Question

Project Recovery and Rescue. When should you perform a project recovery or a project rescue? How are they different? At what point should you decide to abandon the project? Must contain at 300 words or more.

Answer 1

Prior to discuss about the project recovery and rescue system of a business we must understand what you mean by a project in trouble or a troubled project. A troubled project means that the project's variance trends of time, costs and scope have exceeded the acceptable level, and without immediate intervention, the project will continue on a path to failure. Usually troubled project's are time consuming and highly expensive. Which leads a firm to the failure in front of our competitors. Here is the importance of project recovery and rescue are discussed.

'When should you perform a project recovery or a rescue'. When a project under trouble we should use those techniques of project recovery and rescue. Project recovery simply means it is function usually done by senior management that makes the decision to actively intervene in a troubled project to recover it, it's the project manager who usually leads the execution of the recovery process. When your projects unable to meet your organisational goals and also out of your control you can use project recovery. These are the activities which helps you to steady your project back. If there are are any variances exist, project recovery can easily eliminate those variances. Project rescue is a similar term like project recovery. It is also an anti failure programming initiated by senior management to prevent the projects which facing failure. Project recovery and project rescue are directly indifferent but indirectly there is a difference. Rescue is the last resort here. First of all we will try to recover our projects form failure. Here we should perform our best to reduce or eliminate those problems which is facing the firm. But at last when you recognise there is no chance to recover the project or there is no more time to spend, here you are compelled to do something immediately. This is the last resort. If you are failed here your project is failed too. I think this is the very minute difference between project recovery and project rescue. Apart from that both the techniques are same.

'At what point should you decide to abandon the project'. It is an easy question to answer because, it is not a specific one. I want to give you a generalised answer. When the project goes wrong or which is out of your control or otherwise you can't meet your organisational goals it is better to abandon those projects without any doubt. If the project is no longer adding any value to the firm, there is no need to abandon those projects, instead you should perform some actions (recovery or rescue plans) to resolve it. We can't abandoned any projects without the rational thinking. It needs lot of thinking before it executes. But when we realise that there is no more option, it is better to avoid those projects for the goodness of the company.

So when a project become unfavourable to the company and its policies it is better to abandon those protects. But make sure that there is no material losses are there when closing those projects. If any losses are incurred, you just find out the variances here.

I think it is a simple topic. It is not a specific topic, that is why the answer become generalised. But you just try to understand the terms (Pl project recovery and project rescue). Which help you in future in your working condition. Then you can use this type of tools.