What Makes a Successful Project?
At the beginning of work on the project, everybody hopes that it will be a success. All the efforts are aimed at completing it with the best possible results. And, of course, a question may arise: what are those factors which determine whether the project will be a success or not?
To answer this question, first of all, let’s determine what is a successful project? The most popular definition includes four points:
- the project is delivered within budget
- the project is completed and maintained on time
- the project guarantees return of investment and delivers the business value that was expected from it
- meets business requirements and provides the customer satisfaction.
In order to meet all these requirements, the project should be worked at carefully since the very beginning. In particular, the project manager should focus on the following points:
- Understandable and clearly stated goals. The goals should be maximum clear for the team working on project, for investors and for any third party that might be involved in it.
- Creating comprehensive both long-term and current plans. The bigger the project is, the more attention must be paid to the planning phase. Everybody knows that once the schedule is not met, it’s hard to finish work on the project on time.
- Creating realistic schedules and estimates. If they are not based on proper calculation, the whole project is likely to fail. So, be careful while stating the terms and the costs of the project.
- Proper and comprehensive risk analysis. Always monitor how the external factors can influence the successful project implementation. Evaluate all the possible risks during the process of work on the project.
- Investor or stakeholder should be involved in the process. They should be aware of everything that goes on every phase of the project’s life cycle and know if the things go right or wrong.
- Creating a professional team. It’s highly important to hire a professional project manager, business analyst etc., but it’s even more important to turn professional individuals into the effectively collaborating team aimed at achieving common results.
As you see, there are several spheres which determine project success. And if to pay them proper attention during the working process, the risk of project failure will be minimized.
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