Nowadays every organization is looking to start an innovative project and occupy the market segment before the competitors. Furthermore, when starting a virtual project the first priority of every business owner is to reduce the costs associated with the project. All these factors bring the need to finish the project as quickly as possible which can be done efficiently through Agile project management.
If you are working on a project, the tips below will help you understand why it is important to deliver it on time.
1. Outdated Virtual Project Due to Change in Target Audience Needs
When you start a project your aim is to complete it in a way that can benefit the target audience or buyers. To do this you outline the needs and requirements of the buyer before starting the project. However, the needs of buyers change over time. So, if your project is delayed it may become obsolete.
2. More Costs
There are many costs associated with the project such as wages of personnel etc. If a project is not completed on time, there will be more costs and they will exceed your budget. For example, you will have to pay extra salaries.
3. Low Return on Investment
Return on Investment (ROI) measures if the investment in a certain project is performing well or not. When a project is delayed, the ROI will be low which means you didn’t gain much from the investment.
4. Reduction in Scope
If you want to deliver a project faster, you can reduce its scope to shorten the delivery time. However, you must make sure that the capabilities are still required.
5. Fast Delivery Results in Higher Profits
The costs associated with delivering the project faster are usually less than the costs you have to pay for a delayed project. So, when a project is delivered on time the profits are automatically higher. This is why Agile focuses on incremental delivery.
6. Higher Risk
When the virtual project is not completed on time, the risks associated with it can convert to issues and problems, which means the project can result in failure.
7. Set Your Priorities
Don’t waste the precious time of completing a virtual project in useless meetings or refining the features that are not important instead focus on the things that matter the most and which you are best at. This can be done by the Pareto Principle for clearly setting your priorities.
After reading the above tips you must have realized how vital it is to complete a virtual project on time.
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