Projects are considered as successful when;
- Completed on time (As per schedule)
- Completed within budget (Cost)
- Completed the Scope (Scope)
- Met the business objecive (business case)
Here is the detailed explanation;
Projects are typically considered successful when they meet or exceed predefined objectives, deliverables, and success criteria within the constraints of time, budget, scope, quality, and stakeholder expectations. Success is often evaluated based on various factors, including:
- Achievement of Project Objectives: Projects are successful if they accomplish their intended goals and objectives. These objectives may include delivering a product, service, or result that meets specified requirements, solves a problem, or achieves a desired outcome.
- Meeting Stakeholder Expectations: Success is determined by the extent to which the project satisfies the needs, expectations, and preferences of key stakeholders, including customers, sponsors, end-users, and other project participants.
- Adherence to Constraints: Projects are successful when they are completed within the constraints of time, budget, and scope. This involves delivering the project on schedule, within allocated resources, and meeting agreed-upon scope requirements.
- Quality of Deliverables: Success is measured by the quality and performance of the project deliverables. This includes meeting quality standards, specifications, and user requirements, as well as delivering products or services that meet or exceed customer expectations.
- Stakeholder Satisfaction: Success is reflected in the satisfaction levels of project stakeholders. This includes stakeholders’ perceptions of the project’s value, impact, and benefits, as well as their overall satisfaction with the project management process and outcomes.
- Benefit Realization: Projects are successful when they deliver tangible benefits and value to the organization or stakeholders. This may include increased revenue, cost savings, improved efficiency, enhanced customer satisfaction, or other strategic outcomes.
- Risk Management: Success involves effectively managing project risks and uncertainties to minimize negative impacts and maximize opportunities. This includes identifying, assessing, mitigating, and responding to risks throughout the project lifecycle.
- Project Team Performance: Success is influenced by the performance and collaboration of the project team. This includes factors such as team dynamics, communication, leadership, and the ability to overcome challenges and obstacles.
- Compliance and Governance: Projects are successful when they comply with relevant laws, regulations, standards, and governance requirements. This involves adhering to ethical standards, legal obligations, and industry best practices.
- Lessons Learned and Continuous Improvement: Success involves capturing lessons learned from the project and applying them to future projects to drive continuous improvement. This includes identifying successes, failures, and areas for improvement and incorporating feedback into project management practices.
Ultimately, the definition of project success may vary depending on the specific context, objectives, and priorities of the project and organization. It is essential for project stakeholders to clearly define success criteria upfront and regularly assess and communicate project progress against those criteria throughout the project lifecycle.