A short time ago, we had a fire in the ceiling of our apartment’s front room. Thankfully, we’re all ok. The damage will be cleaned up and repaired and we’ll go on with our lives. Many aren’t so lucky. They don’t have fresh batteries in their smoke alarms. They don’t have fire extinguishers. Or, they don’t have an exit plan (in place and practiced) for their families.
The chances of a mega project or turnaround failing by going over schedule and exceeding budget runs as high as 70%. Want to reduce your odds of failure? The heart of the matter in managing risk is about people, values and communication. Set aside Acts of God, failed systems or changing business cases, doing these 5 things will assure a project pitfall.