Traditional methods of determining whether or not a project was successful only take into account whether the project met its budget and schedule. A more meaningful project performance assessment evaluates the impact the project had on the organization with a more holistic view.
There have been many parameters and key indicators used to determine project success, but, for some companies, there is no consistent methodology to determine the parameters that should be used on an individual project to assess how the project met its goals and objectives, and how the project impacted the organization in both tangible and intangible ways.
This article compares two approaches to evaluating project success — sophisticated vs. classical — and it recommends a way to implement the sophisticated approach using a performance measurement tool to quantify project parameters.