How do you define the success of a project?
- Let’s say you’re the project manager for a new building which was constructed in record time and the owner is happy to be moving in quicker than expected. However there was a spill during construction and the environmental cleanup will be a long term liability for your client.
- You developed a software product and were over budget but the initial user interest suggests that the return on investment might be worth it after 7-8 very long years.
- You’ve overseen a project which modernizes your production facility, and the enhancements will reduce costs more than expected but the production down time was longer than expected (short term vs. long term, which is better?).
Which of these scenarios represents project success?
Here’s a list of some of the ways you could measure project performance.
- Final overall cost.
- Cost vs. Benefit.
- Cost variance.
- Schedule variance.
- Scope changes.
- Client/owner satisfaction.
- Stakeholder satisfaction.
- Completion date (on time?)
- Quality of product.
- Functionality of product.
- Amount of rework.
- Length of down time / off line.
- Securing of future projects based on this one.
- Number of units produced.
- Manufacturing time.
- Delivery time.
- Return on Investment (ROI).
- CAPEX (Capital expenditures).
- OPEX (operating expenditures).
- Retail or wholesale price.
- Cost of supplies/inputs.
- Amount of waste produced.
- Amount of byproduct (emissions, waste ore, etc.).
- Market share.
Do you have any other ways of measuring your project performance. Let us know in the comments below. I’d love to hear from you and I’ll update the list.