Time and cost escalation, are not very uncommon facts as far as project completion is concerned. However, always those are not uncontrollable. A stitch in time saves nine. Right people, right estimation of time frame (with reasonable allowance) and right finance at the right time are very essential. Considering a few important points, many manufacturing CEOs have been benefited while taking up new projects…
Setting the right target
Weigh the pros and cons before you set a goal. Judge your strength. Are you sure it will benefit your company? Are there limitations related to (say) time, finance, people or otherwise?
You know well your limitations. Are you considering those while drawing your plan? How close is your planning to practicality? Are the deviations manageable without speculations?
All stake holders involved in your plan need to understand it correctly, and hold a positive outlook about it. Are you doing that through your communication? How have you ensured that?
For timely completion of any project, more than anything, you need to have sincere, efficient and prudent people. Have you got them? Have you checked any further criteria beyond their past records that add weightage to your decision?
Total involvement with the project is important at least for the people in managerial role. In today’s business environment, jobs are complicated and without mutual co-operations managers cannot succeed. Have you created that avenue?
Creating a vision
Inspiration comes from vision. But in case of a project, vision comes from repeated hammering of ideas. Have you chalked out a method for frequent discussions and spreading the ideas of better future for the company and the people involved?■