So this next section is about going to be detailed into the projects after looking at so many projects. I selected this seven common pitfalls in projects. So I want to share with them and then that you make some questions around them. So that you know, and you can address them and it's an A small exercise for you and to practice as well. So the number one project failure cost is the lack of executive support. So if you don't have a sponsor, somebody senior support you like for example, we saw the case in Chile with the mining the syndics support came from the president.
So that means that you get resources and everybody will support you. If you don't have that kind of support. You will struggle so you need somebody senior to support during the project. So the lack of executive support is a big, probably the most important risk in your projects. The second one is starting a project without really purpose, or rationale or have a clarity on the business case, we love to launch projects. And many projects fail because you really didn't think about it.
You didn't take the time to understand what's the purpose of the project. The third one is lack of clarity of what the project we'll do the requirements, the functionality, the design. So the less you have that clear, when you start the project, the more difficult it's going to be to carry out so make sure that there is some clarity on what the project will do. How is it going to look like if you're building a website or system? How is it going to look like? The more clear the more chances you have to do the project?
Right? Four pitfall is the communication, lack of communication. The challenge with projects is that people are so busy, and often just the leading team knows more than the rest. So if you don't communicate and bring everybody onboard, if you don't understand the challenges or the blocking factors on the project teams to execute their projects, then the project will never succeed. So communication is key, the more you communicate the better. And it's one of the top skills required by a project manager.
Another big common pitfall in in projects is when the project leader is not dedicated to the project. It's something like well, it's Yeah, I'm the project leader, but I don't have time for it. I'm busy with other things, or I have my day to day job and, and this I see often in companies, they assign the role of the project leader to someone who's already hundred percent busy hundred 50% busy. The more successful projects tend to have a fully dedicated project leader, even a project teams so make sure that you look clearly on on the availability The dication of the project leader, the sixth pitfall is about resources and responsibility. So who's going to be doing what and who's responsible for what? Like I told you, we love to start projects, but then when you need someone, they're not available anymore.
So you need to have that engagement, that commitment, that sign off. So that when you need the people, they're available and they're ready to work in your project to support. And the last one is the context the organization if the organization changes priorities, or does big strategic change, the project would probably not be able to exist anymore. It's not a priority anymore. So that changes that understanding of the environment is another key aspect to consider