5 Project Management Success Factors for Delivering Business Results
Project Management is one of the critical success factors in realising the full business value from implementing business strategies and major projects.
Successful project management can be defined as having achieved the project objectives:
- Delivering the business benefits (strategic & financial)
- Within the budgeted cost
- Within the allocated time period
- With acceptance by the client with mutually agreed variations
- Without disrupting other projects
- Without unplanned disruptions of Client Operations
The greatest challenges facing projects are management rather than technical issues. The project manager is a change agent. Good project managers should sit between the business people and the technical people.
The Five Critical Success Factors in Project Management
Based on our experiences in managing multi-disciplined and complex projects for over 20 years, we have identified the following five critical success factors in project management:
- 30% expertise (getting it right) vs. 70% doing it right;
- The purpose of every project is to create an enthusiastic client;
- Create an early win, manage the something extra;
- Confirm early on in the project that you can achieve the project’s objectives; and
- Utilise the project management methodology and toolkit
Project Management Framework
The Project Management Framework is critical in completing projects on time, to specification, and within budget. This framework facilitates improved planning, reduces the project’s implementation time, mitigates potential risks, addresses the organisational change issues, improves stakeholder communication, and controls the project costs.
The success factors discussed above all demonstrate different aspects that lead to successful projects. There exist many tools and apps that can help and should be considered. For example, the Agile project management provides an iterative and incremental method of managing the design and build activities of engineering, information technology and other business areas that aim to provide new product or service development in a highly flexible and interactive manner.