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There are always equal chances of success and failure in the world of projects. So, it becomes important how to avoid project failure and how to overcome it. Failure always tends to be more public than success. 

1. Identify Risk Factors

The risk is something that cannot be avoided and will certainly happen. So, the best thing you can do to avoid risk is to identify, analyze and respond to the risk factors. So, if you find out the risks and the potential issues at the starting stages of the project, your project team can avoid these risks with appropriate actions.

2. Manage the Project Goals

You should manage your project scope and you should not try to control it. Never rely on understanding, verbal agreements and on memory for any of the decisions you have taken for your project implementation. You should document the decisions, actions and the results of the project before you have started the project, during the project and after you have implemented your project. It is always necessary to ensure the project deliverables and work properly with the customer requirements to avoid project failure.

3. Avoid Unrealistic Expectations

Never set unrealistic expectations and the time frames with the stakeholders, team members, and the customers to meet your project’s deadline. It is related to the proper project beginning but goes deeper until the project’s implementation. Realistic expectations must be set for the team members as per their capabilities to avoid project failure.

4. Continuous Improvement and Analysis

Continuous improvement is a technique for analyzing contingencies to have a concentration on goal and waste reduction. Now, this technique is used by a number of organizations across the whole world to analyze saving contingencies. This method is highly valuable for the project management process as it reduces project cost and makes a balance.

5. Track Project’s Progress

You can track your project’s progress by considering two things, first is where your project should be and secondly, where actually it is at a certain point in time. So, to control your project, the first thing is to have a plan. The planning of a project will help you to determine where your project should be at this moment. The second thing is to find out where your project should be at any given time. For this, you should know how much of the work has been completed, whether your work is on schedule, whether it is going as per the planning, etc. So, to accurately find the progress of your project, you should consider all the three factors. These are schedule, scope, and cost incurred.