Selecting the Right Project
In many cases, projects are chosen for the wrong reasons. It could be the flashiest or a pet project for one of the executives or it could be dealing with the coolest technology. Whatever the reason, many projects fail because they were the wrong project to pursue in the first place.
Each project manager needs to understand how this project fits into the overall strategy of the sponsor. If this is for a company, a project that is reducing the workforce may not fit into a company whose strategy is to double their employee base. If you are an individual, remodeling your home may not be a great project just before you sell.
As a project manager, you must understand which project to undertake. Many times this will not be your decision, but it is still crucial to know. Stopping a project before it starts because it is not the right fit can bring some of the same benefits as completing a successful project.
Develop a scoring criteria or a fit analysis to ensure that the project is the right fit. Work with your sponsors and stakeholders to make sure everyone is on the same page. If done properly, then your limited resources can be used much more efficiently to provide valuable projects.