Contents

• Part A 2
• Introduction 2
• Lack of planning 3
• Adaptation to Changing Customer Needs 4
• Adoption of the right model of solution for the problem at hand 4
• Lack of Effective Communication 5
• Failure to have alternate plans 6
• Lack of control during execution of project 7
• Failure to learn from mistakes 7
• Skill shortage 8
• Ineffective Leadership 9
• Introduction to new Methodologies and Technologies 9
• Dependency on Resources 10
• Conclusion 11
• Part B 13
• Introduction 13
• Lack of Planning and Failure to have alternate plans 13
• Communication 15
• Skill Shortage and Introduction to New Methodologies and Technologies 16
• Dependency of Resources 17
• Adoption of the Right Model 18
• Failure to learn from mistakes 20
• Lack of control during execution of project 21
• Conclusion 21
• References 23

Description

As we come to the end of the first decade of the 21st century, we have not just seen the tremendous rise and growth in the industrial world but are also looking at the promising and demanding future. Globalization and advances in transportation have made the world a small place. Today’s companies don’t just compete locally as geography is no longer a limitation. They have to consider the global players who have better funds and resources to keep the ball rolling. This brings down the success and growth of today’s industries/companies to one factor: the success of the projects they take up. Small or big, failure of a project hits the company hard. As the number of players have increased who can carry out work more efficiently than their competitors, the clients have a huge database at their disposal. This has not just decreased the costs of projects but also given birth to a new model of working where the project is divided into parts instead of a single project and the various parts are done by different companies. So the success of a project just does not affect its own outcome but also makes a huge impact on the future projects. The professionalism demonstrated by the companies today is the best in recorded history, but still there are projects of different magnitudes which get themselves the tag of failures. Some projects fail to meet deadlines wherein some fail to meet the costs or performance objectives. Sometimes they might just not fulfill either of them. This report is aimed at identifying and explaining the reasons for the failure of projects to meet cost, time and/or performance objectives.