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What strategy should project management use in a project if one provider went bankrupt?
In the middle of the implementation phase in a records management project, one of the two hired providers goes bankrupt. What kind of strategies should the project managers use to achieve the scope of the project according to the schedule?
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3 Answers
Suggest you assess project completion risk before contracting provider based upon their skills, experience and financial stability. Given you have already launched project, assess ability of existing provider - can this provider increase hours or staff to complete effort? If not, review other providers you looked at before engaging the bankrupt provider - may be able to get help. If can not accomplish any of these, modify scope and/or change timeline.
Your question does not specify whether the software vendor or system integrator went bankrupt.
If the software vendor is out of business then you have a serious problem and may need to actually restart the project with a new vendor. If it's the system integrator, then perhaps the software vendor can help replace the missing resources.
We really need more details to offer good advice. However, this raises the question of your procurement process. How carefully did you examine the vendors to be sure they are viable firms?
Actually, I’ve been through this although the particular predicament was at a lower level. My company had a 7 year IT management contract with a government entity and one of our big name partners declared bankruptcy. However, it was the individuals performing the contract (which was application development) that were important to us and not the management team that was 2,000 miles away.
First, we offered the individuals a place to land if their company got to the point that it could no longer pay for them. They key was to put the employees at ease. The easiest way was for us to pick them up. The alternative was to either match them up with another provider who would pick them up or to help them start their own business since they could start with a contract in hand.
There are a lot of ways to cut this and make it work.
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