5 Ways to Measure Your Project's Success

Time, cost and quality: those are the three things (the "Triple
Constraint") every project manager is taught to measure in order to
evaluate their project's success. But is that all there is?

I've found that we need to look a little more broadly. In a recent

article, I outlined 5 key things you need to measure. They are:
Schedule, Quality, Cost, Stakeholder satisfaction and Performance to
the Business Case. Let's look at each of these in more detail.

1. Schedule
Of course, you want to get your project delivered on time. But you can
only do that if you are monitoring your schedule regularly. You cannot
simply "set it and forget it."

I recommend you review your schedule weekly as part of your regular

tasks. Check your milestones and ensure they are still falling on the
dates you assigned. Also, be sure to note any task slippages and find
ways to mitigate impacts to the schedule. You'll find it's much easier to
get ahead, if you're monitoring it regularly.

2. Quality
You don't need to wait until the project is complete to do a quality
audit. Set clear benchmarks with your team to ensure quality controls
are implemented at every phase of the project.

3. Cost
Keeping tabs on your planned versus actual costs is vital for all
projects. But you can go beyond simple cost tracking. Forecast your
estimated costs at regular intervals during the project using your team
and your project management tools. Be sure to communicate your
forecasts with your senior leadership or project sponsor, particularly if
you uncover variance.
5 Ways to Measure Your Project's Success

4. Stakeholder Satisfaction
So here's where I start to expand upon the traditional "Triple
Constraint" of time, cost and quality. Your project is only successful if
your stakeholders find value in the outcome of your project. Whether
your stakeholders are internal executives or end users, their response
to your project is integral.

So how do you do that? Well, you don't wait until the project is over!
You keep stakeholder communication a constant priority and get
feedback early and often, where possible. When stakeholders feel a part
of the project, they will also have more engagement (and usually
support) by its end.

5. Performance to Business Case

At the start of your project, you set out to plan against your business
case. You had defined deliverables and clear goals to align with your
organizational strategy. Set up calendar reminders to revisit that
document. How are you performing against that original case? When
your project is done, you can do a more formal review. But be sure to
crack open your early documentation to make sure you're hitting all of
the intended targets.