Strategic Management of Major Projects Master Class....Why Do Majors Often Fail?

In the world of major projects, there can sometimes be spectacular failures. There are several reasons why this can happen, and one of the most common is serious cost and time overruns. When a major project exceeds its budget or timeline, it can have serious consequences for all parties involved. Not only does it create financial strain, but it can also lead to a loss of confidence in the project and its stakeholders. To prevent cost and time overruns, project executives must carefully plan and monitor the project's progress, ensuring that resources are allocated effectively and potential risks are identified and mitigated.

Another reason why major projects fail is that they do not deliver on the promised benefits. Oftentimes, major projects are initiated with the goal of creating positive change or solving a problem. However, if the end result does not meet expectations or fails to address the intended issues, then the project can be considered a failure. This can be extremely disappointing for the project team and the stakeholders who had high hopes for the major project's success. To avoid this, client project sponsors must clearly define the desired outcomes and ensure that the major project is designed and executed in a way that maximises the chances of achieving those outcomes.

Major projects can also become a burden on society and the taxpayer. This can occur when a project consumes a significant amount of public resources, whether it be funding, infrastructure, or natural resources. It's important to consider the broader impact of a major project and assess whether the benefits outweigh the costs. If a major project is deemed to be too burdensome or not providing sufficient value to society, it may face resistance or opposition from the public or government entities. Client project sponsors must take into account the potential societal impact of their projects and strive to create value for all stakeholders involved.

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