6 Factors For Project Success: Analyzing the Criteria For a Successful Project

6 Factors For Project Success: Analyzing the Criteria For a Successful Project
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Project Success Factors

A successful project is one which is delivered on time and managed within the budget with happy and satisfied clients. A good project manager, an efficient team with support from senior management, a well conceived plan with proper implementation, and involved stakeholders are some of the factors leading to project success. The best plan is to know right from the start what the client wants and then plan, and then execute the plan successfully.

Overall Comprehensive Plan

A plan will give an overview of what all need to be achieved, with details of what will be required for achieving it and checks for what has been achieved. The plan should assess what it is possible to achieve and also give an estimate of funds needed, personnel needed, equipment needed and the materials needed for completion of project. There should be milestones set for checking achievements.

Good Manager & Team

A capable manager leading a competent team is a vital factor for project success. A good project manager will do the following.

  • Meet goals
  • Keep high standards
  • Manage within the time allotted
  • Keep expenses within the budget
  • Adhere to the plan
  • Procure materials
  • Meet the milestones for successful completion of the project

Interaction with stakeholders and with senior management executives, keeping the team satisfied – all of these go to make a successful project.

Well Defined Objectives

It is essential to define the clients’ needs, what goals are set up, what the responsibilities of the various members of the team are, and what the short-term and long-term objectives and outcomes are. Are all materials available? Are sufficient funds available? Are there any project-related out-sourced services needed? All of these things should be planned.

It is very important to hold meetings between all levels and to set up plans for frequent reviewing to keep the project on course, following the strategy set by organization and to meet the milestones.

Senior-Level Management Support

Constant support and encouragement from senior management executives will greatly increase the efficiency of the project manager and his team. Timely guidance and advice may cut any unnecessary loss of time or resources. A hostile environment will hamper the smooth functioning of the whole team.

Sufficient Funds

This is very crucial for the success of the project. What has been conceived in the plan can happen only with the timely availability of the funds allocated for each of the project phases. Shortage of funds will cause undue delay of the project. While the funding may be done in stages, it is essential to know that the funds will not suddenly run out. Also it is crucial to have some contingency funds in case of need.

Involved Stakeholders/Sponsors

It is better to keep stakeholders informed of what is happening and what results to expect. Interested stakeholders are an added motivation for the team to put in more effort and make the project a great success.

While such vital factors may not make a picture-perfect project, they help greatly in streamlining the implementation of what is planned and what can be done to make the client happy and satisfied. The project team also feels rewarded and happy about a well-executed and successful project.