Timely delivery of projects is fundamentally important for every organisation. Nevertheless, the quality of the project deliverables is also equally essential to gauge its success. Now, the big question arises – how to measure the success of any project. Project stake holders often find it tough at times to calculate the actual success ratio even after the completion of project.

According to Computer World, every team member will have his own version of success at every stage in the entire project development life cycle. However, considering some key metrics may help you know whether the project has delivered accurate business results to satisfy the stake holders.

Here, we brief you about those key metrics that define any project success:

Cost

Cost

Budget plays a crucial role in deciding the success factor. Comparing the budget at the end of the project and during its start gives an idea of how your project performed financially. If the difference is substantial, it proves some things have gone wrong and you might need an explanation for it.

Scope

Scope

The driving force for any project are the deliverables produced at the end of the project phase. Hence, deciding what is to be done and how the outcomes would be generated within the specified timeframe is essential at the beginning. Defining scope brings in together the efforts of client, the team and project manager to achieve milestones easily and impacts your success.

Schedule

Schedule

Every stage involves complexities and project managers are well acquainted with evaluating the progress at any point of time. Hence, after evaluating and determining duration of all developments, a schedule is decided to make the team easily meet deadlines.

Team Satisfaction

Team Satisfaction

Project burnout is an issue faced by team members many a times. Avoiding this and instead concentrating towards enjoying your work without doing it begrudgingly helps to perform better. Team satisfaction while developing a project is essential in getting much of the work done easily and thereby achieving success.

Quality of Deliverables

Quality of Deliverables

As mentioned earlier, quality of the deliverables is vital for success. A quality check at the end of project to determine the implementation of change management and other management practices at regular intervals ensures the project was developed up to client satisfaction.

Client Satisfaction

Client Satisfaction

Successfully developed projects are always a client’s delight. Notwithstanding the time, budget and scope of the project, if the client is satisfied with the final outcome, your project is a success. This may pave way for future collaborations as your client may recommend you to his peers and colleagues as well.

Evaluating your project with these metrics helps you monitor the success throughout the life cycle of your project. Having the right data and tools makes it faster and simpler. What metrics do you use for your projects? Share them below.

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