7 Measures of Project Success


How do you define a successful project? Primarily a project needs to deliver on few basic parameters such as  

  1. Product of Project – This may be a new service, a product or a repeatable process that sponsoring organization intends to use for strategic, operational or business advantage. The customer must be able to use or validate it at project completion.
  2. Cost or Investment: Budget allocated for project should not exceed without changes to baseline scope. This is one of the primary concerns for the stakeholder along with timelines and quality in order to derive reasonable value from investment.
  3. Schedule: Project timelines are met for key deliverables so project’s product is relevant for the intent it is commissioned. This is especially true in the technology domain where go to market time can make or break company’s fortunes.
  4. Project Scope: Has project maintained the agreed scope of work and identified deliverables on time and at desired levels of utility? If there are either missed requirements or “gold plating with increased costs or time, in both cases it points to an element of failure.
  5. Reporting Metrics: Is there an agreement on measurement metrics to identify and report on key milestones and deliverables while project is in flight? If key parameters aren’t defined, it is practically impossible to measure the progress made or how much more time or budget will need to complete the remaining scope.
  6. Stakeholder Expectations: This is a tough one, especially that various involved parties have differing stakes in the project. It is important that your key stakeholder’s perceive the project outcome to be inline with their expectations.
  7. Transition to Operation: Very little thought and planning time is given on the sustainment aspects of a project delivery. It is critical that sufficient time and resources are engaged for ensuring there is smooth hand off & required transfer of knowledge between project & supporting teams at project completion & acceptance in to ongoing operations.

To conclude, your stakeholders will decide whether project was well-managed. Someone (perhaps your sponsor) will decide whether or not the project was a success. Some of the above measures may form the basis of this success. So to help stakeholders understand and decide get project success measures documented and agreed to from the start!

ProZen Global, Calgary
Project Staffing & Consulting Services
Access more resources at www.prozenglobal.com

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