Project Success - How do you attain it?

Abstract

When it comes to project management, evaluating the success of a project is a critical piece of the puzzle. To determine if a project was successful, it's necessary to examine both the outcomes and the processes involved in the project. Here are some key factors to keep in mind:

a. Balancing the Iron Triangle: This refers to the three elements - scope, time, and cost - these must be managed and balanced in harmony to achieve project success.

b. Understanding Project Success vs Project Management Success: Project success is about meeting the project's goals and objectives, while project management success is about how well the processes involved in the project were executed and delivered. It is important to remember that success in project management does not guarantee overall project success - stakeholders also need to be satisfied.

c. Conformance and Performance: Conformance checks if the project sticks to standards and requirements given by a client, while performance evaluates the efficiency and effectiveness of the project's execution and delivery. A project may be in compliance, but still not meet expectations if it does not perform well.

d. Efficiency and Effectiveness: Efficiency looks at the relationship between inputs and outputs in a project, while effectiveness determines if the project meets its intended goals. A project may be efficient, but not effective if it does not meet its objectives.

By considering these factors, project managers can make informed and well- based decisions that lead to successful project outcomes. Balancing the Iron Triangle, differentiating between project and project management success, evaluating both conformance and performance, and striving for efficiency and effectiveness can help increase the chances of success to the highest that it has ever been.

Big Idea

Project success is a term used widely within the project, program and portfolio management realm. A successful project means a set list of objectives set out by

Iron Triangle

The Iron Triangle is an essential concept in project management, and it has three interdependent factors that need to be balanced to achieve project success. These factors are scope, time, and cost, and they all work together to determine whether a project will be successful or not. Scope refers to the project's goals and objectives, while time represents the duration of the project, and cost is the resources required to complete the project .

Balancing these three factors is crucial for project success, as changing one factor will affect the other two. For instance, increasing the project's scope may require more resources, which can lead to an increase in cost and may delay the project's completion.

The Iron Triangle is a widely recognized concept in project management, and it is often used as a framework to help project managers balance the three factors and achieve success. It is included in the Project Management Body of Knowledge (PMBOK) Guide, which is a widely recognized standard for project management published by the Project Management Institute (PMI).

• Project managers must be able to manage and balance these three elements of the Iron Triangle to ensure successful project delivery.

• There are several approaches that project managers can take to manage the Iron Triangle effectively, such as prioritizing the project's objectives, using project management tools and techniques, and keeping track of the project's progress.

• Any deviations from the plan must be addressed promptly to avoid delays or cost overruns.

• The Iron Triangle is included in the Project Management Body of Knowledge (PMBOK) Guide, which is a widely recognized standard for project management published by the Project Management Institute (PMI).

• It is important for project managers to understand and manage the Iron Triangle effectively to ensure successful project delivery.

Conformance and Performance

Assessing project success is a crucial process in project management, and two key aspects that need to be taken into account are conformance and performance. Conformance evaluates if a project adheres to established standards, while performance looks at the efficiency and effectiveness of the project's execution. Ensuring both of these factors are considered is essential in ensuring the project meets its objectives and achieves success.

• Conformance is the degree to which a project adheres to established standards, guidelines, and regulations.

• Performance measures how well the project meets its objectives and goals.

• A successful project needs to ensure both conformance and performance.

• Conformance can include meeting regulatory requirements, quality standards, safety standards, and environmental standards.

• Performance can be measured by factors such as project completion time, budget adherence, customer satisfaction, and meeting project objectives.

• Conformance can help mitigate risks and ensure that the project is being executed according to established guidelines.

• Performance can help identify areas of improvement and ensure that the project is meeting its intended outcomes.

• Conformance and performance can be evaluated at different stages of the project, such as during planning, execution, and closeout.

• Evaluating conformance and performance can help project managers identify areas of improvement and take corrective action if necessary.

• Balancing conformance and performance can lead to better project outcomes, as meeting established standards can improve project efficiency and effectiveness.

Efficiency and Effectiveness

Efficiency and effectiveness are two important factors to consider when assessing project success. Efficiency evaluates the relationship between inputs and outputs in a project, and a project is considered efficient if it produces desired results with minimal inputs. Effectiveness, on the other hand, evaluates whether the project achieved its intended goals. A project may be efficient, but not effective if it fails to meet its objectives. It's important to strive for both efficiency and effectiveness to increase the chances of project success.

• Efficiency measures the amount of resources, such as time, money, and materials, used to achieve the desired results in a project.

• A project is considered efficient if it produces the desired results with the lowest possible inputs or resources.

• Efficiency helps in reducing wastage and maximizing profits, leading to increased profitability and competitiveness.

• Effectiveness evaluates whether the project has achieved its intended goals, objectives, and outcomes.

• A project may be effective, but not efficient if it consumes too many resources to achieve its objectives.

• A project that is efficient but not effective may produce results, but not the desired ones.

• Project managers should strive for both efficiency and effectiveness to ensure successful project delivery.

• An efficient and effective project can improve customer satisfaction and increase the chances of repeat business.

• By focusing on efficiency, project managers can reduce the cost of the project while maintaining or improving the quality of deliverables.

• By focusing on effectiveness, project managers can ensure that the project delivers the desired outcomes and benefits to stakeholders.

• Measuring efficiency and effectiveness can help project managers to identify areas for improvement and optimize the use of resources.

• Project managers can use tools such as Key Performance Indicators (KPIs) to measure and track efficiency and effectiveness throughout the project lifecycle.