How to define a successful project, a view point

To execute and complete a relatively successful project it is necessary to first define the meaning of a successful project.

Success may mean different things to different people, organizations, and stakeholders.

The key is defining your successful project in quantifiable parts.

These quantifiable parts may comprise (a few key ones):

1)????? Problem statement of the project and what is the impact of not solving that problem in terms of:

a)?????? Cost

b)????? Time

c)?????? Manpower

d)????? Other factors e.g Regulation (govt, industry)

2)????? Scope of the project.

3)????? Time needed to execute the project.

4)????? Cost of the project implementation.

5)????? Impact on the people and organization.

6)????? Opportunity cost vs Opportunity gain

7)????? Risk of undertaking the project

Once the quantifiable parts are identified, we can determine the overall value and benefits of the project. ??This will help define the project success factors.? Such, as improvement in the performance of the organization, fulfilling a government regulation, being a pioneer in the field of organizational investments, etc.

We must always remember that resources are scarce and other projects will also be vying for them.? If we don’t define and identify our success factor in the beginning we can’t get those resources, nor can we clearly define what deliverables will define our project success.

No organization wants to run and execute an unsuccessful project.

Please do comment on my thoughts and add to them.? Looking at experts from the industry to enhance my understanding of a successful project.