Premium Essay

How to Define Project Success?

In: English and Literature

Submitted By nadil
Words 2946
Pages 12
How to define project success? My perspective

INTRODUCTION

Traditionally, a triple constraint is used to measure project success. These triple constraints are time, cost and scope/quality and builds inseparable arms of a triangle.

This traditional de facto method to define and measure project success is one aspect of measuring metrics that used to measure project outputs. A project delivered on time, within budget and meet 100% of its scope specifications may not necessarily be perceived to be successful by key stakeholders. In fact, there should be additional metrics to measure the business outcomes like stakeholder and customer satisfaction, meeting business goals, customer and or end-user adoption, quality assurance, risk management, alignment of governance strategies and realization of benefits.

This paper presents the views that traditional method alone is not adequate to define project success based on the today’s competitive project environments. Project managers need to broaden their perspective to include other metrics as mentioned above to define project successfulness.

PROJECT SUCCESS METRICS - TRADITIONAL VIEWS

Traditionally, project success is measured by the three inter-related factors that deliver values to the project outcomes. These three benchmarks criteria are represented as a triangle as shown in below (Fig-1).

If we make any change to any of these factors, it will affect the other two factors and needed to be altered or adjusted accordingly. Let say, the stakeholders have amended some new requirements to the scope of the project which were not realized by them at the initial stage. Fig-1
These changes in scope can accommodate in three ways:

1. Keep the cost fixed, extend the due-date or completion time
( Fig-2 ) 2. Keep the completion time fixed, increase the cost ( Fig-3 ) 3. Increase the cost and extend the…...

Similar Documents

Premium Essay

Describe How Project Managers Define Activities

...One of the responsibilities for a Project Manager is to refine the WBS into further detail developing the baseline schedule and define the Schedule Management Plan. The initial WBS, developed during the Concept Development Phase, will define specific work activities; activities sequence, estimate resources, and estimate duration that will need to complete the project. The refined WBS will be used to develop an initial, baseline schedule. The Schedule Management Plan establishes the specific procedures for how the project schedule will be managed and controlled and is as detailed as necessary to control the schedule through the life cycle based on the size, risk profile, and complexity of the project. The Project Manager should consider the six schedule management processes described below in the development of the schedule baseline and the Schedule Management Plan. The development of the schedule baseline will involve activity definition, activity sequencing, activity resource estimation, and activity duration estimation. The Schedule Management Plan should be focused on the methods for controlling the schedule. Define Activities – identification of the specific work activities that need to be performed to complete the project. Although preliminary activity definition begins in the Concept Development Phase, this definition is further refined during the Planning Phase to ensure that all activities are defined in detail. The Planning Team creates a more detailed WBS,......

Words: 437 - Pages: 2

Premium Essay

Project Management Success Factors

...The Optimal Reference Book: Project Management Success Factors Extraordinary insight™ into today’s education information topics Table of Contents Why 70% of Government IT Projects Fail, Quality Project Management for Education Agencies .............................................................................................. 5 About the Author.................................................................................................... 8 Foreword................................................................................................................. 9 Selecting the Right Vendor to Manage Your Project .............................................. 11 Project Governance........................................................................................... 13 Project Risk ....................................................................................................... 14 Issue Management............................................................................................ 14 Education Agency Uniqueness .......................................................................... 14 Unfunded Mandates and Local Control............................................................. 15 ESP’s Quality Project Management (QPM) for Education Agencies ......................... 16 QPM Overview.................................................................................................. 16 QPM Principles...............................................

Words: 28042 - Pages: 113

Premium Essay

Project Success

...1. Project success is determined by a set of various conditions including proper planning, and execution of the project. Usually project’s success is determined by the SMART criteria which stand for Specific, Measurable, Achievable, Relevant and Timely. In other words for the project to become a success, it has to be well defined, with set deadlines, and done by people who can actually get the job done (achievable). Whenever the project does not meet the SMART criteria, there is a great chance that the project will be of no use to the company that initiates it. The reason why a large number of projects fail to meet their stated objectives, i.e. schedule, cost, scope and performance objectives is because it is rather hard for the project managers to precisely predict the future to which a given project relates. Although, everyone understands that project should meet the SMART criteria, in practice it is rather hard to achieve especially when the corporate resources are scarce (Martin, 232). 2. Effective project manager possesses the attributes applicable to a regular manager (ability to plan, organize, direct and control) as well as specific knowledge/skills related to the projects of a certain industry. The project manager must be able to define the project well and have enough skills to motivate the employees to commit to the project and get it done. 3. There exist a difference between management and leadership. Leadership is the ability to organize and lead people,...

Words: 1090 - Pages: 5

Premium Essay

Key Factors to Ensuring Project Success

...Eight Key Factors to Ensuring Project Success Author: Duncan Haughey Version 1.0 Introduction As the project manager you are ultimately responsible for delivering a successful project. The buck stops with you, so it is in your interest to ensure relevant tools and techniques are deployed to make this happen. Some of the following may sound obvious, but I encounter these basic mistakes month in month out with project managers scratching their heads wondering where it all went wrong. Business Case Ensure that there is a strong business case, with high level support that everyone can buy into. The business case is the justification for the project and should list the expected benefits. This is something everyone involved in the project can focus on and the reason why the project is taking place. Projects move us from one state to another by deliver a change, product or other desired outcome, with the business case explaining why. Critical Success Factors Define with the customer the Critical Success Factors that will make the project a success. Ensure that you make them measurable, for example, a 20% reduction in the cost of raw materials by the end of the year. Use these factors at the end of the project to measure your success. This is all that counts and the must have items the project needs to achieve. All other issues are secondary to these as the Critical Success Factors effectively form your contract with the customer. Planning Time spent planning is......

Words: 873 - Pages: 4

Premium Essay

How Would You Use the Systems Approach, and What Makes It so Critical to the Success of Project Management

...How would you Use the Systems Approach, and what Makes it so Critical to the Success of Project Management [Name] System approach is a strategic management concept which views the structure of a company as that of an interconnected and purposive system consisting of various business sections. It is a key approach to effective organizational management and structuring that groups elements on the basis that they can successfully be linked up together to give room for better management. System approach can be used in project management to evaluate both external and internal elements which affect the success of a business. According to Banathy, system approach is multi-directional (1964). This is because it allows an interactive approach to project elements. This management approach defines a project’s goals, objectives and the set procedures that are followed in successfully completing it. System approach is important to the success of any viable project. By interconnecting several elements of a project, this system provides a simplified base for management that reduces complexity. It also helps promote specialization and efficient coordination between different project departments. This results in efficient and specialized handling of project’s tasks and procedures, all which are critical to the success of project management. Moreover, through system approach, management strategies can be analyzed and evaluated for improvement. Simulations of new project management......

Words: 300 - Pages: 2

Free Essay

How Failure Breeds Success

...About the case The purpose of this case is to draw attention to how corporations are beginning to understand that being innovative, and taking risks, means coping with the potential of product failure. This case looks at how companies are trying to develop organizational cultures that are innovative, risk taking and able to deal with product failure. It identifies some of the major corporate flops like eVilla Sony Corp’s $500 internet appliance and General Motors crossover SUV. This case also quotes leading business school academics on how failure is important to the experimental process. It outlines how companies can learn from failure and suggests that the challenge is knowing how to balance organizational performance and learning cultures. Moreover it describes how some companies are tackling the issue for example how Corning examined its successes and failures spanning its 150 year history. It also highlights how being involved in learning from failure can impress present and future employers and presents best-practice ideas for getting the most out of failures. Case Analysis Experiential learning process Experiential learning involves learning from experience. According to Kolb, concrete experience provides the information that serves as a basis for reflection. From these reflections, we assimilate the information and form abstract concepts. We then use these concepts to develop new theories about the world, which we then actively test. Through the testing of our......

Words: 761 - Pages: 4

Premium Essay

Culture and Project Success

...Proposal Observing the Relation between Corporate Culture and Project Performance Background Projects are increasingly becoming vital means for corporate progress, however, research indicate that projects rarely fully succeed According to the 2004 PriceWaterhouseCoopers Survey of 10,640 projects valued at $7.2 billion, across a broad range of industries, large and small, only 2.5% of global businesses achieve 100% project success and over 50% of global business projects fail. Expects view supports the fact that most projects still overspend, fall off schedule and seldom meet stakeholder expectation. Improved tools, templates and methodologies fail to yield significant concurrent improvement in outcome. (Business Improvement architect 2008). In the face of shorter product life cycle there is limited time to implement project even in the light of higher stake holder expectation (Ivanenko 2009) Prior Research Perhaps in search of remedial prescriptions, literary works have been devoted to leadership in project management (Hersey and Blanchard 1993, Druker 1996, Maxwell 2005). Many of which propose situational leadership as paramount success ingredient for projects (Hersey and Blanchard 1969 (Kerzner 2003). After testing 153 across 28 countries, (Prabhakar 2008) concluded that the project manager is the key success factor in multicultural projects. However, the significance of organizational culture for project performance did not escape scientific attention. For......

Words: 1144 - Pages: 5

Free Essay

How Failure Breeds Success

...How Failure Breeds Success Even heard of Choglit? How about OK Soda or Surge? Long after ‘New Coke’ became nearly synonymous with innovation failure, these products joined Coca-Cola Co.’s graveyard of beverage busts. Given that history, failure hardly seems like a subject CEO E, Neville Isdell would want to trot out in front of investors. But Isdell did just that, deliberately airing the topic at Coke’s annual meeting in April. “You will see some failures,” he told the crowd. “As we take more risks, this is something we must accept as part of the regeneration process.” Warning Coke investors that the company might experience some flops is a little like warning Atlantans they might experience afternoon thunderstorms in July. But Isdell thinks it’s vital. He wants Coke to take bigger risks, and to do the, he knows he needs to convince employees and shareholders that he will tolerate the failures that will inevitably result. That’s the only way to change Coke’s traditionally risk averse culture. And given the importance of this goal, there’s no podium too big for sending the signal. While few CEOs are as candid about the potential for failure as Isdell, many are wrestling with the same problem, trying to get their organizations to cozy up to the risk-taking that innovation requires. A warning: it’s not going to be an easy shift. After years of cost-cutting initiatives and growing job insecurity, most employees don’t exactly feel like putting themselves on the line. Add......

Words: 1108 - Pages: 5

Free Essay

How Can We Define Ethics?

...How can we define ethics? What does ethics mean to you? Many years ago, a psychologist posed this question to a group of business people. To his surprise many of them had a wrong idea or were not sure of their own answers. Nowadays we are faced with a society that hardly knows or understands what this word means. Some people think that ethics has to do with what their feelings tell them is right or wrong, others take ethics as being a religious idea and belief, or something that the law requires. Many others think that it is a standard of behaviors that our society accepts. But what does ethics really mean, and why is it so important for everyone to understand? Due to a lack of ethics many business leaders have failed. In the year 2000, the nation of Peru faced a terrible fraud with Vladimiro Montesinos, who was the long-standing head of Peru’s intelligence service, under President Alberto Fujimori. Secret videos which he had recorded were televised. These videos showed his bribing an elected congressman to leave the opposition and join the Fujimori’s side of congress. These accusations and scandal caused Montesinos to flee the country and accelerated the resignation of Fujimori. Following investigations revealed Montesinos to be at the center of an enormous net of illegal activities, including embezzlement, graft, gunrunning, and drug trafficking. Montesinos has been tried, convicted and sentenced for numerous charges. “He also had strong connections with the CIA, the......

Words: 1191 - Pages: 5

Premium Essay

The Key to Project Success

...Projects should be more than just tactical or operational to take advantage of business opportunities. Important measures of project success such as building market share, extending product lines, increasing revenue, satisfying customers, and building for the future, to enable the projects to have an active element in the implementation of a company's strategic intent, achieve better results, and increase the company's competitive advantage or value should be included. Project success should be measured on more than the ‘triple constraint’ criteria of schedule, budget and specification. Shenhar developed four Success Dimensions that measure project success over time. These measures include "Efficiency”, which is measured immediately after project completion, it measures whether the project was completed on time and within budget. "Impact on the Customer", This is measured within a year of project completion, It measures if specifications were met and if customer satisfaction and quality was met. "Impact on the Business”, Is measured a year or two after project completion, it measures if the project efforts resulted in increasing revenue and profits, creating positive ROI and ROE. Lastly "Building for the future", which is measured in five year's time, it measures if the project created infrastructure, new core competencies, new market opportunities, or extend product lines. Project Strategy is essential to achieving better results and increasing the value obtained from......

Words: 751 - Pages: 4

Premium Essay

Define Project and Develop Plan

...Define project and develop plan Performance objective Candidates will demonstrate knowledge and skills required to define projects and develop project plans. Assessment description Using the workplace scenario information provided, you will determine the scope of a project and develop a portfolio of draft planning documentation to be given to your Operations General Manager. You will develop a project plan to delegate tasks to your project team and a risk management plan to anticipate resource requirements. Page numbers in blue denote the appropriate section of the Student Workbook which you should refer to when necessary. Note: Before you commence, read through the separate case study document, ‘Simulated Business - Max Lionel Realty’ and the scenario information below. Scenario – Max Lionel Realty You are an external consultant (from Ace Consultants) contracted to manage a project for Max Lionel Realty (MLR). Kim Sweeney, the Operations General Manager, has asked you to come in for a meeting with her and the Human Resources Manager, Les Goodale, to discuss the project’s details. The meeting occurred on 13 January 2014. The objective of the project is develop and deliver a comprehensive one-day training session that will inform real estate agents of their legal and ethical obligations, particularly with respect to WHS and anti-discrimination legislation. During the meeting, the project is broken down into specific elements that MLR’s management......

Words: 3119 - Pages: 13

Premium Essay

Project Management and Project Success

...Project Management and Project Success Project management is the facilitation of the planning, scheduling and controlling of all activities that need to be done in the project in order to achieve project objectives. Project management is a very important term in large and small businesses because all businesses are eager to implement new activities, such as the development of a new project and service. In addition project success requires proper planning and help from a management team. A project can be successful if it exceeds customer requirements, the business aims are understood and it meets the objectives. The aim of this essay is to critically analyserelevant academic literature for factors contributing to the successful delivery of computing projects. This essay begins by providing a brief overview of Waterfall and Agile then moves on to critically analyse them. Following that the importance Risk Management will be discussed.Finallyan additional project management will be discoursed and essay then concluding the main point of the findings. There are many different types project management approaches, but the most common project management approached which are being used in around many years are Agile and Waterfall. Agile project management has been around for more than 25 years. This approach was first defined as Agile Manifesto by Martin Fowler and Jim Highsmith. Manifesto has been a controlling valuein entire Agile Project Management models (Robert K. Wysocki,......

Words: 1337 - Pages: 6

Premium Essay

Project Management and Success in Academic Research

...PROJECT MANAGEMENT AND SUCCESS IN ACADEMIC RESEARCH Lori Criss Powers   Dr. Gillian Kerr May 21, 2009 Abstract: Conventional project management approaches do not seem to work well in academic research. In our experience, problems include resistance to basic project management processes like milestone development, extended delays caused by researchers not responding to emails or phone calls, a consistent lack of clarity regarding project outcomes, and the inability of the project manager to affect the behavior of research team members. This paper summarizes key challenges of project management for university‐based research: the problem of defining success; uncertainty and lack of clarity; and lack of accountability structures. We suggest a simple framework based on three essential elements of project management to identify and manage core risks at the outset of academic research projects. The three elements comprise: (1) A credible and recognizable definition of the desired state; (2) A credible and compelling measure of deviation from the desired state; and (3) A way to bring the project back on track. Key Words: Managing projects, uncertainty, university‐based research, management INTRODUCTION Broadly speaking, academic research projects refer to any undertaking intended to extend knowledge through a disciplined inquiry or systematic investigation (Interagency Advisory Panel on Research Ethics, 2008), that is at least partly carried out in an institution of higher......

Words: 3075 - Pages: 13

Premium Essay

How to Create a Project Specification

... Template Project Specification Enclosures Distribution List Project Survey Time Schedule Resource Plan Organizational Chart Project Budget Contents 1 Project Business Direction 2 1.1 Project Goals 2 1.2 Purpose 2 1.3 Business Opportunity 3 1.4 Project Background 3 2 Project Scope Description 3 2.1 Project Outcome 3 2.2 Quality Objectives for the Project Outcome 3 2.3 Organizational Requirements on the Project Performance 4 2.4 Project Performance Quality Objectives 4 2.5 Included, Excluded 4 3 Project Plans 4 3.1 Time Schedule 4 3.2 Project Milestone Definitions 5 3.3 Delivery Plans 5 4 Project Budget 5 5 Project Organization and Stakeholders 5 5.1 Project Organization, Roles, Responsibility and Authority 5 5.1.1 Project Steering Function 5 5.1.2 Project Management Function 5 5.1.3 Project Executing Function 6 5.2 Project Organization Overview 6 ...

Words: 2362 - Pages: 10

Premium Essay

How Failure Breeds Success

...How Failure Breeds Success Shevelle Green Principles of Management Professor James Day May 30, 2010 The purpose of this paper is to explore business failures and the effect of studying the failure can have on managing the control processes and performance improvements. I will point out specific changes in control systems that studying failures may lead to. Many reputable businesses have had failed products in their history. Business such as Nestlé’s Choglit, a chocolate-flavored milk drink, test marketed in 2002 failed according to businessweek.com. Ben Gay Aspirin was another failed product that many consumers never even heard of. Although having a failed product is not a good thing, businesses are turning the study of these failures into somewhat of learning experience. They are using the results as a way to improve the performance of an existing or new product. To achieve innovation sometimes means that you will produce a product that may fail. Companies need to be comfortable with this concept and not afraid to take the risk of failing. For a company that is not already successful and have the resources this may be easier said than done. Companies that are already established stand a better chance taking this risk without worrying about the success of their business. Coca Cola is a perfect example of the preceding statement. Coca Cola has had many failed products over the years. “New Coke” was a product introduced by Coca Cola in 1985. This......

Words: 921 - Pages: 4