Effects of Project Failure Towards Stakeholders: A Review of Literature

Ullah, Nazim and Showrav, Ifthakarul and Eram, Mubarrat (2023): Effects of Project Failure Towards Stakeholders: A Review of Literature.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Project Failure, Stakeholders, Risk Factors, Project Management
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill

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