INSIGHTS / Strategy

5 Project Management Success Factors for Delivering Business Results

WRITTEN BY

30-12-2022

Project Management is one of the critical success factors in realizing 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.

5 Project Management Success Factors for Delivering Business Results

5 Project Management Success Factors for Delivering Business Results

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,
Utilize 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 organizational change issues, improves stakeholder communication, and controls the project costs.

Project Management Framework

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.