It may happen at any stage during a project that someone makes a decision to close down the project before it is complete. That doesn't sound too healthy, does it? The reason for this is most probably a culmination of bad events that lead to the project being closed: Project closure is rarely influenced by a single, random event alone. The decision to close the project is a large undertaking in itself and is normally made by the project sponsor and the executive team in the organization. Suffice it to say, closing a project early requires delicate handling, as the wrong approach will leave project team members disappointed and, in certain cases, leave the organization searching for other projects.
When closing down a project, the project manager should create a closure plan that names all the necessary resources and action items to remove and disassemble the project. A separate schedule will most likely be needed to perform an early closure, and the time scheduled to complete this should not be taken lightly. Any financial implications of the early closure of the project, such as penalties or losses, should be brought to the attention of the executive team.
Depending upon the circumstances of the specific project, it is wise not to rush in and blame individuals for the overall failure of the project. If the case is that the project manager failed to meet the project objectives, a decision should be made early on to replace the project manager, not to close the project.
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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.