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How to set a Project Success Criteria?

How to set a Project Success Criteria?

The project success does not only rely on the profits it will make or the amount of the deliverables it will beat, as compared to the other companies that offer the same product. The next thing is that companies also do not keep an eye on how many failures it made in some projects. This can be so demotivating and unappealing to look at. So instead of looking at the numbers of mistakes and failures, companies set criteria for each project’s success to keep their people more motivated to perform well. This success will make people ask, “What are the secrets to success?” This will result to, getting more attention from the public and attracting more investors, and yes, attracting more money.

 

 

The definition of success is measured by how the company sees and foresees success. Success could be determined if there is larger amount of money or profits gained, or perhaps, the customer satisfaction, or the fact that the success of the project created such an impact to the society and made the organization significant to the community.

Project success criteria are a great tool to define the  goals and track the progress. The standards set by the stakeholders of the company will be judged or evaluated at the end whether it is a success or not.

 

  • The Indicators

The Performance Indicators in the success of the project are first, the clients and their role in the project; second, the decisions being made and its impact to the company and the stakeholders; third, the product’s acceptability in the market; fourth, the method being utilized.

Another method to determine the project success is through feedback. Feedback coming from the stakeholders could be in written or in verbal form. This will help shape the definition of success of the project.

Meeting the customer’s satisfaction is not the only goal of the project to succeed. One of the many are the budget, meeting the deadlines and the quality of the product being produced.

 

  • How to determine Project Success?

Factors contribute a lot to the success of a project. The project manager, as one of these factors, should be highly competitive and skilled enough to lead the team. The team itself and their unity, teamwork and dedication also influence the success of the project. Next is the scope. The deadlines of the tasks and the resources are crucial factors too. Back-up plans need to be formulated before the project begins just in case that the former or previous plans are not met. Lastly, the organization must give full support on the process. The support may be financially or morally.

It is a must that the company has set its goals and created a plan to achieve it. Negotiations are made to make sure that the information is being transferred to the right people. It is also important to note that there is an accurate budget plan and the company must not be over spending. The manager and the management team must have good leadership skills in handling conflicts and constraints. To review and assess the performance in every task being assigned will help the team improve while in the process. Proper guidance is needed from the part of the manager in order to achieve this.

 

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Management Square

Management Square is a service provider company specializing in Strategy Execution, Business Transformation, and Portfolio, Program and Project Management.

Our mission is to create high quality trainings through professional excellence, and to provide a consultancy of choice through extensive learning experiences.

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