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Salvaging a red project requires a very rapid assessment of the salvagability of a project, then an assessment to ceate a recovery plan. The possibility of a recovery plan and the possibility of salvaging a project are dependent upon the salvage assessment findings. The first, and most critical step, of an assessment is immediate triage to determine if project work must stop. The initial reflex to continue work must be avoided, the project is failing for a reason and there is no assurance that further work is actually moving the project forward - it may simply be digging the hole deeper.
Salvage Assement
The initial step is triage - determine if the project is salvageable. An outline of the assessment include:
- Scope of review
- Project background
- Assessment of sponsor
- Assessment team members
- Assessment of project controls
- Key findings
- Recommendations
Assuming the red project is Salvageable the next step is creating a recovery plan. The key to a recovery plan is reality. The original project failed for one or more reasons. The most common reasons are poor sponsorship, poor project controls or an inappropriate project team. Salvage requires reality. The first reality is to determine the project scope. What is the project intended to accomplish? What time line is available for this accomplishment? What resources are available to achive this accomplishment?
When it is time to salvage a failing project it is ncessary to look at the complete project scope - the totality of work needed to complete a project's products.
Three central questions
- What is the project intended to accomplish?
- What time line is available for this accomplishment?
- What resources are available to achive this accomplishment?
If your approach is to accept the risk because you have not examined anything, you do not know whether you are on a tightrope in a windstorm or having a coffee on a sunny day.
Dave
Projects don't fail becuase of over-ambitious scope or inadequate resources, those are symptoms of poor sponsorship.
The effectiveness of the Sponsor is the single best predictor of project success or failure. The effectiveness of a sponsor is usually the root cause of a failed or failing project.
A critical part of most Project Salvages is mentoring of the Project Sponsor. Hornford Associates' mentoring focuses on Strategy, Influence and Governance. Usually, greater attention needs to be paid to Strategy & Governance.
Terminating failing projects early is the quickest way to free resources for projects that will deliver value.
