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Eight key factors to ensuring project success
Eight key factors to ensuring project success
Factors affecting project outcomes
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Regression Analysis Five independent variables which are factors related to project (FRO), factors related to leadership/manager (FRL), factors related to team members (FRT), factors related to project organization (FRPO) and factors related to environment (FRE) are regressed with four dependent KPIs which are iron triangle, organizational benefits, benefits information system and stakeholder’s benefits. Out of five, four independent variables show association with at least one dependent variable, the independent factor that does not show any association was FRE. The significant results taken at p< 0.10 of multiple regressions are shown in the table 3. The values of adjusted r² indicate the variation in the dependent variable accounted for by the variation in independent variables. Variations in iron triangle 34.9%, organizational benefits 37.1%, benefit information system 43.1% and 26.9% as explained by the independent variables. When the regression coefficients were applied in order to develop the regression equation, we obtain the following equations: Iron Triangle = -29.20 + 6.426* FRP + 6.557*FRT Organizational Benefits = 1.479 + 0.283* FRL Benefit Informational System = 0.913 + 0.313*FRT + 0.250* FRPO Stakeholder’s Benefits = 1.806 + 0.249*FRP The dependent variables which have more than one association were checked for relative importance of independent variable through β weights. In iron triangle, FRT (β=0.306) have comparatively more importance than FRP (β=0.253). In benefit information system, FRT (β=0.329) have more importance than FRPO (β=0.256). The findings of multiple regressions suggest that the developed model is statistically valid and has the potential for subsequent development for use. ... ... middle of paper ... ...Management Journal, vol 28, no. 2. Toor, S-U- & Ogunlana, SO 2009, 'Beyond the 'iron triangle':Stakeholder perception of key performance indicators (KPIs) for large-scale public sector development projects', International Journal of Project Management. Warchol, J & Amadi-Echendu, J 2007, 'Critical success factors for brown-field capital and renewal projects', SA Journal of Industrial Engineering, vol 18, no. 1, pp. 107-116. Westerveld, E 2003, 'The project excellence model: linking success criteria and critical success factors', International Journal of Project Management, vol 21, pp. 411-418. White, D & Fortune, J 2002, 'Current practice in project management- an empirical study', International Journal of Project Management, vol 20, pp. 1-11. Wit, AD 1988, 'Measurement of project success', International Journal of Project Management, vol 6, no. 3, pp. 164-170.
The initiation phase of a project is not complete without a clearly defined goal and realistic, measurable objectives that describe the business benefits which are expected to be delivered upon completion of a project (Laureate Educatio...
Y = sales of firm, X = average height of employees, α = intercept of the regression line,
Crawford (2000) suggests that project leadership is the highest ranking category among project management competence factors. Project management leadership style affects overall project performance. Recent research supports the idea that successful projects are led by individuals who possess not only a blend of technical and management knowledge, but also leadership skills that are internally compatible with the motivation of the project team (Slevin and Pinto, 1988; Turner et al., 1998). Zimmerer and Yasin (1998) found that positive leadership contributed almost 76% to the success of projects. Negative or poor leadership contributed 67% to the failure of projects. Project leaders need both, relationships and task oriented leadership styles, to cope with the challenges within different phases of project (Slevin and Pinto, 1991). In projects, project leaders must lead their teams towards completing defined goals with in a fixed time scale. Verma (1997) states “Achieving the goal or final aim is the ultimate test of leadership”. Goals and tasks are achieved through people thus making people an important resource for
Graham, R. J. & Randall, L., Creating an Environment for Successful Projects: The Quests to Manage Project Management, second ed. San Francisco: Jossey-Bass, 65-113, 2003.
Achieving the anticipated outcome of cost, time, and quality are traditionally what determines the success or failure of a project (Chipulu et al., 2014). Project success is dependent on the support of senior management, but their involvement in projects and understanding of project management methodologies is perceived to be inadequate by project managers (Ancosky, 2013) or lack of proper governance makes them ineffective (Young & Poon, 2013).
Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration , 4(1), 13-22.
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
The Square Root framework includes Iron Triangle: cost, time, and quality; the information system: maintainability, reliability, validity, and information quality use; benefits (organization): improved efficiency, improved effectiveness, increased profits, strategic goals, organizational learning, and reduced waste; benefits (stakeholder community): satisfied user, social and environmental impact, personal development, professional learning, contractors, profits, capital, suppliers, content, project team, economic, and impact to surrounding community. However, considering all success criteria the most important factors to consider while measuring projects success are scope, time, cost, quality, and risks. These five elements play a essential role in project
Patanakul, P., & Milosevic, D. Z. (2010). They are business leaders at Spotlight Corporation. In D. Z. Milosevic, P. Patanakul, & S. Srivannaboon, (Eds.), Case studies in project, program, and organizational project management (pp.409-416), Hoboken, NJ: John Wiley &
Project Management Institute (PMI) (2013). Project Management Professional (PMP) Handbook. [ONLINE] Available at: http://www.pmi.org/certification/~/media/pdf/certifications/pdc_pmphandbook.ashx. [Last Accessed 20 April 2014].
- Sumner, M, 1999, "Critical success factors in enterprise wide information management systems projects", Proceedings of the Americas Conference on Information Systems (AMCIS), 232-4.
Then Baker, Murphy, and Fisher (1974) suggested replacing the time/cost/quality triangle by a measure of “perceived success.” These studies usually consisted of practitioners summarizing their experience and were not the result of scientific empiricism (Hazebroucq, 1993). It was Slevin and Pinto (1986) who proposed a scientific basis for success that comprises ten key success factors: project mission, top management support, project schedules/plan, client consultation, personnel, technical tasks, client acceptance, monitoring and feedback, troubleshooting, and communication. These ten factors are more or less “manageable” by the project team. Pinto and Slevin (1988b) then extended this list with four additional factors considered outside the project implementation process and therefore outside the team’s control: characteristics of the project team leader, power and politics, environmental events, and urgency. Many CSF lists and frameworks have been proposed by different authors, and some studies were done on the specific relation between a particular CSF and project success (see Jugdev & Müller, 2005). For example, Henderson (2004) studied the association between the project manager’s communication competency and project
Simple linear regression is a model with a single regressor x that has a relationship with a response y that is a straight line. This simple linear regression model can be expressed as
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Westerveld, E., The Project Excellence Model®: linking success criteria and critical success factors, International Journal of Project Management, Volume 21, Issue 6, August 2003, Pages 411-418. Science Direct [Accessed 10th February 2014]