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When facing the problem of dealing with business projects that should be terminated early, a leader should consider a number of important action steps described below. First, among these steps is submitting the idea of what is to be achieved. An example of a project could be on mobile-phone-based money transfer. It means that the presentation of all the relevant information of the project is to be carried out, and all the necessary materials for its materialization (that is from development of the product to the point where all the stakeholders get its utility) are to be provided. To do so, during one week, experts should weigh out all the ideas, and come up with rational judgment (Loulakis, & McLaughlin, 2011). The project managers should clearly elaborate the idea of the project so that it might be easily understood by the panellists. They should also address all the critical issues of the project including (1) who is the target consumer of the product, (2) how to reach the consumer, and (3) whether they have presented all the basic information that is required for their project. Secondly, during the next week, managers should analyze the strengths and opportunities that are in approaching the project, as well as the weaknesses and threats that may hinder the implementation of the project. It is important to understand that if the weaknesses and threats are not within the control of the organization, then the project will definitely fail. For evaluations, the project managers should come up with a well elaborated way of turning these threats and weaknesses into opportunities and strengths. Thirdly, during the fourth week, a report on studies should be composed on the basis of similar projects elsewhere (Goleman, 2000). This basically aims at understanding how others have approached a similar project. It also gives an overview of various challenges that may arise in project implementation, and the process of handling these challenges. The project manager
References: Goleman, D. (2000). Leadership That Gets Results. Harvard Business Review, 1, 78-90. Loulakis, M. C., & McLaughlin, L. P. (2011). When is the project termination proper? SCMS Journal Of Management, 81(10), 96-102. Mohanty, K., & Kar, S. (2012). Achieving Innovation and Success: Organizational Learning. SCMS Journal Of Management, 9(1), 36-42.