Developing a value-centred proposal for assessing project success

Citation

Yu AG, Flett P & Bowers J (2005) Developing a value-centred proposal for assessing project success. International Journal of Project Management, 23 (6), pp. 428-436. https://doi.org/10.1016/j.ijproman.2005.01.008

Abstract
This conceptual paper proposes a value-centred approach to measuring project success. The paper adopts a product-based project definition and a corresponding project lifecycle model. After reviewing briefly the literature, the paper defines the concepts of the net project execution cost (NPEC) and the net product operation value (NPOV). Twelve possible project outcomes are outlined based on values of NPEC and NPOV at project completion compared with their initial estimates. The proposed scheme potentially enables project stakeholders to reach the same project success or failure verdict. It also addresses many issues hitherto encountered in the quest for project success criteria.

Keywords
Value and benefit; Cost; Time; Quality; Project success criteria; Project conception; Project execution; Product operation

Journal
International Journal of Project Management: Volume 23, Issue 6