Project Management Theory: Project Failure Analysis and Solutions

This report delves into the realm of project management theory, exploring the core principles and processes involved, such as initiating, planning, executing, controlling, and closing a project. It highlights how these processes are interconnected and interdependent. Furthermore, the report examines the critical factors that contribute to project failures, including inadequate definition of project parameters, inaccurate cost estimations, and insufficient resource allocation. The report provides examples of project failures, such as the Qantas Jetsmart project. The report further discusses the importance of stakeholder engagement and the potential impact of a lack thereof. By analyzing these factors, the report offers insights into how to mitigate risks and improve the likelihood of project success. This analysis highlights the significance of robust planning, accurate cost estimation, and effective stakeholder management in the overall success of a project.

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Project management theory
■ According to theory of project management, a
project process can be divided into:
 Initiating
 Planning
 execution
 controlling
 closing procedure
The primary aim of this theory is that all these process
are close loop. This means planning process offers a
plan which is then actualised by execution process. Then
any variance from baseline or change in outcomes is
done to initiate correction in execution or modification in
further plans (Conforto, et al. 2016).

Project Management issues that
leads to failure
■ Inadequate defining of parameters and incorrect
requirements: weak interpretation of project
requirement leads to project failure where sponsors
do not mention specification documents clearly,
leaving development team out of procedure (Rezvani
and Khosravi, 2019).
■ Poor cost estimate: creating project estimate based
on assumption which is either too less or exaggerated
can lead to failure
■ Insufficient resources: poor availability of people or
resources in project leads to delays or cost overrun in
an attempt to complete the project, leading to
failures.

Example of project failure

Summary
■ Thus to summarize it can be indicated that project failures
can occur due to several reasons that includes
underestimation or overestimation of project cost, poor
stakeholder engagement, failure to interpret project
requirement accurately and not enough control on requisite.
The Qantas Jetsmart project mainly failed as the
management did not engaged airplane mechanics for whom
project was planned and executed. These led to unclear
perspective and project failed to add real value.

Reference
Conforto, E. C., Amaral, D. C., da Silva, S. L., Di Felippo, A., and
Kamikawachi, D. S. L. (2016). The agility construct on project
management theory. International Journal of Project Management, 34(4),
660-674. Available on: https://doi.org/10.1016/j.ijproman.2016.01.007
Rezvani, A., and Khosravi, P. (2019). Identification of failure factors in
large scale complex projects: an integrative framework and review of
emerging themes. International Journal of Project Organisation and
Management, 11(1), 1-21. Available on:
https://www.researchgate.net/profile/Azadeh_Rezvani2/publication/33180
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