PMcrunch

Many executives, project portfolio managers, and program managers make good choices about investing in new projects and ideas.  Yet it’s also critical to set up risk triggers, preferably from the start, for when to potentially stop investing resources in each project.  This would be a sort of "stop standard" for any given project.

It is important for project managers to be familiar with such "stop standard" measurements at the outset of the project.  This will do 2 things:

1. highlight the critical risk factors, environmental dependencies, and opportunities associated with the project
2. serve as a reminder of the temporary and contingent nature of the project

The absence of a “stop standard” for a project can spell failure for many projects.  The key concept is that project failure due to factors outside the control of the Project Manager is possible, and the Project Manager should be aware of that possibility and what might make that happen.  Otherwise, the Project Manager can become influenced more by opinions and hopes — and perhaps grow to have some sort of a stake in the game — which can lead to avoidable cost and frustration. 

The remedy is to take some time - at the outset of any future projects, but right away for any existing projects - to consider the measurable end points for both positive and negative outcomes for the projects.  Having a well-defined risk trigger signalling when enough is enough, and acting accordingly (however difficult it may be to “let go,”) is essential for decisive leadership at any level.
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John Reiling, PMP
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