Do you have an old project – business or personal – that has been on the back burner, suffered from neglect, and now truly “lacks luster”? Maybe it’s time to dust it off…
Things change. Here are some reasons why project justification has not been there, and thus a project might have been put on the back burner:
- Market was not ready for a new product.
- Cost cutting projects were given a prority.
- There were inadequate finances to justify it.
- The cost savings were not high enough.
- Operations were insufficient to support the project.
Whether you have a formal project portfolio management process or not, there are many reasons why a project might have been relegated to the back burner, and most of the time they are pretty legitimate.
But things change…and the assumptions made may not longer be valid, and the conditions may now be ripe for reconsidering.
You might want to dust off some old projects now if:
- The market now appears to be ready.
- Cost cutting projects are not the only thing people are thinking about right now.
- The financial siutation is improving, or perhaps the credit availability has changed.
- Increased business levels may now make the project look more interesting.
- Operations may now be gearing up to a higher level, enabling support for the project.
The bottom line is that there are a whole lot of reasons that may now point the way to a fresh look at old projects. As a function of project portfolio management, maybe the time has finally come to dust of that lackluster project…
John Reiling, PMP
PM Training Online