Six Reasons to Quit the Project
We all want to realize successful projects. That's why people do their best to become project managers. But sometimes you have to stop the project. When it is the right decision?
1. The project is too expensive
Maybe the costs weren't estimated properly at the beginning. Perhaps the supplier has raised their prices. Perhaps it became clear that you need more people to work on the project over a longer period. Whatever the reason, sometimes it turns out that the project would be too expensive in terms of money, time or staff. If your project starts moving in this direction, consider the possibility of its termination.
2. The project is not very good
This case is more difficult. Another kind of response to the fear of excessive cost of the project may be to reduce the scale of the project. Sometimes it is reasonable to remove the excess, leaving only the important parts. But if you go too far and start to cut costs by cutting so much that the project becomes useless, then it is time to stop it.
3. Competitors overtake you
If you are going to produce products for the market, it is necessary to ensure that a competitor does not overtake you. If you try to be the first to enter the market, but lose to a competitor, you need to reassess the situation. Can your product compete? Whether you need to improve the quality? Perhaps the cost of continued work is no longer favorable as compared to the possible profit. Maybe it's time to stop the project? Along with the information on project management you can order engineering consultancy in Dubai at our company!
4. There is a more important project
For the firm the essence of the project is to extract maximum benefit from money spent by it. Sometimes this means that the resources spent on your project will give more profit in another project and your project should be stopped.
5. Modified business plans
This situation is more common. Firm may go through many changes during its existence. And sometimes this change causes a dramatic change in the commercial plans of the company. Your project can be wonderful, with a great chance of monetary gain - but if the firm decided to move to other markets, it can survive dismissal. In the end, the firm will have to decide what projects she wants to do.