Poor plann...


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