Measuring Your Projects Success
Project managers are often perplexed when it comes to measuring the success of their projects. In fact, it might be difficult to know how much time to spend evaluating past performances and how much time to spend on monitoring the current work.
There are many indicators of project success. But what exactly should you be monitoring when measuring the success of your project? There are five points that you need to evaluate in order to measure the success of a current project such as the schedule, quality, cost, stakeholder satisfaction, and the performance of the project. This will let you know how the project is performing against the original estimate. Let's look at what you should consider when measuring the success of your project.
The schedule of the project is very important when measuring the success of it. In fact, project management success is usually determined whether or not you are able to stick to the original time schedule. Although it might not be easy, it isn't impossible if you continue to evaluate the success of your projects as you progress. You should update the schedule at least once a week. Look at the major milestones of the project and see if they still fall within the same dates as you originally planned. If there is any delay, see how much impact it may have on the overall project timescale.
The quality of the project is another important factor to consider when measuring the success of your project. In fact, the end of the project phase is the best time to review its quality. Check the quality of your project management practices as well as the deliverables. In fact, a quality review will evaluate whether what you are doing meets the standards that were set out on your project plan. It is best to find out this before the project goes too far. If the project has gone too far, it might be too late to do anything about the project.
Cost management is one of the highest priorities on a project. In fact, evaluating how your project is fairing financially is very important for the overall success of the project. You should compare the current actual spend to the budgeted figure at this point. If there are any variances, you should look to explain these differences. That way you may want to look forward and re-forecast the project costs. These are important things to consider when measuring the overall success of your project.
Stakeholder satisfaction and performance of the project are the other factors to consider when measuring the overall success of your project. It is worth to check with your stakeholders from time to time when carrying out a project. Much of the project would depend on their expectations. In fact, you should find out how they are feeling about the project right now and what needs to be changed. Finally, the performance is very important. How is your project shaping up? These are important things to consider when measuring the overall success of your project.