Evaluation of Success of a Project

Question: Project charter, which allowed you to define the project and give the project manager the ability to use organizational resources. Team contract, which defined the team member rules of engagement. Scope statement, which succinctly explains what the project will do and what it will not do. WBS, which clarifies each task that needs to be done to complete the project. Budget, which shows how resources will be expended. Risk matrix, which identifies project risks and possible mitigation strategies. Communication matrix, which identifies who the project stakeholders are and how they are best contacted. Schedule, which shows the timing of tasks through the project and the expected date of completion. Executive summary, which tells upper management briefly how the project will impact upon the organization. Answer: Evaluation of Success of a Project Various project management tools such as project charter, team contract, scope statement, budget, work breakdown structure (WBS), risk matrix and communication matrix have significant advantages to making the project plan systematic and comprehensive (Kerzner, 2013). In order to determine and evaluate project's success, the following criterion should be considered and monitored Desired Results are achieved: Before execution of the project, the team, project manager and clients have some expectations which can fulfill their needs (PMP, PMSA Meyer, 2015). This outcome helps to predict whether the project is effective or not. The project is finished within Budget and Time: most of the times, clients have limited time and money. Therefore, if any project does not take more money and time than the estimated timeline, then it is said to be successful (Kerzner, 2013). Customers are Satisfied: While processing with any projects, the entire team should ensure the fact that project outcome should be beneficial only to the organization but also meets clients' demands satisfactorily. Moreover, the organization should have an open and honest relationship with their clients to make the project highly successful (PMP, PMSA Meyer, 2015). If the clients are satisfied with project performance, that client will return to the organization. This defines that project is successful and highly beneficial for the organization as well as for the customers. With the above mentioned criterion, project manager should also consider two other approaches which are KPI (Key Performance Indicators) and variance analysis. Key performance indicators help to identify the current problems as well as future risks of the project. On the other hand, variance analysis helps to investigate the loopholes present in the project and examines the difference between planned and actual behavior. References Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. PMP, R. J. C., PMSA, P., Meyer, J. (2015). Aligning Project Success with Organizational Strategy within a Project-Based Organization.