It can be helpful to do this exercise e.g. when you start a new project or need to assess the way you do things.

It is a scenario where everything that could go wrong has gone wrong.

Ask the team to list all the things that have resulted in the failure. 

Opening the dialogue this way can identify important hindrances and bottlenecks that are affecting performance negatively, so you can start working on solutions.

Take note that this is not to place blame on any individuals or teams in your processes but to reveal current or future issues in performance and help you collectively find solutions!

You can use workshop techniques like Affinity Map or Brainwriting to generate possible solutions for the performance challenges that you find.

You can also apply a version of this technique in 1-on-1s with employees when you want to know where to improve and increase motivation or satisfaction. You could do it by asking any version of "What would make you quit your job today?".

Just be aware of the power imbalance between a leader and employees, and if you haven't developed a trusting relationship, some people might be afraid of answering these types of questions honestly.