Amongst other responsibilities, Project managers are often overwhelmed with measuring the success of a project. Executing projects on time are a constant challenge.
There are numerous indicators that are used to gauge project success during the execution of the project:
Evaluate the Project Schedule: Success in project management is often contingent on adhering to the original project timelines. Project scheduling allows for monitoring project progress, identifying potential issues and/or risks. Project schedule evaluations can be conducted at the end of each project stage, or during monthly progress meetings. There are multiple software’s one can utilise where the systems provide a built-in feature for project scheduling, these include but are not limited to, Microsoft Project, Monday.com and Asana.
Quality Assurance: also known as “QA” – Quality assurance is used to ensure that the work executed meets the pre-determined criteria. QA reviews can be conducted throughout the execution of the project. Project management software proves beneficial during quality reviews, providing comprehensive task management and real-time collaboration features.
Cost Management: Cost management is more often than not, the main priority for the project sponsor/owner. Comparing current actual spend to the project budget helps identify variances. Utilising project cashflow cost reports of actual spend aids in re-forecasting the budget to project completion, ensuring alignment with the original estimate and preventing potential financial discrepancies.
Stakeholder Feedback: Stakeholders play a pivotal role in project success. Assessing the stakeholder’s satisfaction through subjective evaluations or rating systems provides valuable insights. Identifying any lack of support allows for proactive engagement strategies to influence stakeholder behaviour positively.