The current orthodox measures of project success - “on time, on-budget, to-specification’ - known colloquially as the Triple Constraint or Iron Triangle, are when you think about it, absurd.
They are absurd because they measure success by the inputs used for the project rather than measuring success by whether the project has produced something of value.
Because we measure success by the wrong dimensions, we then encourage decisions that lead to massive value destruction. If we are to increase the value reaped from projects, we need to change our measures of project success.
But we don’t just need a ‘better’ set of success measures we want measures that encourage the creation of business value rather than its destruction.
We need to start measuring success in terms of what is to be delivered by the project – the Outcomes, Benefits and Value.
We need to define a Value Equation™ for our project.
In this book, we discuss:
- How the orthodox measures destroy business value
- What the current alternative measures are and why they don’t work
- What the new triple measure of success is; and the value it creates beyond just measuring project success.
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