Projects are selected and performed because of their inherent business value. Therefore, barring any business decision to terminate a project, every project warrants the opportunity to succeed. However, there may be times when project success will seem fleeting, and corrective actions beyond the routine are needed to return the project to a path toward success. The rigor and formalities of an effective project recovery process is a recognized approach to turn around straying and troubled projects.
The project management office (PMO) should take a lead role in developing and influencing project recovery actions within the project management environment. Similar to project management methodology development, the PMO can conceive and implement a project recovery solution that best fits the needs of the relevant organization. Project recovery implementation can be relatively simple once the more difficult and more complex development of capability to respond has been established. To that end, the approach and description of this PMO function is not extensive; it provides essential activities for PMO consideration and implementation. However, the impact of developing an effective project recovery capability will have significant positive business impact.
This "project recovery" function enables the PMO to:
■ Distinguish routine project corrective actions from defined project recovery efforts.
■ Specify recommended composition and attributes of a project recovery team.
■ Prescribe the criteria and process for implementing a project recovery effort.
■ Build a library of project corrective actions for use by project managers.
Project recovery is a specialized tool used within the project management environment to (1) determine if routine project management practices are being properly applied, (2) examine why routine project management practices are not producing the desired project performance results, and (3) prescribe the corrective actions needed to return project management oversight and control to a routine state. Returning a wayward project to a routine state is the objective that the PMO will undertake.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.