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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
 
 
 
 
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
 
 
 
Home » Glossary » What is Project Failure Rate
What is Project Failure Rate  

What is Project Failure Rate



 
 

Project Failure Rate is a proportional or relative value that estimates the probability of failure for a given project. It shows how 'bad' a project might be done in terms operating hours, cycles, costs, quality, or other applicable measures.

Failure rate is opposite to success rate which is a measure of a project’s ability to reach its completion. There are four major parameters that determine failure rate, such as:

  • Time including working hours, activity duration, work cycle time
  • Budget including cost estimates, funds, cash flows
  • Scope including boundaries, requirements, assumptions
  • Product acceptance including product quality, functionality, features

In other words, a project becomes failed when it is delivered out of schedule, out of budget, out of scope or/and with no product accepted.

There are 5 major steps to reduce the rate of project failure. These steps are:

  • Ensure good communications between project participants to avoid misunderstandings and overlaps
  • Involve customer in the project execution process to ensure product acceptance and requirement matching
  • Detect and manage changes timely to prevent scope creep
  • Test the project before deployment to make sure it is designed and developed as planned
  • Respond to risks immediately and plan for contingency in advance.

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