Research
A good example of a completed project that was unsuccessful is the movie Underworld production. The project was scheduled to start in June 1994 and be completed by September 1994, taking a duration of ninety-six days (Nashawaty, 2020). The initial budget for producing the movie was one hundred million dollars. The movie was about a time in the future when all ice had melted, and people were just surrounded by water.
The movie’s shooting would be complete by the beginning of September, as estimated by the project’s schedule. The project was completed after 166 days, two and half months later than anticipated (Nashawaty, 2020). The project’s cost was above the projected budget, costing one hundred and eighty million dollars. Underworld was not successfully produced despite being shot because of managerial failures during production.
Poor cost management is the first reason for the movies’ failure. Cost management is the process of estimating, allocating, and controlling a project’s costs. The Underworld’s production estimated cost was one hundred million dollars, but by completion, the project cost one hundred and eighty million dollars indicating poor cost management. Poor scheduling is the second reason why the project was unsuccessful. The project was completed seventy days after the scheduled completion date, and poor schedule management is one aspect that puts investors off. Finally, stakeholder mismanagement led to a director withdrawing from the project.
The two directors, Reynolds and Costner, had disagreements with one another during the editing of the movie. Consequently, Reynolds walked off before the movie was fully edited (Nashawaty, 2020). The stakeholders should have been properly managed and maintained a purely professional working relationship. The unsuccessful project resulted from poor cost management, bad scheduling, and, finally, stakeholder mismanagement.
Reference
Nashawaty, C. (2020). Waterworld is known as a massive Hollywood failure. Really, it was ahead of its time. Esquire. Web.