Do You Have a Runaway Project?

Our firm recently completed a comprehensive review of how effective companies are at managing their new product launches and IT systems projects.  

One of our conclusions:  many companies can significantly (1) shorten their projects timeline and (2) reduce project cost.

In most cases, this requires both earlier identification of project problems; and effective & timely restructuring if you have a runaway project.

To improve this effort requires management be sensitive to of the early warning signs of a possible runaway project and, if you have a runaway project, take the necessary steps to regain project control.

In our study, we interviewed 105 companies in the technology, financial services, health care, distribution, and manufacturing industries and found that 76% of these companies had one or more major runaway projects in the last three year. 

They stated that each of these projects had significant negative results on their business including: 

1. Cost overruns which impacted profitability & cash flow;
2. Delays in product &service launches which resulted in loss of expected new revenues; and
3. Delays in upgrading systems & process improvement efforts resulting in delaying operational efficiencies and cost reduction targets...

Our complete findings & recommendations are contained in a recently published white paper entitled “Prevent a Costly Runaway Project: Recognize the Signs & Take the Right Action”. 

This white paper provides executives with:

·         The definition of a runaway project;

·         Early warning signs so you can identify one;

·         Examples of causes of a runaway project; and

·         Recommended approach for identifying & correcting a runaway project

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If you would like a copy of this white paper, please email me at jbonocore@bonocore.com . I will be happy to send it to you.