Reference no: EM133450267

Question: The first signs of a distressed project are clear. Cost begins to creep, and the project rapidly consumes the float that planners built into the schedule. As work progresses, important milestone dates continue to slip, and each forecast of projected expenses is higher than the last. Team meetings are less productive, and people become skeptical that progress reports truly reflect realities in the field. As frustration builds, enthusiasm wanes. Even the most seasoned managers may miss early signals that their project is in trouble because of cognitive bias. Some convince themselves that things are not as bad as they seem, or simply do not see that a turnaround is imminent. Others blame factors beyond their control, such as poor weather. When managers do intervene, their response is typically muted-often a series of isolated initiatives that have little impact. By the time they take more decisive action, the project has veered into dangerous territory. With capital projects becoming more expensive and complicated each year, managers cannot afford to repeat these mistakes. So how can they improve? There is no secret formula that will work in every instance since each project faces unique challenges.