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Project recovery is the effort and activities related to addressing troubled projects. In other words, the activities that leads you to recognise that the project is troubled, after which bring you to a decision point on whether or not to save that project.
For example, if you are behind schedule, there may be some schedule compression techniques that can be used, but there will need to be an acceptance of budgetary impacts.
One of the first rules in project management is that no matter how much planning you have put in to a project, unexpected obstacles can and will happen along the way, and how you deal with these is often what determines project success. This is where the project recovery plan comes in. The project recovery plan is a road map by which the project's personnel will steer a project back on track.
Though the plan for project recovery will vary depending on the nature and scope of the project, all project recovery documents have several elements in common: an overall assessment of where the project currently is, a detailed definition of the obstacles or problems at issue, the development and description of the plan for project recovery, and a breakdown of responsibilities among project personnel. At least five elements need to be considered:
- A breakdown of steps to be taken;
- A schedule for the project recovery;
- The project recovery budget;
- Methods for monitoring the project recovery process; and
- A list of any needed tools or information.
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