Top Biggest Fails in Project Management - PM 360 Consulting
17059
post-template-default,single,single-post,postid-17059,single-format-standard,wp-custom-logo,theme-bridge,woocommerce-no-js,ajax_fade,page_not_loaded,,qode-content-sidebar-responsive,columns-4,qode-theme-ver-11.0,qode-theme-bridge,wpb-js-composer js-comp-ver-5.1.1,vc_responsive

Top Biggest Fails in Project Management

Project Management

Top Biggest Fails in Project Management

Project management is definitely no stranger to mistakes and failures. Not only that, but these mistakes can be quite costly: according, to Gartner half of projects that fail have a budget of over a million dollars.

So, we shouldn’t assume that the biggest fails in project management are always due to lack of funds. There are also other factors that can turn an innovative and exciting project into a real-life nightmare for everyone involved.

In the following paragraphs, we’re bringing you some of the top mistakes made in project management coupled with examples when they happened on a big scale.

High-Risk Exposure

The total exposure to risk (primarily financial) is a very important piece of the whole pie that we call project management. Every project manager knows that it’s optimal to find a golden mean between risk exposure and possible rewards, but many became blind to it, mostly because of overconfidence.

When we talk about risk exposure, we usually think of Wall Street guys, hedge fund managers and financial institutions. Case in point: Bill Ackman, a fund manager who claims to have bet over 1 billion dollars that Herbalife will fail – after the company proved to be successful for years.

Now, is there a possibility to be too exposed to risk in project management in products or services industries? Absolutely. It’s possible to make this PM mistake in any industry that exists today.

“In order to prevent mistakes to arise from high-risk exposure, make sure you and your project managers collaborate with other departments within the company. This way, they will balance each other out and find an optimal level of business risk exposure”, says Phillip Mayerson, a project manager at BeGraded.

Incorrect Financial Planning and Budgeting

It’s a well-known fact that’s become somewhat of a joke among project managers that most projects end up going over budget. According to PMI’s research, almost one-third of all projects run over-budget.

Now, this can happen for dozens of different reasons, but there’s always one common denominator after everything is said and done: the project might not have gone over budget if it was planned out in a better way and more strategically.

There are many well-known examples of this, such as:

  • Montreal Olympic Stadium – 1990% over budget
  • Sydney Opera House – 1357% over budget
  • Hubble Telescope – 525% over budget
  • London Olympics – 265% over budget

Your budgeting fail might not be in these epic proportions (for example, the Montreal stadium had a budget of a little over 148.6 million, and ended up costing 3.1 billion!), but if you run a small business, every financial setback can, well… set you back.

Be aware of this common project management fail and aim for precise projections of the total cost for a project.

Over or Understaffing

Recently, Netflix released a documentary about the failed biotech company Theranos. According to the movie, the company turned out to be completely unsustainable – instead of successfully “fake it until you make it”, they just got around to the first part. One of the most astonishing facts about this Silicon Valley fairytale-gone-bad: at its peak, the company had over 800 employees!

In this case, we’re talking about top engineering, biology and science talent worldwide, so you can imagine their yearly wages multiplied by 800. No matter how much funding this company could get, it would always be hindered by this huge number of employees in its early startup stage.

In other sectors, such as medical care, hospitals are notorious for their understaffing with nurses. It’s also very common that businesses that have passed their early phase still remain very small and understaffed in order to avoid risk, which makes the current employees work themselves to the bone.

Therefore, it’s very clear: having too much or too little staff on a project will have a direct impact on its results and success. Try to be as precise as possible while projecting the number of hands on deck you will need, but don’t avoid growing or cutting down just because that’s not what you initially planned.

Bad Translation and Localization

Many people outside the language services industry would presume that a translation project is not so complicated to carry out. You just hire people who speak the language and voila, your localized ads or campaigns are ready to go, right?

It’s anything but this, actually. Given that there’s a language gap and a cultural gap between project managers and freelancers, translation and localization projects sometimes end up being horrendous fails.

For example, in 2016, citizens of Hong Kong took to the streets to protest the most recent Nintendo translation of the Pokémon game.

Brands are also notorious for literal translations of their brand messages which turn out anything but natural-sounding in the target language. That’s how Pepsi’s slogan “Pepsi brings you back to life” ended up being “bring your ancestors back from the grave” in Mandarin!

There actually is a lot you can do to prevent this kind of situations from happening. You can use some of these tools when you’re localizing content or copy: Grammarly (to check for proper grammar and spelling), TopEssayWriting (to find writing experts to craft the texts for you), ClassyEssay (to access a platform of multilingual writers) or ProWritingAid (to check for correctness of any text).

Poor Collaboration

We all know this for a fact,not only in business and project management: poor communication and misunderstndings can lead to disastrous results.

Without having constant communication channels where team members can outline their ideas, raise issues and provide their comments, it’s very likely that the project will come across challenges that will fly under the radar.

This topic is especially important in today’s remote working environments. If you’re running a project that’s fully remote (all sections: sales, marketing, IT, design, product and project management), you have to make sure that the communication channels will suffice and enable a successful outcome of the project.

Conclusion 

If you’re constantly educating yourself as a businessperson, you don’t have to go through trial-and-error processes with your company: you can also learn from other business’ mistakes and apply the lessons to your own.

Unfortunately, we have many cases of project management fails that led to poor results or a total crash of the project.

 

(https://Nicole D.Garrison www.smallbizdaily.com/top-biggest-fails-project-management)

(www.pm360consulting.ie/pmblog)

2,700 Comments
  • sbobet88
    Posted at 20:28h, 25 May Reply

    Hi, I read your blog like every week. Your story-telling style is witty, keep up the good work!

  • Electrical Wiring Flitwick
    Posted at 01:02h, 26 May Reply

    If you’re in need of a quality electrician in Flitwick, don’t take chances with less-than-professional electricians.
    FLITWICK ELCTRICIANS can help you with any Electrical Wiring Flitwick problem, no matter how small.

  • ddos Website
    Posted at 01:05h, 26 May Reply

    ddos Website-related website attacks can turn an otherwise profitable e-commerce company
    into a joke. Customers could be disappointed if your hosting company sends them too much mail.

    It is possible to lose your charge or experience your power cut.

  • emergency lock smith
    Posted at 01:09h, 26 May Reply

    There are many reasons to contact an emergency lock smith locksmith smith.
    The reasons include the locksmith’s experience, cost of his services and the availability.

  • Glass Rooms wycombe
    Posted at 01:13h, 26 May Reply

    Price Glass is a leading double glazing company that offers high wycombe.

    Offering a wide variety of styles and finishes, we’re able to fit the style of any home.
    We can also make custom doors for you as we use specialized Glass Rooms wycombe.

  • window repair croydon
    Posted at 01:15h, 26 May Reply

    Windows in a window repair croydon home are a common cause of concerns,
    as faulty and cracked windows not only diminish the value of the property but also pose security hazards.
    It is recommended to get them repaired by professionals.

  • Window installation near Me
    Posted at 01:15h, 26 May Reply

    It’s a good idea to search for Window installation near Me installation firms near you if considering replacing your windows.

    Engaging a professional for this task will have many advantages.

  • Ghost Car Alarm
    Posted at 01:19h, 26 May Reply

    The Ghost Car Alarm immobiliser is a small
    and weatherproof device that can be placed inside your car or tied inside the
    harness to stop your vehicle from being taken. The car is reset by the system.

  • bad loan credit
    Posted at 01:19h, 26 May Reply

    It is simple to obtain a loan with people with bad loan credit credit.
    BadCreditLoans connects you with lenders willing to lend money to
    those with low credit. These lenders will contact your with terms and conditions.

  • Jorg
    Posted at 01:20h, 26 May Reply

    A glazier can do many things including window repairs in SE13, but if your windows are getting misty it is important to immediately
    act. This is an indication of deteriorated units and
    calcium deposits on the glass.

    Feel free to surf to my web blog … glazing company lewisham (Jorg)

  • Replacement Windows Enfield
    Posted at 01:24h, 26 May Reply

    Replacement Windows Enfield
    double glazing is a fantastic way to enhance the appearance and security of your home.
    Double glazing is a great method to increase the property’s value.
    New windows are a fantastic way to enhance security and secure your home.

  • barnet homes Repairs
    Posted at 01:25h, 26 May Reply

    It is truly a nice and helpful piece of information. I am satisfied that
    you just shared this helpful information with us.
    Please keep us up to date like this. Thanks for sharing.

    My site: barnet homes Repairs

  • Cse.Sandbox.Google.Co.Uk
    Posted at 01:25h, 26 May Reply

    If you’re facing a lockout and are seeking a
    reliable and affordable locksmith in your area, then you’ve
    come to the right spot. Locksmiths can be reached from any location,
    due to their mobile service technicians.

    Also visit my web blog … Lock Smith Near Me (Cse.Sandbox.Google.Co.Uk)

  • https://www.bestjobs.Ph/
    Posted at 01:26h, 26 May Reply

    You’ve found the right place to find a private adhd Test
    london – https://www.bestjobs.Ph/,
    clinic near London. A team of experienced psychologists, psychiatrists, and coaches,
    and other professionals have devoted their lives to the research of this disorder.

  • window fitters near Me
    Posted at 01:26h, 26 May Reply

    If you’re in search of an installation service for your new windows or doors You can find window fitters near Me installers near
    me using Quotatis. This free website connects you with
    local window fitters. It only takes a few seconds to sign up.

  • small loans online
    Posted at 01:27h, 26 May Reply

    A short-term loan from a mortgage lender could be an option if are in need of
    immediate cash, but don’t need an enormous amount.

    Feel free to visit my blog small loans online

  • online Iq test
    Posted at 01:27h, 26 May Reply

    You’re likely to be asked many questions when you take an online IQ test.
    These questions could range from multiple choice to “I don’t know.” However,
    don’t worry. If you aren’t sure, you can always say “I don’t know”.

  • Enfield Window repair
    Posted at 01:28h, 26 May Reply

    If you’re looking for window repairs in Enfield Window repair, ME, you must consider the quality of work that will be completed on your windows.
    This kind of repair can be expensive and requires the expertise of a skilled professional.

  • Same Day Loan Bad Credit
    Posted at 01:29h, 26 May Reply

    Hello, yes this piece of writing is genuinely fastidious and
    I have learned lot of things from it regarding blogging. thanks.

    My site; Same Day Loan Bad Credit

  • Asian sexy Doll
    Posted at 01:33h, 26 May Reply

    When I originally commented I clicked the “Notify me when new comments are added” checkbox
    and now each time a comment is added I get three e-mails with the same comment.
    Is there any way you can remove people from that service?
    Cheers!

    Also visit my page – Asian sexy Doll

  • Cannabidiol for sale
    Posted at 01:34h, 26 May Reply

    Hemp is the fastest-growing plant on Earth, and it’s an excellent source Cannabidiol for sale many different products.
    Its versatility permits many applications. It’s also among the easiest
    plants to grow.

  • Teenage Sex Doll
    Posted at 01:35h, 26 May Reply

    Teen fuck dolls are an attractive and sexy alternative to the
    real sexual Teenage Sex Doll for teenagers.
    With perfect cleavages, attractive breasts , and a gorgeous body,
    these dolls are ready to take on the bedroom.

  • Silicon love doll
    Posted at 01:37h, 26 May Reply

    A Silicon love doll made of silicone isn’t able to compete with women’s intimacy.
    They’re more expensive, however they are constructed from a
    more real material. They include the option of head shape and even whether
    or not the tongue can be removed.

  • Online Iq tests
    Posted at 01:39h, 26 May Reply

    This article will look at the free online IQ tests such as the Stanford-Binet,
    Wechsler, and 123Test. While some tests share the same data set, others
    utilize different data sets. They also ask for your age or occupation, as
    well as your ethnicity.

  • glazing Company barnet
    Posted at 01:40h, 26 May Reply

    If you’re searching for double glazing Company barnet
    window repairs in Barnet, you have come to the right
    place. We can complete excellent work on any double-glazed unit.
    We can provide a variety of services to meet your requirements and budget.

  • best Onlyfans twitter
    Posted at 01:41h, 26 May Reply

    I’m really enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much
    more pleasant for me to come here and visit more often. Did you hire out a developer to create
    your theme? Fantastic work!

    Here is my web site … best Onlyfans twitter

  • Cbd Flowers Near Me
    Posted at 01:43h, 26 May Reply

    It isn’t easy to pick the best CBD flower company.
    There are many brands that offer top-quality products and outstanding customer service.
    But which brand is the most reliable? In this post, we’ll take a look
    at three well-known Cbd Flowers Near Me flower brands.

  • emergency locksmith
    Posted at 01:47h, 26 May Reply

    If you’re locked out or you have to get out of your car, an emergency locksmith
    is the ideal choice. An emergency locksmith can unlock your door and fix
    any issues so you can rest assured that you have someone to help
    you.

  • Georgianna
    Posted at 01:50h, 26 May Reply

    A local emergency electricians (Georgianna) electrician will be able to provide an estimate and help save
    money, particularly in the event that your electrical needs are complicated.

  • window fitters Near me
    Posted at 01:51h, 26 May Reply

    If you’re looking for a company to install your new doors or windows You can find window fitters Near me installers near me using Quotatis.
    Join this free website to connect you with local window fitters.
    It takes only minutes.

  • Silicone adult doll
    Posted at 01:52h, 26 May Reply

    The silicon sex Silicone adult doll may be used to replace intimate physical contact.
    These programmable, non-porous toys are much more easy to
    clean and disinfect than TPE sexual toys. They can also be washed using boiling or hot water.

  • short term loans for bad credit direct Lender
    Posted at 01:56h, 26 May Reply

    You may wonder if you are qualified for a short-term loan even if your credit isn’t perfect.
    There are several things you need to know before you apply
    for a loan that is short term loans for bad credit direct Lender.

  • Barnet Window
    Posted at 01:58h, 26 May Reply

    Wow that was unusual. I just wrote an very long comment but after I clicked submit my
    comment didn’t appear. Grrrr… well I’m not writing all that over again. Anyway, just
    wanted to say fantastic blog!

    my blog post: Barnet Window

  • Dunstable Electrical repair
    Posted at 01:58h, 26 May Reply

    Contact Dunstable Electrical repair‘s electrician if there is an electrical issue.
    Electricity is a vital component of every house, so it
    is crucial to have a functioning electrical system.

  • local Electricians near me
    Posted at 01:58h, 26 May Reply

    An electrician in the UK can meet your electrical
    needs without having to spend a lot. The electrical safety amendment was intended to protect people from fire hazards.

    My blog local Electricians near me

  • Lipstick Sale
    Posted at 01:59h, 26 May Reply

    A person’s complexion is a crucial part of its appearance,
    in case you haven’t determining whether you
    have warm or cool skin is the first thing to discovering
    that perfect less sunlit areas.

    my blog post: Lipstick Sale

  • enfield Repairs
    Posted at 02:02h, 26 May Reply

    Window glass replacement in enfield Repairs is a good option for property owners who don’t want to spend lots of money and time on full window repairs.
    It can be tiring and costly to replace windows.

  • window doctor Near me
    Posted at 02:02h, 26 May Reply

    It is best to call a professional UPVC repair service when your door needs repairs.
    They will arrive and offer the products and services you require.
    Google Maps makes it easy to locate an UPVC repair service window doctor Near me you.

  • Lipstick Online Uk
    Posted at 02:07h, 26 May Reply

    Makeup foundation is a much needed ting to your good makeup.
    Applying this foundation will help to smooth epidermis and cover the dents.
    The makeup foundation also provides a nourishing glow towards your skin a
    person feel very much.

    Visit my web page :: Lipstick Online Uk

  • fast iq tests
    Posted at 02:07h, 26 May Reply

    You can try a sample test for those who are eager to take an IQ
    test before you purchase an actual test. This sample fast iq tests test contains 50 questions and is timed.
    It begins with a 12-minute timer.

  • adhd adult scotland
    Posted at 02:09h, 26 May Reply

    The process of getting a private adhd adult scotland diagnosis
    in Scotland is not difficult. It is possible to
    locate one in your area if you know where to look.

  • hottest onlyfans
    Posted at 02:09h, 26 May Reply

    Hello there! Do you use Twitter? I’d like to follow you if that would be ok.
    I’m undoubtedly enjoying your blog and look forward to new posts.

    Also visit my website – hottest onlyfans

  • Electrician repair near me
    Posted at 02:12h, 26 May Reply

    A great Electrician repair near me
    can get as many details as possible when you first of all talk to him.

    He’ll find out where you are, what your situation is, incase you need him.

  • Avon Matte Lipstick
    Posted at 02:14h, 26 May Reply

    The principal ingredient in many lipsticks is oil. Castor oil, vegetable
    oil and lanolin oils are among the most popular types.
    Certain lipsticks use mineral oil while others use sheer cocoa butter.

    Feel free to surf to my web-site: Avon Matte Lipstick

  • Bookmarkshut.com
    Posted at 02:14h, 26 May Reply

    A silicon Silicone sexy doll (Bookmarkshut.com)
    is able to replace physical intimacy. These non-porous toys are less difficult to sterilize and clean than sex toys made of TPE.
    They can also be cleaned with hot or boiling water.

  • sealing Double hung windows
    Posted at 02:15h, 26 May Reply

    You must know what to look out for when you are looking for window repair in Ealing.
    Although you may be tempted by the idea of buying new sealing Double hung windows but you must be cautious.

  • people having Sex with sex Dolls
    Posted at 02:18h, 26 May Reply

    A life size love sex doll is a great method
    to experience people having Sex with sex Dolls in a realistic
    way. You can pick from a variety of styles and colors. You can customize them with different hairstyles
    and makeup options.

  • http://jtayl.me
    Posted at 02:21h, 26 May Reply

    While you can convince your man to have sexual interactions using sex
    toys free shipping (http://jtayl.me) toys it
    is only 45% who actually use them. They are a wonderful gift that will enhance the relationship between you and your man.

  • free porno donwloads
    Posted at 19:02h, 26 May Reply

    Free porno adult free web cams porno free porno chat

  • free reality porno
    Posted at 20:03h, 26 May Reply

    Free porno adult free web cams porno free porno chat

1 52 53 54

Post A Comment