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De-scope: The easiest way to get back on track by far is to de-scope your project. This means delivering less than you originally intended. List your project deliverables, prioritize them against the project objectives and see if there are any deliverables that you can ask your Project Sponsor to remove from the scope of the project, to help you get back on track. It doesn't mean that these deliverables will never be produced. It's just that they can be done as a separate activity once the project is complete.
Get Support: If your Sponsor won't change the project scope, then ask them for a deadline extension or for more budget so you can assign more resources to finish it on time. Get their buy-in and support by telling them why you're late. Be honest and upfront. Show them that you're willing to do whatever it takes to deliver on time, but you need their support to do it. With their support, anything is possible.
Control Change: You then need to tightly control change so that new features or deliverables aren't added without your approval. Change is common on most projects, so you need to control it to have the best chance of success.
Rally: Then meet with your team and explain why the project is late and how important it is to the business. Get their buy-in to working harder and longer hours to deliver the project on time. Remember that you need everyones understanding, buy-in and hard to work to deliver your project on schedule and under budget.
Communicate: Keep everyone regularly informed of progress . This will keep them focused and motivated to achieve the targets set.
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