Are You Using the Right Measures of Success?
If you’re not using the right measures of success, you cannot expect to deliver true success.
Delivering ‘on time and on budget’ is not the primary success measure. Completion of all of the project tasks is not a success measure. So what are the measures of project success and investment performance?
Here we list the TOP 10 measures. The question for you is, realistically, how many of these does your organization actively measure on each project investment?
NB The key to measuring true success is in the detail. For example:
- The outcomes need to be measured by a true/false assessment.
- The value delivered needs to be measured against the ‘up-to-date available value’, not what was in the business case.
- Performance assessments need to be done on a standardized basis so the performance expectations are known and the results are comparable.
The Five End of Project/Program Measures of Success
- Did the project deliver all of its specific, measurable ‘project outcomes’ that also enabled the delivery of the desired business outcomes in full? (NB Outcomes need to be measurable by a true/false measure – eg did we or didn’t we? can we or can’t we?)
- Did the project deliver all of the allocated immediately realizable benefits and their (up-to-date) available value on implementation?
- Did the project minimize the time and cost of delivery so as to maximize the net value realized?
- Was the performance of the project leadership team assessed on a standardized basis, discussed with them, and recorded for future reference and any up-skilling?
- Was the performance of any consultants or contractors assessed on a standardized basis, discussed with them and recorded for future reference?
The Five End of Business Initiative/Investment Measures of Success
- Did each area of the business sustain all of its project delivered outcomes, benefits and value while pursuing the remaining value? (IE No value was lost post implementation.)
- Did each area of the business deliver and actively sustain all of its specific desired business outcomes?
- Did each area of the business fully realize and sustain all of the remaining (post-project) benefits and their (up-to-date) available value?
- Was the performance of the Sponsor, Steering Committee members and key benefits accountable business managers assessed on a standardized basis, discussed with them and recorded for future reference and any further education?
- Were the ‘lessons learned’ identified, captured and assessed for broader application and, where broadly applicable, incorporated into the delivery methodology and promulgated ensuring all necessary staff had the required level of knowledge, knowhow and skill?