How are Project Management Pitfalls to Be Avoided?

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How are Project Management Pitfalls to Be Avoided?
Aaron Phiri, Manager, South Africa

What advice can you offer apropos of avoiding Project management pitfalls? .

Just the other day, I was shocked to hear, on BBC, the percentage of projects that turn out to be unprofitable because of running out of schedule. And, somehow, it reminded me of how often American military projects end up being way beyond original cost projections due to the same issue.
As an entrepreneur within the residential building sector, the subject of project management is of particular interest to me. My main interest is concerning how management can avoid, when managing several projects at a time, loss making projects being subsidising by profitable projects. Let me put this into context.
As a business entity, with monies from X number of Projects going into company Bank Account Y, what is the most effective criteria of avoid the above mentioned cash-flow pitfall?
From experience, I've tried running separate Project-specific-Cashflow Calculators, that indicate in 'real time' cash-flow positions of individual Projects but I would like to hear what seasoned Project Managers, on the forum, have to say on this subject... .

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