Why do should you not change your life policy to new one? Whether the change is due to financial reasons, change in your circumstances or simply an end to the current policy, the decision should be carefully considered before making any move. There are various questions that should be answered before taking the next step.
Comparing the two plans is helpful. For example, there is a significant difference between whole life insurance policies and term life insurance. While term life insurance is often cheaper than whole life insurance, it may not guarantee a benefit payment after expiry (Baker, 2012).
Some insurance companies require their policyholders to pay charges should they want to cancel their policy. This considerably decreases the benefit of changing plans. When planning to switch, talking to the insurance company about any fees payable is important (Fier and Andre, 2013).
Some insurance plans are modifiable should the holder’s financial needs change. It may be possible to add a new rider or reduce your life insurance coverage to better meet the policy holder’s needs (Bodie, 2013). It is important to speak to the insurance company to fully understand available options for those willing to change policies.
There are any reasons why people consider changing their life policies. However, it may not be reasonable to change the policy. Owing to the long-term nature of many life insurance policies, there is a probability that circumstances will change over the term of the policy. While it may be costly to alter a life plan, in some cases, it makes sense.
Baker, Tom eds. Embracing risk: The changing culture of insurance and responsibility. University of Chicago Press, 2010.
Bodie, Zvi. Investments. McGraw-Hill, 2013.
Fier, Stephen G., and Andre P. Liebenberg. "Life insurance lapse behavior." North American Actuarial Journal 17.2 (2013): 153-167.
Explaining the reason why project fail
The reasons why the project fails includes lack of user involvement leading to a lack of user input.
Incomplete requirements and specifications lead to failure due to limited resources and utilities that need to be incorporated into the project.
Changing requirements and specifications resulting in a lack of particular focus affect the scope of the project thus contributing to project failure.
Lack of executive support contributes to minimal influence toward surveillance, monitoring and controlling of the project thus making the project to fail (www. project smart. co. up).
Technology incompetence is a factor that leads to lack of sensitive materials to make acceptable and satisfying project thus leading to failure
Unrealistic expectations makes the project either too huge or too small resulting in over budgeting or under budgeting making the project to fail (www. project smart. co. up)
Unclear objectives lead to lack of common goals causing the project team to have diversities thus contributing to failure of project
Unrealistic time frame affects the entire schedule of a project by making the to extend beyond the normally proposed completion duration. Unrealistic timing affects the project milestone thus causing the entire project to have no particular way of determining its progress (www. project smart. co. up).
How do project managers influence project outcome?
Project managers determine the strategies for implementing the best success criterion that leads to the full success of high quality and acceptable project. Project managers influence the success of a project through selection and recruiting team member who has the potential of taking meeting all project objectives (Ambadapudi & Shreenath 2014). Managers are responsible for developing project teams through promoting the culture of project development. He ensures that project team can effectively embrace different forms of adjustments as well as adapt to new changes in an organization. The manager is responsible for motivating the project team through controlling their emotional factors as well as ensuring they have the full potential of gaining emotional stability (Ambadapudi & Shreenath 2014). The manager must perform evaluation and validation processes through ensuring that the entire project has acquired right direction. He defines the project milestones and evaluates the progress of entire project development process.
Discuss your personal experience with failed projects.
Through various project development lifecycle, I have encountered two types of projects encountering a total failure. A project to develop a student management system failed as a result of encountering several changes due to lack of specific needs and specification. Initially, the project was being developed with a purpose of managing and controlling the registration process of students. However, the stakeholders demanded more functionality to be added to the project such as the student's hostel management system, finance and billing system as well as student portals. The new requirements changed the scope of the project making the project more complex and sophisticated to implement. The proposed budget became more costly three times than proposed budget. New resources such as programming experts were needed in the new project specifications due to lack of enough funds as well as an uncontrolled change of user specifications.
The project development process should have well-defined specifications, fully contribution and involvement of the users as well as ensuring that all resources required for a project are enough. Lack of such essential requirement can contribute to project failure.
Ambadapudi S., M. & Shreenath S. (2014). Does People Behavior Impact Projects? How? And What Do We Do About It?
The Standish Report – CHAOS retrieved from: https://www.projectsmart.co.uk/white-papers/chaos-report.pdf