Project success depends on various factors. When you specifically focus on the small business sector, money and time become two of the most decisive success components. If your project goes over budget or does not finish within the stipulated time, it fails to succeed. However, project management experts believe that there are other success factors that businesses ignore. There are various business elements that you can optimize through effective project governance. In his article for the Chron, David Weedmark shares how to manage your project success with effective project governance. He also talks about several project success factors that are often ignored.
Acknowledge the Pillars of Project Governance
Weedmark shares that cost, schedule, and scope are the fundamental units of project success. Here is how he defines them:
- Project cost plays a crucial role in determining the success of a project. Implementing proper project governance methodologies can help you complete your project efficiently.
- The project completion date is another essential measurement of project success. Make sure your project meets the milestones you agreed upon in the stipulated time.
- Project performance allows you to focus on the project’s growth and intended results.
Other Factors That Project Governance Can Improve
Weedmark further shares three additional criteria that can enhance your project’s success:
- Project team satisfaction
- End-user satisfaction
- Supplier satisfaction
Project Success Management Tools You Can Use
You should measure the success of your project at defined intervals. Various project management software and Gantt charts can help you manage project success. Focus on the specific metrics you want to measure and notify your team of the metric’s performance. If you plan to measure the success of soft criteria, such as stakeholder satisfaction, prepare a questionnaire beforehand. Talk to your team and familiarize them with the project governance before starting the project.
Click on the link to read the original article: https://smallbusiness.chron.com/measure-projects-success-44005.html