Effects of Project Failure Towards Stakeholders: A Review of Literature

Nazim Ullah, Ifthakarul Showrav and Mubarrat Eram

MPRA Paper from University Library of Munich, Germany

Abstract: Effective project management requires an understanding of how stakeholders are impacted by project failure. It draws attention to the effects on those involve finances, reputations, and emotions, assisting organizations in risk avoidance and fostering stakeholder satisfaction, trust, and long-term success. The purpose of this study is to provide proactive risk management, stakeholder involvement, and project result strategies. In order to compile this study, we have used a number literature reviews ranging from 2004 to 2023. The study's findings show that project failure results in significant financial losses, harms reputation, has legal ramifications, affects employee wellbeing, stifles relationships with stakeholders, stifles innovation, and endangers communities and the environment. By Adopting proactive risk management, strong governance, open communication, employee support, stakeholder involvement, strategic resource allocation, and social and environmental responsibility to reduce these negative effects and achieve sustainable project outcomes. The policymakers, practitioners and academia should focus risk factors those are associated with the project failure and hance manage a good harmony among the stakeholders.

Keywords: Project Failure; Stakeholders; Risk Factors; Project Management (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2023-09-28
New Economics Papers: this item is included in nep-cfn and nep-ppm
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