Many projects delayed by a sour economy will eventually bubble back to the surface. The landscape may have changed drastically since shelving the project, so a thorough reassessment of the project’s parameters is in order.
Don’t assume your original objectives are still valid. Changes in organizational structure, headcount, locations, collaborators, competitors and market all have the potential to affect your objective picture. Examine each target against today’s needs, and adjust accordingly.
Your original timeframe may have been based on factors that are no longer relevant. Contemporaneous projects, budget cycles, stakeholder expectations, availability of contractors, leadtime for materials, regulatory deadlines and other external drivers may have shifted. Consider today’s climate and modify the schedule where appropriate.
Look for internal as well as external budget pressures. Determine the dollars at your disposal in today’s landscape, and remember that changes in other project deliverables and metrics will likely affect your budgetary needs. Modified objective, the strength of your team and resource availability can all have a bearing on the amount of money required to successfully complete your project.
Vendors may have left the marketplace or merged with other companies, and the cost or availability of materials and equipment could be vastly different than when you started. Thoroughly review your resource list to determine how the project’s budget and timeframe will be affected.
Personnel changes or shifting alliances within your stakeholder group may have resulted in a loss of strategic support. Now is the time to find a new champion, or to consider modifying the project’s parameters to retain support of key individuals.
Evaluate the state of your team. Have you lost members? Are there critical skill sets you’re now missing? Filling gaps in any project-specific competencies could affect your budget, so determine your strengths and weaknesses early.
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