AMIT MOsNITORING DIS

docx

School

Govt. Faridia College, Pakpattan *

*We aren’t endorsed by this school

Course

OPERATIONS

Subject

Management

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by SargentRedPanda1720

Project Closure and Project Termination Introduction: All the moving parts of a complicated project might be frustrating for the management team. In this post, we'll look at some of the challenges that might arise when you're in charge of seeing a project through to its finish, as well as the causes and effects of premature termination. Two of the issues being debated are the optimal workshop format and the kinds of questions that should be answered (PMI, 2021). Challenges to Completing a Project The management team cannot call the project complete until many issues have been addressed. It's annoying to have to constantly report on a project's status. Before a project can be considered finished, it must go through the last stages of documentation, financial reconciliation, and deliverable verification (PMI, 2021). Managers of large projects could become worn out by all the work they put in. It may be challenging to come up with a united strategy. There is disagreement on what stage "project completion" should be considered. Maintaining open channels of communication amongst all parties involved is essential for establishing and verifying project goals (PMBOK Guide, 2021). You may feel unsatisfied with the closure procedure if these conditions aren't fulfilled. Employees who disagree with the management team's decisions on the project's course may try to bring them down. The dissolution of the team responsible for a finished project is sometimes required, but usually not. Project managers, given the importance of the circumstances, will need to use all of their management and communication talents to their full potential.

Early Project Termination: There might be several causes for a project to finish ahead of schedule. This occurs whenever market conditions or consumer preferences undergo a change. Changing organizational goals might lead to the cancellation of inefficient projects (Schwalbe, 2021). Several businesses have reduced their investment in R&D as a result of changes in consumer tastes. If funds are insufficient, unfinished work may be shelved. The company may opt to cancel the project if it calculates that the final price tag will be too expensive. However, one must first determine whether or not the project can be completed within budget (PMI, 2021). If these goals aren't met, the project may be shelved before its time. If it becomes clear that the project will fail to meet its objectives despite mitigating attempts, it may be best to abandon it rather than keep pouring resources into it. Components Influencing Early Termination: Lessons Learned Workshop: Before giving up on a project too soon, be sure you've given it your all. The project's performance may be measured against the company's larger objectives. Cancellation of a project may be considered if it becomes clear that it is not crucial to the company's future success (Schwalbe, 2021). Having a steady source of income is also crucial. Think about the cost of the project before moving on. Predictable and unexpected cash flows should both be accounted for in budgets (PMI, 2021). The results of the research add considerably to the current debate. A project may need to be cancelled if it is often abandoned, completed late, or produces poor results. Schwalbe (2021) is the recommended citation to use.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

The project manager, the team, the sponsor, and anybody else who is interested are all welcome to attend a "lessons learned" session. It's important to get opinions from as many individuals as possible so you may have a complete picture of the project's pros and cons. Questions for a Lessons Learned Workshop:  What were the project's primary objectives? Were these goals accomplished, and if not, why not?  Which hazards were most significant, and how were they mitigated?  Discuss the triumphs and tribulations of the project management process.  Has the scope of the project changed, and if so, how was it dealt with?  What were the most important aspects that determined whether or not this project was successful?  How well did the project team communicate with each other and their stakeholders?  Was there anything that came up throughout the project that was a surprise, and how was it handled?  What do we learn that may be used to better manage projects in the future?  Based on your work on this project, what suggestions do you have for how it may be improved? Conclusion:

In the final stages of a project, managers encounter a number of obstacles, such as dealing with stakeholders, the emotional investment of team members, and a mountain of paperwork. Premature project discontinuation might be caused by shifting priorities, insufficient resources, or unsatisfactory results. The financial security of the contract and the overall effectiveness of the project are two aspects that should be taken into account when considering whether or not to terminate a contract early. Representatives from major stakeholder groups should attend seminars to discuss lessons learned and improve future project planning.

References Project Management Institute. (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Seventh Edition. PMI Publications. Schwalbe, K. (2021). Information Technology Project Management, Cengage Learning

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

Task 2 - Email with minutes meeting, revised conference program & screen shot.docx

2245377579 - Complete Thesis.docx, Complete Thesis.docx complete_Thesis.docx

career advising interview.docx

Order ID 376131694 Zech BIM.docx

star interview 4.docx

Jeff Bezos Individual Assignment 7-12-22.docx

PPT NOTES.docx

Leadership Challenges in Global Expansion.docx

bsbldr811 TASK2 MODEL.docx

Written_reports_4.docx

BSBLDR602 Resubmission.doc

Homework 6-Option Pricing Exercise-Revised.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

Practical Management Science

Operations Management

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:Cengage,

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Understanding Management (MindTap Course List)

Management

ISBN:9781305502215

Author:Richard L. Daft, Dorothy Marcic

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning