Weightings of performance against the success criteria, Project Management

Assignment Help:

Weightings of performance against the success criteria

In any discussion on success, it is necessary that a distinction is made amid project success and the success of the project management effort, keeping in mind that good project management can contribute towards project success but is unlikely to be able to prevent failure. The most appropriate criteria for victory are the project objectives. The extent to which these objectives have been met determines the success or failure of a project. The criterion for success of the project management effort tends to be restricted to cost, time and quality/performance. When scaling the project success, one must consider the objectives of all stakeholders throughout the project life cycle and at all levels in the management hierarchy. Consequently, considering that, with such huge number of objectives, measuring the success of a project is little tedious.

The weighting system

As you think about multiple factors to establish project success, the final area you need to address is a weighting system. This will be essential because not all of the performance factors are of equal importance.

For example, completing a project by a certain date may be more important in a project than hitting the budget target or not. In fact, one may have to overspend to make sure the deadline is hit. So, in such projects, meeting the deadline should be weighted more profoundly than meeting the budget target.

The way one establishes an overall weighting formula is to begin with a maximum point total and divide the achievement of that maximum total into the number of success criterion. The accomplishment of all the success criteria results in a 100-point maximum. In other words, if the project team did everything flawlessly, its total score would be 100 points. We can also spell out that the five criteria of success are deadline, budget, quality, client satisfaction, and sponsor rating of success


Related Discussions:- Weightings of performance against the success criteria

Culture, Task 1- Group powerpoint with 1000 word individual assignment You ...

Task 1- Group powerpoint with 1000 word individual assignment You will be allocated to a group. You are part of a global electronics company that has offices in Germany, Paris, Ind

Different stages in the negotiation process, In the face of rising costs, t...

In the face of rising costs, the senior management in PT Company has decided that significant cuts will be needed in the budgets of some of its departments. The promotional budget

Explain about the term project initiation document, Explain about the term ...

Explain about the term project initiation document. A project initiation document (PID) that is project proposal document or charter, is a report to illustrate a business case

Goal-strategy process, Goal A goal is a statement of where the organiza...

Goal A goal is a statement of where the organization wants to be at a specified time in the future. The purpose of goals is to provide direction to the organization. The steps

Traditional forms of organisation, T raditional forms of organisation ...

T raditional forms of organisation Traditional forms of organisations were classified into five types based on the following differentiations. Functional differentiati

Explain about the term cost-benefit analyses, Explain about the term cost/b...

Explain about the term cost/benefit analyses. Cost/benefit analyse: Cost/benefit analysis is the procedure of knowing, and as far as probable quantifying, the costs of res

Role of ideological models in capitalist societies, Assignment must address...

Assignment must address PDF attachment showing interaction between business, society and government sectors and must reflect on Module 2 and Module 3 content which includes: Mod

Pm, short note on partnering

short note on partnering

Group norms, How quickly are group norms established in a meeting?

How quickly are group norms established in a meeting?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd