EVALUATE YOUR SUCCESS RATE FROM TIME TO TIME

We often hear or read about various success stories. But what is success and what criteria should organizations use to identify success? What factors lead to a successful project? And most importantly, what are the benefits of evaluating the success of your project from time to time?

 

One of the vaguest concepts of project management is project success. Everyone will probably have different definition of success, so it’s not surprising that they’d interpret the success of the project in their own ways. The most common conception is that a project is successfully carried out when some pre-determined goals of the project have been achieved. However, to the general public, the success of the project is defined by the level of satisfaction the users derive from it.

All in all, it is important to keep tab on the rate of success of the project. This is best measured by factors which are further discussed below.

Schedule

Mostly, there is a schedule to keep up with when working on a project. It could be in form of a hard deadline, or it may relate to the budget, date of launching the product or some other constraints. In the end, the question that is asked is if you are able to deliver the project as at time due? Been able to meet the schedule is an important factor for evaluation of the rate of success of the project.

Scope

Another factor is the scope of the project. It refers to a single area on which the views of the client, team and the management are aligned. The question here is basically on what is needed to get the job done within the timeframe and its availability? The scope of a project is essentially the driving force of the project and it may be list of features or just an idea. The extent to which your project is continuously in line with the scope is a very deterministic factor of the rate of success of such project.

Budget

This is a very important, if not the most important factor for the evaluation of the success of a project. You can perform time to time evaluation of the project by determining how well you stuck to budget, did you spend too much or how much did you spend under budget? Informing your team about the money spent or expected to be spent will help stick to budget on commencement of the project. Not doing so can result to running out of funds during the course of the project which is the path to failure.

Team satisfaction

Project management is as good as people management. Keeping the project team happy is very important for the successful completion of the project. How well you are able to manage your team will have a direct impact on the project’s success and hence, it’s a good means of evaluating the success of the project.

Customer satisfaction

Keeping the customers happy with the end product is the point of the whole endeavour. Asking for feedbacks about the product will help keep track of the client satisfaction. When you get satisfactory reports about the product, you can be sure that you are doing your job well. If not, you know you have your next project in hand and then you can work towards improved customer satisfaction.

Conclusion

One of the major problem encountered while evaluating the success of any project is how to specify an appropriate benchmark or budget. However, when the guidelines highlighted above are used, the job of success evaluation of a project is made easier.

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