Re-Frame Project Success for the Strategic Business

Project success is most often measured by answering two questions. (A) Did we meet the schedule goal? And (B) Did we meet the budget goal? A good indicator project success will improve over time is periodic review of the Time and Budget Dashboard by management. This approach is valid but not sufficient for framing project success over the long-term.

Time and Budget Dashboard Integration Professionals Stephen Wise
Time and Budget Dashboard

It is very common that once a project is closed, it falls off management reporting dashboards. This is a serious mistake! Strategic success is dependent on the outputs of the project, not the inputs of Time and Budget.

The outputs / benefits of the project are measured after project close and take the dimensions of customer satisfaction and business success. It will take several months or quarters after the project is finished until customer satisfaction can be measured. It will take even longer until business success can be measured.

By re-framing the measurement time-horizons for projects and their outputs, we can provide more effective visibility and accountability at the management level for the strategic success of projects. The re-frame is to include medium-term and long-term results as part of project tracking and reporting.

Team success

can be measured in the Short-term. That is Time, Budget and other metrics such as scope, quality, stakeholder engagement, and others.

Customer success

can be measured in the Medium-term. Customer success is the metrics that indicate how well the product is meeting actual needs and how well the product is providing customer net benefits.

Business/Strategy success

can be measured in the long-term. Business success is the metrics that indicate how well the overall strategy is benefiting the enterprise, such as market development and risk profile.

Measurement Time Horizons Integration Professionals Stephen Wise
Measurement Time Horizons

Organizations have made great strides implementing project methodology and management reporting on time and budget. However a systemic flaw is introduced by reporting only short-term project success measures. There is correlation between success in short-term and success in the long-term but there is more to the picture.

We need to re-frame and extend the time horizon for tracking project success to include medium and long-term measures. By linking Customer (medium-term) and Business (long-term) actual measures to project reporting we will gain improved insights on the projects that have either advanced or held-back the realization of strategic objectives.

Stephen Wise
http://www.IntegrationProfessionals.com/