Project Management

(Project Fails and lessons learnt)

Farisha Fareen
Student at University of Fiji
Bachelor Commerce (Accounting & Information System
College of Business, Hospitality & Tourism Industry
Nadi

Abstract
In today's corporate world, project management has become one of the fastest growing sectors.
These projects must be planned, prepared, structured, supervised, tracked, controlled, and
assessed in order to be successful. The figures on project progress show that the majority of
projects still fail, and many fail to meet their business objectives. Given that the number of IT
projects collapse on at least one metric and that huge amounts of money in project waste are
recorded each year shows that there is a pressing need to improve how we handle these projects.
The startling reality is that the key to better project management has been right in front of our
eyes the whole time which is learning from our mistakes. This could be a once-in-a-lifetime
catalyst for significant change. Companies are currently participating in ventures that are vital to
their success due to market globalization and internationalization, which has intensified
competitive pressures on businesses. The challenges that these projects face are established, and
the literature is checked for the lessons learnt from these project failures. The paper also includes
a brief description of the project and project management as well as strategies are discussed on
how to achieve successful project management.

Table of Contents

Introduction 1
Literature Review 2
Discussion ……………………………………………………………………………………………………………………………….…… 3 -4

Conclusion ……………………………………………………………………………….………………………………………………………. 5

References & Citations …………………………………………………………………………………………………………….………. 6

Introduction
To talk about project management, you must first understand what a project is. A project is a
temporary, one-of-a-kind, and ongoing attempt or effort to achieve a tangible or intangible
outcome (a one-of-a-kind good, service, profit, competitive advantage, etc.) [1]. A project is
more than just a way to create something or do something; it's an opportunity to accomplish a
particular purpose through the application of a formal management strategy
(creating a commodity or communicating ideas, for instance). It typically consists of a set of
interconnected tasks that are scheduled to be completed over a set period of time and within
certain parameters and constraints, such as cost, quality, and efficiency. A person or company
involved in a project must understand how to use project management to solve complex
problems [1].
The use of processes, techniques, skills, expertise, and experiences to achieve specific project
objectives within established timeframe when staying true to project approval criteria is referred
to as project management [2]. Project management allows effective use of personnel and tools to
complete project tasks within budget & timeline, and scope constraints. The stakeholder
determines the project goal, and a project manager uses strategies to develop a schedule that
specifies the allocation of resources, assignments, goals, and deadlines required to fulfill the
stakeholders' needs. The strategy must adapt to the triple constraint, also known as the project
management triangle, that corresponds to the time, expense, and scope constraints that each
project faces. Since this principle is so important in project management, managers should
strictly adhere to the timetable, budget, and job breakdown structure during the planning process
[9]. A main difference between project management and "management" is that project
management has a final deliverable and a set schedule, while management is a continuous
process. As a result, a project manager must have a diverse set of skills, including technical
expertise, personnel and business management [2].
Some of the most commonly used project management methodologies and systems are,
Waterfall project management (a traditional methodology that is sequential and requirement
focused, with each project stage completed before moving onto the next). In contrast to waterfall
project management, agile project management favors a simpler and more versatile way of
operating. In response to changing requirements, it is iterative and incremental. Scrum method
involves a group of people who work together (an approach used in agile project management,
which focuses on teams, daily standup meetings and sprints, which are short iterations of work).
Lean: As the name implies, lean is a method for reducing waste and increasing value. As a result,
lean focuses on main processes in order to consistently improve performance. It accomplishes
this by maximizing the performance of various technologies, properties, and verticals. A project
manager is usually involved, irrespective of the nature of project management utilized, to make
sure everything is running smoothly and as such the agreed-upon procedure is applied
consistently [8].

Literature Review
According to the American Project Management Institute, the goal of project management is to
create a final product, which should result in an improvement for the good of the organization
that initiated the project. It is the beginning, preparation, and execution of a variety of tasks
necessary to produce this final product. Because we're all people, we are susceptible to making
errors based on opinions, perceptions, and excessive ambition, there is no magic bullet for
project performance. Also the most effective approach is just as successful as how well it is
implemented and executed. Every project failure contains at least one useful lesson for project
managers looking to develop their project management abilities [6].
Betamax's tale has become almost correlated with unsuccessful marketing because, while it was
groundbreaking and arrived on the market before its competitors, other brands appeared to be
less expensive and stronger. In the mid-1970s, Sony introduced the Betamax cassette recording
kit. Although it dropped the market share to JVC's VHS technology, Sony continued to produce
Betamax tapes till the 2016, long after it was no longer important to most of us, who had no idea
it was still in development. The message about this is that project management will not stop until
a project or a campaign has come to an end. Successful projects are tracked, assessed, and
reviewed so that they can keep moving forward and support the company's operations [7].
The RMS Titanic sailed from Southampton to New York City on April 10, 1912, carrying 2,224
passengers and what happened next is that it hit an iceberg at 11:40 p.m. on April 14th, only
four days of its causeway, and sank two hours and forty minutes later, having left only about 705
victims. JP Morgan (financier), Bruce Ismay, White Star Chairman, and Lord Pirrie, Chairman of
Harland and Wolfe (White Star's ship builder of choice), the three main shareholders in the
White Star Lines RMS Titanic, collaborated on a plan to contend versus their business
competitor, Cunard. Looking from the project management standpoint, the Titanic tale
demonstrates how decisions taken during planning, construction, and checking (sea trials)
jeopardized the ship's reputation and exposed it to catastrophe. Project managers must know who
the main stakeholders are and what their priorities are, and also how intended outcomes are
decided upon and how they can be achieved [6].
On January 28, 1986, the Challenger shuttle crew of seven astronauts died fatally when their
spacecraft exploded during launch from the Kennedy Space Center. The main liquid fuel tank
was ignited by a leak in one of the two Solid Rocket Boosters 73 seconds into the flight. The
malfunction of a "O-ring" seal in the solid-fuel rocket on the Space Shuttle Challenger's right
side, according to the NASA investigational Rogers audit report, was the cause of the tragedy.
The engineers had informed NASA that the O-ring had unidentified and dangerous causes, that it
might cause damage, and that the Challenger launch was in jeopardy. NASA, on the other hand,
insisted on launching as ignorance. Engineers and managers are at different levels, which is the
biggest difference among them. Managers are unquestionably superior to engineers. They were
unable to connect on an equal footing. It prompted managers to make a hasty move. There was a
significant coordination disconnect, and risk was not adequately handled, which might have
prevented the catastrophe [6].

Discussion
A good project manager is one who can see the whole project from beginning to end and has the
ability to carry it out. Project managers must adapt their management strategies to keep up with
business and technology. These six questions should be used to break down the concept of
project management: What is the project's dilemma to be solved, what are the objectives we want
to achieve, what will the project's advantages be once it's completed, what do we do in order to
accomplish this goal, how can we determine the plan's successful implementation, what was the
success of the measures taken [4]. The following rules can be followed in order to achieve a
highly successful project management: [3]
 Be Agile - For today's complex business world, traditional project management
approaches have proven to be too rigid, bureaucratic, and time-consuming. These
methodologies, in reality, can work against IT departments. You must now adapt quickly
to emerging issues and changes. Traditional project management can be burdensome due
to the structured paperwork and procedures involved.

 Do Not Micromanage - The best project managers are leaders and not performance
lunatics. Some project leaders are too meticulous and spend countless hours perfecting
information while they should be concentrating on meeting deadlines and finishing the
project. Efficient project management necessitates a symbiotic relationship between the
conservative and liberal brain, as well as simple and complex skills.

 Keep Improving Your Project Management Practice - Technology is constantly adapting

to meet customer needs. Similarly, the project management strategy can develop in
tandem with company and IT operations. Discuss how you can develop your project
management activities with your staff, customer, and business associates.

 Ongoing Planning - Project managers' utmost important task is preparation. Planning

must be meticulous, well organized, and collaborative. And, just as in the real world,
expectations alter and significant difference in response to circumstances. Hence, it is
important to plan and re-plan.

 Work with a Sense of Urgency - Since projects are constrained by a set timeline, budget,
and resources, it is critical that the entire project be pushed to finalization at all times. It's
critical to have frequent updates, discussions, and follow-ups.

 Visualize and Communicate all Project Deliverables and Activities -All associated must
have a visual image of the completed deliverables to the schedule management plan. This
keeps everybody on the same page. At all costs, avoid vague generalizations, be precise,
draw graphical representations and images, and double-check that everyone consented.

 Never Lose Sight of the 3-Factors: Time, Budget and Quality - Although project
management activities evolved to become more versatile and transparent, the
fundamentals have not changed. When a project is completed on schedule, on budget, and
with a quality of deliverables that the customer is satisfied with, it is considered a victory.
A project manager's key task is to keep everyone on the team informed about the big
three: time, budget, and quality.
Conclusion
The project management aims to make the project a reality. It's a method of planning,
scheduling, executing, and monitoring resources with the aim of meeting specific deliverables on
schedule and within budget. Investing in successful project management has a range of
advantages, including: ensuring that the desired outcome is more likely to be achieved; ensuring
that resources are used efficiently and effectively; and meeting the diverse needs of its project's
stakeholders [3]. The project life cycle is unavoidable when addressing project management
phases. So, what is the distinction between the two? A project life cycle is made up of project
stages, and each stage is customized to the needs of the project. The elements of a project life
cycle, according to the PMBOK® Guide, must identify, what work needs to be done; what
deliverables need to be created and reviewed; who needs to be involved; How do you keep track
of and approve each hase [5]. These elements ensure that a project's stakeholders profit from a
structured, prompt, and managed process. This aids project managers in defining what needs to
be done before heading on to another step of a project.
A project manager who is worthy for his or her weight in diamond is at the heart of every
successful project. Although some people believe that a project manager's primary responsibility
is to notify others about timelines and schedule status meetings, this is simply not true. What
they do is a science; they have a complete knowledge of the five phases of project management
and can flawlessly implement them. The Project Management Institute (PMI) defines the five
steps of project management as conception and initiation, planning, execution,
performance/monitoring, and project close. PMI is the world's biggest nonprofit membership
organization for project managers, established in the year 1969. It has developed industry
standards for project, program, and portfolio management, as well as providing training and
certifications [5]. Projects that: create something fresh or changed, tangible or intangible; have a
finite timeframe: a definite start and end; are likely to be complicated in terms of work or groups
involved; require the management of change; require the management of risks are all subjects for
formal management. [2].

References and Citations

[1]"What is a Project? – Definition and Key Characteristics", Mymanagementguide.com, 2021.
[Online]. Available: https://mymanagementguide.com/basics/what-is-a-project/
[2] D. Barnes, "What is project management?", 2020. [Online]. Available:
https://www.apm.org.uk/resources/what-is-project-management/#:~:text=Project
%20management%20is%20the%20application,a%20finite%20timescale%20and%20budget.
[3] L. Ahn, "10 Rules of Highly Successful Project Management", Project Smart, 2021.
[Online]. Available: https://www.projectsmart.co.uk/10-rules-of-highly-successful-project-
management.php. [Accessed: 07- Apr- 2021].
[4] K. Styk, J. Liszcz and K. Drobek, "Basic Project Management Documentation Based on the
Example of the Student Project AGH Lean Line," 2019 8th International Conference on
Industrial Technology and Management (ICITM), Cambridge, UK, 2019, pp. 45-49, doi:
10.1109/ICITM.2019.8710717.
[5] K. Eby, "Demystifying the 5 Phases of Project Management", Smartsheet, 2021. [Online].
Available: https://www.smartsheet.com/blog/demystifying-5-phases-project-management.
[Accessed: 08- Apr- 2021].
[6] S. Mishra, "Project Management : Lessons Learned from Failed Projects", Linkedin.com,
2021. [Online]. Available: https://www.linkedin.com/pulse/project-management-lessons-learned-
from-failed-samir. [Accessed: 09- Apr- 2021].
[7]"Project Failure: 10 Famous Failures and 5 Ways to Spot Them Before They
Happen", Workfront, 2021. [Online]. Available: https://www.workfront.com/blog/project-failure-
10-famous-failures-and-5-ways-to-spot-them-before-they-happen. [Accessed: 09- Apr- 2021].
[8]"Project Management & the Project Life Cycle: All Processes &
Phases", ProjectManager.com, 2021. [Online]. Available:
https://www.projectmanager.com/project-management. [Accessed: 09- Apr- 2021].