Success and Failure of a project 2008-01-31 GTM 1 @ 18:09
epsilica1 — Tags: project+management project+risk+managementThe success of any project is determined with the quality of product/service, time taken and money spent.
For example, the quality of a project may have to comply with the quality standards like ISO, Six Sigma etc, completed within the estimated costs and deadline has to be met.
Out of hands:
‘15-15 Rule’ is another indicator to guess the heading f a project while it work is in progress. This rule confirms that a project can never be recouped if it takes 15 percent more than the estimated budget or 15 percent time beyond the schedule.
Failure:
Project’s completion, variance in schedules and cost performance indices can be measured using Earned Value Management Technique. This technique tells the project’s completion date and how budget gets affected before the completion.
Using EVM technique one can find that a project is turning expensive incurring a quarterly loss and thus it is no more a success.
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