I’ve got bad news.
Statistics show that no matter how hard you try, your project is probably going to fail.
To be a little more specific, only 2.5% of companies complete their projects 100% successfully.
“Failure is an unavoidable part of any project process” – ProjectManager, 5 Notorious Failed Projects & What We Can Learn from Them
Yet the cost of project failures is staggering. Failed IT projects alone cost the United States around $150 billion in lost revenue and productivity. And it’s frightening! Failure scares us all.
But, the good news is, failure, and how it affects you and your project’s overall success and profitability is controllable. If you can catch, or even predict, failures early enough, you can execute damage control measures and prevent them from completely derailing your project and its profitability. You can even use them to improve your project.
How can you catch or predict failures early?
By using a project tracker.
A project tracker is a snapshot of your entire project. It gives you and the project team a clear picture of how the project is performing, where the weak spots are, and which areas need the most attention.
Let me explain this concept further by taking you through the following topics in this Process Street article:
- What is a project tracker and what does it do?
- Are project trackers really necessary?
- What happens if you don’t track projects properly (with a real-life example)
- The most effective way to track projects
Let’s get going!