Get to know the definition and how to measure the success of a project

The company has a role to set goals that can be achieved in running its business. The goals set by the company also become benchmarks that can be used in developing strategies. The company's strategy becomes a project operational activity that involves every employee to contribute to its success.

Stakeholder satisfaction is the main indicator that shows the success of a project. You can increase the effectiveness of effective project continuity by learning how to properly measure project success.

What Is meant by Project Success?

A successful project refers to the success of a strategy aligned with company goals. The end of a project is usually followed by the launch of a campaign or the introduction of a new service. The development of a project can also be divided into several phases which can be a projection of the overall chances of success.

Each company may have different standards of success depending on its performance indicators. For example, there are project successes that are measured through customer feedback or some are determined based on approval from senior management.

Although the terms of success are different, every company or organization will benefit every time they complete a project. Project achievements can provide collective achievement within a team, productivity indicators, and give a positive reputation for a team.

How to Measure Project Success

A company certainly has more than one ongoing project. Ongoing projects can also be carried out by one or more teams. In a situation like this, it is important to be able to determine a guide that can be a way to measure success.

1. Check the project's formal guidelines

Before it can be implemented optimally, a reference is needed that emphasizes project objectives, deadlines, resources, and other provisions in formal guidelines. This is important to be able to measure achievements that represent progress.

These formal guides can be simple tables or graphs that make it easy for everyone on a team to work through. A project manager can find specific requests from clients in these documents and use them as key performance indicators (KPIs).

2. Create a schedule or project timeline

Completing projects on time is also one of the important achievements for a team. For this reason, it is important to make smaller deadlines related to tasks and detailed specifications in completing the overall project.

The timeline can be in the form of report completion, development progress from the design stage to the production stage, client approval, to achieving sales targets. Measuring every small progress can help analyze the timeliness to complete the project.

A project manager can also communicate well with the team, clients and other related departments. Communication skills can help convey updates to senior management and communicate specific client requests clearly with the team to know tasks are completed by their deadlines.

3. Provide clear quality assurance

When you are completing a project, it is important to review the quality of the finished project. Consider resource factors, meet client expectations, review deficiencies or improvements that need to be made, and meet the needs of the target audience.

Although the quality of a project has many different possible interpretations, you can compare project results with the project's formal guidelines to see what objectives have been achieved.

Reflecting on the project management process is also important because it can influence how it will be managed in the future. This refers to the way the project manager leverages the strengths of team members, maintains communication, and meets deadlines.

4. Determine the budget needed

Spending the company's budget efficiently is a good way to determine the success of a project. You can evaluate the resources and money left by the company after completing the project. Consider what has been allocated for labor, production processes, equipment, and other costs.

5. Review team satisfaction and customer satisfaction

Feedback from customers, clients, or stakeholders depends on someone's approval that determines the success of the project. If the output of the project is a product or service that customers can invest in, you can review profitability in the time frame detailed in the specification after its launch.

For example, you can analyze how profitable a product is after six months of official release. Getting customer feedback is another useful way to measure success. You can offer surveys, talk to customers in person, or provide space for people to leave reviews online.

Analyzing the satisfaction of team members is equally important for managing a successful project. Employees who contribute to each stage of the project use different metrics from clients or stakeholders. If a team takes pride in the work done, chances are they did well throughout the project.

Overall, project success should be regularly monitored by a project manager. Each achievement must be properly identified to help each employee contribute to project development. Communicate each strategy and carry out periodic evaluations in order to properly monitor progress and achievements.