Developing a value-centred proposal for assessing project success

This conceptual paper proposes a value-centred approach to measuring project success. The paper adopts a product-based project definition and a corresponding project lifecycle model. After reviewing briefly the literature, the paper defines the concepts of the net project execution cost (NPEC) and t...

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Bibliographic Details
Published in:International journal of project management 2005-08, Vol.23 (6), p.428-436
Main Authors: Yu, Angus G., Flett, Peter D., Bowers, John A.
Format: Article
Language:English
Subjects:
Cost
Product operation
Project conception
Project execution
Project management
Project success criteria
Quality
Studies
Success
Success factors
Time
Value and benefit
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Summary:This conceptual paper proposes a value-centred approach to measuring project success. The paper adopts a product-based project definition and a corresponding project lifecycle model. After reviewing briefly the literature, the paper defines the concepts of the net project execution cost (NPEC) and the net product operation value (NPOV). Twelve possible project outcomes are outlined based on values of NPEC and NPOV at project completion compared with their initial estimates. The proposed scheme potentially enables project stakeholders to reach the same project success or failure verdict. It also addresses many issues hitherto encountered in the quest for project success criteria.
ISSN:0263-7863
1873-4634
DOI:10.1016/j.ijproman.2005.01.008